Innovation and Commercialisation: A Business Case Study on Trunki

This report provides a comprehensive analysis of Trunki's innovation and commercialization strategies. It begins by defining innovation and differentiating it from invention, exploring the context for innovation within an organization. The report then delves into various types of innovation, highlighting the importance of vision, leadership, and organizational culture in fostering a successful innovation environment. A significant portion of the report is dedicated to the commercialization process, including the application of the 4Ps of marketing and the use of the innovation funnel. The case study further explores frugal innovation, and the commercial funnel. Through this analysis, the report offers insights into Trunki's approach to product development, market analysis, and the strategic steps involved in bringing innovative products to market, providing a valuable resource for students studying innovation and business development.

Innovation and
Commercialisation

INTRODUCTION
Innovation can be defined as implementation of new ideas to meet the desired goal.
Innovation is the application through which companies can convert a new idea into positive
result or make changes in product or it can be make improvements in that particular product
which creates value for that product and customers will attract towards the product and they will
ready to pay the amount for that innovative product. Invention means developing product by
using new ideas or the product which is going to be made for the first time. Things that are
created or made are called inventions. Invention is using of technology and through that
technology solve the particular problems. The technical feature is that it will give solution to the
problems which are coming at the time of making a new product.
MAIN BODY
P1
Innovation and invention sounds similar but there is lots of difference between them.
Innovation
Innovation is something that to make changes in product or it can be make improvements
in that particular product which creates value for that product and customers will attract towards
the product and they will ready to pay the amount for that innovative product. In organization
innovation results will comes in front when any kid of idea is being implemented to get desired
results of satisfying consumers (Adelowo, Akinwale and Olaopa., 2017).
Invention
Invention means creation of completely new or different product that is never sell in
market before. Things that are created or made are called inventions. Invention is using of
technology and through that technology solve the particular problems. The technical feature is
that it will give solution to the problems which are coming at the time of making a new product.
It is also known as technical teaching. The invention can be a process or it can be a product.
Invention is a process with whole engineering and product development process. Some of the
inventions can be patented.
Invention innovation
It is the development of an
idea for a process
Innovation refers to
implementation of idea and

product for the first time. It is
use for make improvements.
It is a formation of a new
product.
It is adding values in the exited
product or something which is
already existing.
It is working in theory and it s
an original idea.
Practically implementing the
fresh ideas
Scientific skills are required It is a set of technical,
marketing and strategic
capabilities.
When new idea comes into the
mind of scientist.
When there is a need of
improvement in the existing
product.
It is the process or product. This is a combination of
different products
Importance of innovation and invention in the organisation.
Innovation is an essential in the place of work because it provides edge to the company in
penetrating markets quickly and it gives a better connection to gain development in the markets.,
which helps in results to bigger opportunities and especially in that countries who are rich.
Innovation allows company to stay genuine in the competitive market. It is a continuous
improvement and it will have reinforced brand of our organization. The best thing about that it
will respond to the trends and competitions.
Invention is also important for the organisation because company can’t survive with the old
products they have to invent or bring something new for the customers. With the invention of
new products everyone wants to try that and if it will achieve success than it is beneficial for the
company. Invention expands the boundaries of knowledge of human being its experience and
capability.
Innovation can be termed out as one of the crucial component that each enterprise must put their
focus to enhance the customer satisfaction. This is significant for organisation to carry out the

process of innovation to gain competitive advancement in market. In addition to this, Innovative
Leaders Create Belief in their workers, which will be replicated back on themselves. Employees
who trust leadership are more likely to think of alternative ways to conduct their business.
However, Organizational and corporate culture clearly play a role in innovation and this also
helps to gain competitive advancement in market. Therefore, this can be stated that the success
of the leaders depends over the ability to support shape and uphold organizational culture in
effective manner.
P2
VISION
Vision is something which is dream by business. It plays significant role in business unit..
If the company is having a clear vision that is the process by which they can achieve their targets
and goals for the company then they can defiantly achieve success in future. If the vision is clear
and the innovation will automagically come. The employees can give their own ideas and points
so that many changes can be made in process of achieving the goals. These changes will leads to
the innovations and commercialization in the organization. Vision is all about how we see an our
goals and what new ideas we can apply so that our vision becomes more clear in the eyes of
employees. technologies uses make it more simpler and understandable for the employees and
customers. The vision always terminates and directs the invention and innovation process.
LEADERSHIP
Leadership can be defined as leading capability of higher authorities to make people
positive towards the brand. There are different kinds of leadership methods which can be used in
the organization. These methods includes autocratic, democratic, participative and laissez – fare.
Organizational leaders should be. A good leader will always think for the companies benefits
rather than his/her own profit.
CULTURE
Organizational culture can be described as believes of company to run the opeation.
Cultures may varies according to ethics, values and religions of different countries. The culture
of each and every country is very much different from each other. Culture motivates workers and
help in managing the work in effective manner. Like for example model of cultural innovation

was being used in organization. In this model a particular strategy is being used by organization
so that they can implement change. In this strategy vision and mission of firm is made clear to all
employees. Also for implementing innovation hierarchical organizational structure is being used.
In this employees comes in an open discussion with other workers and even their seniors so that
they can do brain storming and given them and effective idea to work.
P3
It is a combination of aspects that will controlled by the company to make their customers
to purchase their products. It is a set of actions which helps in promoting their brand.
Trunki is bringing new improvement in its bags which is GPS system and it will be helpful to the
parents because it will show the exact location of the bags carried by the children.
4P's on new innovation.
Product- Trunki is making changes in its ride on kits suitcase and they are going to bring GPS
system in it which is helpful for the children. This suitcase always attract children and it is a
good thing for the company. This new innovations can change the mentality of parents and they
will buy it(Amponsah and Adams., 2017).
Paradigm- In this organization will make use and implement changes on paradigm model of an
organization. In this employees are engaged in bringing the ideas which can change and give
shape to organization. In this employees can also involve in open communication so that new
and innovative ideas can be brought up.
Process: It means bringing change in delivery process of the organization, so that there is an
increased efficiency in firm. Also improvement must be made in distribution channel, so that
goals and objectives can be improved.
Place- Trunki have to focused on place and how they will be going to distribute the bags. They
have to setup their stores at a relevant place like in the middle of the market where they got
attraction towards their store. They have to look for their distribution channel that how they will
make available their product through whole city or across the world.
Innovation funnel
It is a process of management of innovation funnel, it is a famous approach for innovation and
also used by so many companies for creating an innovative and realistic plan(Dezi, Santoro and
Zhao., 2018).

Trunki can use innovative funnel for implementing their ideas and takes advantages of it through
this tool. Through innovation funnel tool there are some points which help to meet the needs in
the market.
Strategic thinking- plan for the vision and mission of the Trunki and evaluate its management,
market and products. For example look at the competitors of the Trunki in saturated markets as a
threats and bring a new idea and implement according to it.
Concept- concept which is provided by the Trunki is that attaching a GPS system in the bags
and the process they have to use is critical and the main focus is on decision making that lead to
the adoption of new innovation(Chun, Chung and Bang., 2015).
Develop- development or improving in the product is a new thing for the Trunki and by
developing for example by giving this new innovation they are developing their product and
implementing the plan for their product.
Qualify- By testing the product and check for the problems in the product and after clear
everything proceed to the qualify process.
Launch- After done with the all test Trunki have to finally launch its product.
Life cycle- Trunki have to made good quality products and always use good material for
manufacturing the product it will affect on its life cycle.
Henceforth, the main steps to the innovation funnel are outlined in following context as are-:
Figure 1Innovation funnel
Ideas- At this number of ideas needs to be collected. Hence, entity focus on the hood ideas that
aids to develop the future projects effectively. It leads them to find better and appropriate
alternative.
Criteria- At this, one of the idea is needs to be get selected. By selecting the good ideas, the
project can get improved and innovation can be bringing down.

Testing- This is the stage in which one idea needs to be selected so that organizational activities
can be conducted in proper manner. It leads to bring development in product.
P4
It can be described as process which ensure minimizing cost of operation and rasing
quality. Developing countries is also using frugal innovation for globalization and rising
incomes. It will lead innovations to produce faster, cheaper and better.
Development of frugal innovations
Frugal innovation defined as term that leads to reduce the overall cost of manufacturing
and production. In simple words frugal innovations can be created by using the above process
like sharing economies, maker movement, open innovation and inclusive business.
Example of frugal innovation- Trunki don't have to spend huge money on its product. New
innovation in the bag and the production cost will be low by purchasing good raw material and
of low cost. The new ride bag of Trunki is good in quality and also providing technology with
the bag which is GPS system and no huger price difference in this new innovation is the great
way to understand this type of frugal innovation (Gross and et.al., 2018).
For example: Be-Bound is based upon Silicon Valley which is also uses the Frugal innovation.
Such that firm produces the device that helps to connect the internet with mobile phones.
Therefore, four billion people also uses device and as the firm also assist lot of people in order to
access the internet within low cost way.
P5
The commercial funnel is the application which shows the purchase behavior of consumers
towards particular product. Steps of commercial funnel which are awareness, consideration,
opinion, preference and purchase. Its importance in Trunki is that so that products value can be
raised and firm can meet need of expectation and can raise profit. Commercial funnel lays
emphasis on managing and marketing team and it focuses on converting target market into
potential market. There are various types of commercial funnel like sales and customer funnel.
Sales funnel is being managed by the sales staff. In this there main emphasis is to increase sales
of organization. They bring up new and innovative way to increase sales of goods and services.
(Do and et.al 2018).
New product development method

Idea Generation: In this company must be engaged in developing new ideas so that they can
attract and retain consumers.
Idea Screening: Idea which has been developed by the company will go for screening at thi
stage.
Concept development and process: In this attractive idea must be changed into product concept.
It must be given shape so that organizational efficiency increases.
Market strategy development: In this to make consumer aware about the new goods or service or
idea, organization must also be engaged in making customer know about the idea through
effective market promotion.
Business analysis: In this company must engaged in forecasting sales and also they must involve
in reviewing sales aspect
Product development: In this to develop the product and increase their sales, firm must engage in
doing deep research so that they can understand the needs and demands of consumers.
Test marketing: test marketing gives the marketer experience with marketing the product before
going to the great expense of full introduction.
Commercialization: In this the product will be introduced to new market, so that profitability of
company can be increased.
P6 Innovation business case
Executive summary: In this business case, the idea of organization launching new and innovative
products and service will be discussed.
Mission: The mission of company is to increase the liking of new products and service among
consumers.
Vision: To increase the experience of consumers and also enhance profitability of company.
Marketing tactics: Company can also make use of various marketing tactics that includes the
following:
Product: Trunki is bringing change in its bag that is they are bringing out GPS system in their
goods and services.
Place: They will also bring change in their stores, company will make sure that there interiors is
attractive so that they can attract more consumers.
Price: In this Trunki is making use of skimming pricing strategy, in which they will first set
prices higher. It will help them in growing.

Promotion: They will make use of promotional methods like social media marketing, advertising,
celebrity promotion and many more.
Use of social sites would be beneficial in promoting products of Trunki. The customer will more
happy when they can get their product while sitting at home. The best tool for promotion of new
product is advertisement. Through advertisements so many customers get attracted towards our
product.
Types of expenses cost
Manufacturing $400
Raw material $350
Labor expense $450
Management expense $250
Marketing expenses $130
Total $1580
Sources of funding:
Peer to peer: The new idea can be developed by taking funds from peer. This will support
business in growing.
Bank Loan: In this to give new business idea shape, bank loan can also be taken. This can help
the company in launching product in new market.
P7
Patent- at the time of invention, patent is the right of the inventor. For 20 years after filling
the application date, the patent inventions are useful. In any other country where the security is
sought, patents are regional and meaning and they must apply for protection of patent. Patent is
important for the company as this assist company in providing protection to company for using
the invention which is being created. This is necessary as this authenticate sthe company with the
right of using that particular product or services. Further, patent also restrict other companies by
using the same product or product name.
Trademark- A design, sign or a expression which identifies product or services of a
particular source is known as trademark. Trunki needs to achieve captions for their trademark,
taglines and name of business.

Copyright- It is the tool which is used to protect confidential detail of firm such as ideas or
process. If any third person use such data then owner has right claim against that wrong person.
There is required to manage confidential details so that no complication take place. Firm has
to ensure following legal guidelines so that problems do not take place in business unit.
CONCLUSION
Study can be summarized as innovation is the different ways to get success in the market
through bringing new ideas to our products.
The present report is based on business activities of Trunki which is UK based company who
sells the ride bags for kids.
However, report has covered the activities as the new innovation in the existing product which
helps to gain access in the market. Their is a difference that why innovation is different from
invention and after all this there is a swot analysis which shows the strength and weakness of the
Trunki. Trunki have to adopt some more new innovative ideas like innovation of frugal and
funnel process. After that it describes that how with the help of new innovation they are
promoting their product in the market.

REFERENCES
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Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
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