Innovation and Commercialization Analysis: Nisa Retailer Report

This report provides a comprehensive analysis of innovation and commercialization strategies implemented by Nisa Retailer. It begins by defining innovation and its importance to employees, then explores how organizational vision, leadership, culture, and teamwork contribute to successful innovation and commercialization. The report then delves into the 4 Ps of innovation (Product, Position, Process, Paradigm) and the innovation funnel, illustrating how these concepts are applied within Nisa Retailer. It also examines frugal innovation and its benefits. Furthermore, the report covers the commercial funnel, new product development processes, and various funding options for innovation. Finally, it discusses the importance of intellectual property protection. The report uses examples related to Nisa Retailer to explain the concepts and to illustrate how they impact the business.

INNOVATION
AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explaining innovation and its importance to employees of Nisa Retailer Store..................3
P2. Presenting how organizational vision, leadership, culture and teamwork can shape in
innovation and commercialization in context with Nisa Retailer...............................................4
TASK 2............................................................................................................................................5
P3. explaining 4 P's of innovations and Innovation funnel in context with Nisa Retailer..........5
P4. Presenting how frugal innovation will help in Nisa Retail...................................................7
TASK 3............................................................................................................................................8
P5. Explaining the importance of commercial funnel and it uses in the context with Nisa
Retailer and applying new product development process..........................................................8
P6. Different ways of funding to build an innovation business case..........................................9
TASK 4..........................................................................................................................................10
P7. Presenting different tools of intellectual properties which help to retain, develop and
protect knowledge ....................................................................................................................10
CONCLUSION..............................................................................................................................11

INTRODUCTION
Innovation and commercialization plays a crucial role in small and medium business.
Innovation help to attract customers and users to buy more products and increases its sales and
maximizes company's profit margin. The entire report is based on Nisa retailer shop. It produce
so many kinds of product like groceries wholesaler with dining facility and it is world's largest
retailer company where products are found in single store for the easiness and convenience of
customers. The company main objective is to provide good quality and services by helping
independent retailers make a true difference with their competitors. The report also presents how
innovations help in company's growth and development. It focus on company vision, leadership
and teamwork will help in innovation and commercialization. The report presents different 4 P's
of innovation and how they affect in company's performance and growth. It also explain frugal
innovation and how it help in Nisa Retailer to perform well in the competitive world. It also
throw some lights on commercial funnel and application of new product process and how it
affect the growth in Nisa. The report also explains different funding sources which help to run
new business and presents different intellectual properties which help to protect their products
from others.
TASK 1
P1. Explaining innovation and its importance to employees of Nisa Retailer Store
Innovation is recreation of existing products. To remain in this competitive world, every
business owner should recreate its product and generate new ideas into their service and goods
which creates value for customers. Innovation is an idea which must satisfy the specific need of
users. Through innovation, employee of Nisa Retailer store feel comfortable and there is a need
of innovation in every small and medium business, as it help to keep employees attach with a
company and they work with more efficiency and by innovation employee will help to keep
attach with company and help to increase in productivity.
It is necessary to innovate and add more ideas in company in order to encourage people
to buy things from their store only. If the company is an innovative firm, then there is a need to
maximize the employees in order to get views and apply new ideas in their existing products.
People need new and something different product from other company, to attract more
customers, Nisa retailer shop always try to produce something different from others store as
recently they offer a combo pack of routine usage products with such a low and affordable price

that each and every individual went and purchase (Johannessen, 2017). There are many other
example which a company try to attract more users. Innovation is necessary in Nisa retailer store,
because customers expectations are high and they are not accept obsolete product and services,
as they have many more option. They want those companies who can sole their problems and as
a result, innovation is necessary. To achieve regular business growth and improving bottom line
there is need to add more new product and replace old ones from new innovative ideas this help
to attract more people in their store and maximizes their sales and help to improve their status
and position.
Invention refers to creation of a brand new product where as innovation means making
changes in existing product. A new invention lead to innovations. Invention is an original idea
and its working in theory where as innovation is practical implementation of new idea into old
one. Through invention only single product or process can be done but in innovations there are
combination of various product (Dincer, 2017). From the case of Apple, earlier the owner invent
new brand i- pad which has only limited space to store songs and people did not appreciate this
inventions because it has many drawback and they uses MP3 players to listen songs because its
capacity is more than i-pads then the owner realizes the need of customer and innovate I-pads
with more storage and extra facilities, which is actually appreciated by peoples and now become
a leading brand and company in all over world. In present scenario, Apple made many changes
in their existing product in order to maximizes its sale with affordable prices. Innovation will
definitely lead a company in next further level of success and help in their growth and
development .
M1 innovation is helpful in the growth and development of Nisa as using new technology and
apply it on the product can helpful in the growth of a business. There are various sources of
innovation such as internet, leaders skill and ability etc this can foster up the organization and
lead to next level of success.
D1 Nisa used different innovative product in order to develop and expand its business.
Innovation help to increase in its sale power and apply new ideas on the existing product will
also attract more customers and increases the profit as per requirement. As Nisa is also make its
best effort in order to build brand image.

P2. Presenting how organizational vision, leadership, culture and teamwork can shape in
innovation and commercialization in context with Nisa Retailer
Innovation and commercialization help to shape up the company and vision, culture,
leadership and teamwork will also help in innovation. In the context with Nisa Retailer company,
it also take many steps for recreate its product and groceries. Vision means to think about
companies future, leadership means to lead company in right direction, culture means without
discrimination can recruit many people as a employee and teamwork is coordination between
staff and management (Dezi and et.al. 2018). These all factors will help to innovate products
such as:
Vision: Nisa wants to provide all food product with good quality with fresh material and
its vision to become a destination for fresh, quality on day to day running products. They also
wants to add many store with a unique quality and selling point which make it different from
others. Recently it has in store dining room, a seated coffee area with full barista coffee,
displaying pastries and cakes and self serve chiller offering a variety of soft drinks, coffees and
juices. But in future they wants to establish big retailer shop including lunch, breakfast with
online and door to door services and this all will be done through innovations and
commercialization.
Leadership: this is quality which help to take company in next level as leadership quality
should be there in every person who run a business, in the context of Nisa retailer, the managers
of a shop are always available for the help and they lead a team and coordination between all
staff members is very good and appreciable (Rijswijk and et.al. 2018). Leaders should always be
honest and positive towards their work and they should not punish other members at the time of
mistake, in spite of it they should understand them and show a right solution of this problem, this
is a quality of a good leaders.
Culture: culture means accept all people who belong to different religions, caste because
there is no discrimination related to culture and caste and in the context with Nisa company, it
accept all the culture. The employees who work there are belongs to different caste and they also
accept all customers in their store. The company also believe in diversity, equality and inclusion
and support as a good teamwork and help in maximization of sales.
Teamwork: it play crucial role in every business. A good team will help in maximum
production and increases sales with good profit margin. Teamwork is depend on its leader, if

their coordination and working power is best then they can help in growth and development of
company. In the context with Nisa company, there are about 150 staff and they all work as a
team and create and renovate in their products to increase the sales. As marketing department
help to know the customers need and then they convey it to production team who help to
generate new product according to user's need and then the product is launched for sell (Dincer,
2017). It shows a good team work will help to take a company in further level as to increase in
its profit margin.
TASK 2
P3. explaining 4 P's of innovations and Innovation funnel in context with Nisa Retailer
The 4 P's of innovation will help to know about a product and process of innovation and
how it bring to business. These are Product, Position, Process and Paradigm. This tool is help to
understand how to innovate the existing product and it gives a direction where to go and which
areas to be improved .
Paradigm: this is first step of innovation where business can be improve using innovative
ideas but this change can be temporary, as sudden change can never give positive feedback. It
may take time to accept the change by a people .
Product: in the context with Nisa, it offer many product such as coffee, groceries etc. but
presenting a product in new way is a part of innovation. For example change in wrapping of
product, develop online billing system will help to attract people and use time consuming system
will definitely help in good innovations.
Process: this is not only include the preparation process of a product and services but it is
related to overall system like supplying, workflow, hiring people etc. to innovate this process,
Nisa try to develop online business and opens new booths for cash payment, it also hire
employees through online interviews etc. these are the first steps towards innovation.
Position: position innovation is focused how to communicate with people about the latest
stock and inventions. To let people know about product, Nisa tries to develop new technologies
and add them in social sites with various offers and discount to attract people.
Innovation funnel is use to describe the steps taken at the time of innovating a product.
The basic use of this is to meet with market needs in order to increase its sales. On its first stage
of development, some ideas are collected which are filtered and then only few ideas are left
which a company implements. The ideas that remaining after filtering are combined to produce a

new product, this is known as innovation funnel (Dezi and et.al. 2018). It involve three step, the
first is to widen all new and latest information from customers in order to increase the number of
new product with process idea as Nisa wants to add online services in their store and in that case
it innovation first step help to develop and add new and latest information so that customers may
updated regarding the new products. Second is to generate the ideas with good resources and
most attractive opportunities. In the context of company, it add more and more new resources
with good opportunities such as offer discount prices and offer different schemes to increase the
profitability of products. And third stage is to implement all ideas into a product in order to
launch it in market and get the feed back from the users whether they like it or not. In the context
of Nisa, it use many promotional activities to attract more number of customers and then launche
a product into a market. The funnel concept is so simple that every small and medium size
company or organizations use it. This offer safe ideas but not creative ideas which may
sometimes lead a company to bear heavy loss.
In the context with Nisa retailer, innovation funnel is also used to add more qualities to
their product, for example- marketing department collect information from customers about their
need and latest requirement related to any product and then it may pass to production department
who produce product and add new innovative ideas which recreate product and then the product
is pass and selling price decided then launch in a market. If sale of product is up to a mark then it
is said that their innovation is positive and it also help in maximizing profit.
M2 innovation funnel is an important factor for Nisa company. Because it will help to maximizes
more profit and increases its selling power and become now one of the leading company in
United Kingdom. By launching product into market through different business activities such as
promotions on social sites will help to increase the demand of product.
P4. Presenting how frugal innovation will help in Nisa Retail
Frugal innovations is a process of reducing its cost of product and its complications. It
means to remove all the non- essentials features from the product. It is also known as reverse
innovation or inclusive innovation. For example, Company offer a scheme such as buy two
product get one free or offer a discount voucher on purchasing of dollar 200. it also offer flat
discount on specific product.
As the given case of Apple, initially they produce only i-pads devices which store at least
1000 songs but there were small MP3 players which store more than 1000 songs so people prefer

MP3players rather than I-pads and at that time owner of company realizes there is need to
change or add new features in their product and he remove non- essentials things and produce
new i-pads with the help of frugal innovations, apple change its product according to need of
people and now comes to no.1 company and maximizes its sales. Similarly, with Virgin group.
Initially Virgin Group has continued to grow from simple venture to big investment venture.this
model usually present a situation where different companies come in a group with an aim of
establishing corporate priorities in case of companies new venture. Now the company's employee
are able to present the ideas on business ventures where the business are funded as well as
provide variety of resources. The employees of this group are the members of a company and the
success of Virgin Group is supported by senior management who acts as a critical driver and
enable of frugal innovation.
In the context of Nisa, frugal innovation is also help in growth and development. The
company produce all the retailer item in a store but they wants to increase the sales of those
product which are in non- running form (Do and et.al. 2018). With the help of frugal innovations,
company can increase its sales and profit margin. Initially they start from very little product but
as they know the requirements of users they add more new product and renovate their existing
ones. Like they sold only one type of coffee brand but as they come to know about the need of
coffee in the present scenario then they start selling different type of coffee and this make it
different from others. This frugal innovations help to know what are essential product and which
product is good, this way it help to renovate their products and attract more customers for
increasing in sales. From the above scenario, it is proved that frugal innovation will help to
remove non – essential part from the product and add more new ideas to develop new product.
M3 Frugal innovation help in the growth and development of a company. By applying new and
innovative ideas on the existing products of Nisa using frugal innovation help to increase the
demand of product and it will create positive impact on the company and becoming one of the
biggest leading retailer company in the world.
TASK 3
P5. Explaining the importance of commercial funnel and it uses in the context with Nisa Retailer
and applying new product development process
Sales funnel is a journey of a product to attract people in order to increase the sales. As
people are not aware related to product only small percentage will provide contact information

and this sales funnel help to provide more information related to product and make aware related
to their brand or product that is why sales funnel is used by different small and medium business.
Without having sales funnel, no one knows the performance of company and it is necessary to to
get best result out of sales and help to measure the progress of company (Adelowo and et.al.,
2017). The main focus of sales funnel on the right sales leads as it help to devote time and
resources to working with right sales. Having a sales funnel is important for success in today's
competitive sales industry and it also establish good relationship with customers as well as with
other firms.
Sales funnel is divided into 4 stages which are mention below:
Attract: for attracting people, company may use marketing and advertising. Through
attraction, people feels ready to buy that product and help in sales.
Convert: after attracting, convert the given information into your website so that people
can understand and read what a company offers related to many product.
Close: company puts efforts which encourage to come close to the store and customers
may be become part of their store as a family members.
Delight: keep customers happy by providing them better service with good quality and
offer them discount and new scheme to attract them.
In order to stay successful in this world, company has to innovate new new products and
keep customers attracting for fulfilling their needs (Kedron and Bagchi- Sen, 2017). In this, New
Product development is play vital role. There are eight steps which have its crucial importance to
understand consumers, markets and its competitors. These 8 steps are:
Idea generation: a new product is generate firstly with new idea, in the context with Nisa
company it wants to add meat product in their store and the idea comes through distributors and
suppliers as people ask them and suggest to add this type of product in their store
Idea Screening: it means to pick one idea out of many. Nisa wants to introduce meat
product and this idea will turn into profitable products as there is need of non- veg product in
market and add this in their stock will help to maximizes the sales.
Concept development and Testing: the idea is valid or not is tested in this stage. The
company is found out how attractive each concept for customers and if it will pass then the idea
will convert into a concept.

Marketing Strategy development: when the concept is passed its time to design an initial
marketing strategy and this can be done through social media, advertisement, wit planned budget
Business analysis: it is 5th stage where the concept of introducing non- veg products is
analysis by Nisa. There is a review of sales, cost and profit projections will satisfy the company's
objective and if they do so then product is passed in this stage also.
Product development: as research development department will test the physical version
of product and it may take long time but the product is passed then they perform safely and
effectively in market.
Test Marketing:in this stage, Nisa allow to test the product and its overall marketing
program which include its targeting, positioning, advertising etc.
Commercialization: this is last stage and now the company decides the launching time ,
place for the product and at last new product of Nisa will be introduce in market.
As Nisa wants to introduce meat product in its store because of the demand and its uses
in the context of company are also wide. Introducing new product will help to generate more
revenue and maximizes profit. Earlier only vegetarian products are purchased by the users but
with the introduction of new product (meat) all types of customers visit store and it will help to
raise the production level as well as increases its selling power. Innovation and introduction both
create positive impact on the customers. With new product development process, it will help to
increase the sales power of company and raise the goodwill of company in front of its
competitors as well as its users.
M4 Nisa want to introduce new product that is availability of meat in veg store. So that all type
of customers attract and it will create a brand image among the customers. This new case will
help to run the business more effectively and help to gain more profit.
M5 Nisa is completely based on digital market and it used all the new technologies into their
existing products. To expand its existing business Nisa protect its product by using different
intellectual properties such as patents, trade marks and copyrights so that its rivals did not copied
their product and their customers easily purchase the products from the company itself .
P6. Different ways of funding to build an innovation business case
Recently Nisa is a offline retailer store but it is plan to start online business which help in
maximizes the profit and increase its sales. After starting online business Nisa can easily sale
their product online and using new technology and apply those in their new business help to

attract more customers and can raise its brand image. Through social sites and websites Nisa can
attract more number of customer and almost more than half of the people using social sites and
they also prefer online shopping. But before developing plan should know different funding
sources which are help to raise online business which are mention below :
For new innovative business plan, requires fund to establish it which can be available
through a bank loan, as bank provide loan to those needy people who wants fund to invest in
their new business, they also provide loan with low interest plan and get back it after completing
time period but it have some rules and regulations which are considered during loan. Next way is
through government funds, presenting the business plan in such a innovative way will help in
convincing government for loan as they give loans with such a low interest and affordable rate
which help a person remove the funding problem (Sengoku, 2015). Another method is by your
own saving, if new structure plan is ready and need only money then a person can use his own
saving and after using it, there is need of more fund then he can adjust it from his relatives and
family members. A secure SBA loan is also another way of funding, if bank is not provide any
loan then a person can take loan from SBA and it provide fund only to small and medium
business only but there are many qualification needed like, to qualify as a small business, then
firm needs to meet with government definition of small business, firm need to meet with other
criteria depending on type of loan. After completing all the formalities, SBA did not provide loan
directly, it needed more bank's qualification more. So it is quite tough process and generally
people avoid this.
Credit cards is another method to arrange fund, as it provide an effective way to finance a
business and can use them to pay suppliers and earn discounts (Ausloos and Cerqueti, 2018).
Angel investors is also a method who arrange funds. They are private individuals or executives
who invest in business mainly on equity purchase. They provide money, expertise and guidance
to start and grow business but it is very difficult to find an angel investors . Business loans and
lines of credit are the well known product in which bank provide financing to run a business.
Bank only provide some amount on loan but line of credit provides facility that can be used
when needed and paid back just like credit card. Getting loan from line of credit is quite difficult
as the bank's main interest is in getting paid back. And the preferred way is through cash flow
that business generates.

Next method is factoring, this is common type of financing which is so popular in now a
days. It is use when the contacts are with commercial and governments clients and they provide
good credit loan to run a business (Mention and et.al. 2018). Factoring is a reliable source if
company has a cash flow problem and their clients pay invoices very slowly at that time
factoring use. Next method is purchase order funding, which design to help companies to resell
their good at mark up and need funds to pay suppliers. This is very effective for small companies
to receive large order and need funds to cover supplier cost. To build a new innovation structure,
these are different ways of funding and will help to get fund easily with affordable interest.
D2. To overcome different challenges of innovations, staff and management system should be
communicate properly and there is no communication gap. Coordination power of all the
management team should be strong so that company will achieve its target and complete all the
need of its customers.
TASK 4
P7. Presenting different tools of intellectual properties which help to retain, develop and protect
knowledge
Intellectual property is a term used or intangible asset which does not exist as a physical
object but has its value such as it include design, concept, software, inventions, brand names, and
formulas etc. These intellectual properties can be protected by copyright, patents, trademark or
other legal measure which are discuss below :
Copyright: it is a legal term which is used to describe the right that creators have over
their work like in books, music, paintings, sculpture, database, advertisement, maps etc this is
used only in artistic work. In the context with Nisa, which is retailer company and it also uses
copyright to protect their product as it sell different sculpture and clay items which are handmade
so it is necessary to protect it from other (Rijswijk and et.al. 2018). The copyright owners also
has option to transfer his or her exclusive rights while it is not possible in other intellectual
properties. The main advantages of using this, it protect the work from being stolen and misused
by others. While evaluating, copyright has many advantages such as it help from being stolen
and misused by company's rivals and a copyright holder has a right to produce again its work and
then sell it. On the other hand it has a disadvantage such as those who wants copyright should
register their work at office and pay fee up to 200 dollars and it depends on the type of work
done. It means it is quite expensive.

Trademark: it is a sign which help to distinguish the goods and services from other
company or enterprise. It is used from ancient times to put their signs or marks on their own
product in order to identify it. Nisa Retailer shop also uses this sign to make its product different
from others. Its logo is 'N' and can distinguish from other enterprises (Dezi and et.al. 2018). It is
a valuable asset of Nisa retailer as it linked to their product and through this trademark customers
make decision to buy products or not. Therefore, trademark must be attractive and different for
each company. It will help the owner to protect their mark from being used by its rivals even
when that is a similar mark to the mark registered. However, while evaluating trademark has its
own advantages such as it will help to protect from being used by its rivals and the owner can
take legal actions also by claiming charges according to situations. On the other hand, owner
should show proper documents in given intervals and if these files are not shown on proper time
then there is loss of trademark.
Patents: it is granted for an invention. It represents the legal right to exclude others from
market and cover the discovery of new product. Nisa Retailer shop did not use it because it
produce items not invent. Government provide monopoly to patent owners. These are so
expensive to acquire costing thousands of dollar and may be the cost increases if there is addition
in foreign jurisdictions. Its economic life is too short from other intellectual property. The
statutory life of patent is 20 years . Patents are not guarantees to make money but in some
situations they are liabilities instead of assets. However, while evaluating patents keep others out
from a market means it exclude others for selling and to get patent, individual has to pay licence
fee with royalty and using patent, a person can impress others on contrary, they are not cheap but
it is a good idea to use this and it requires public attention which is not possible and the life is not
as long as different tools.
Industrial Designs: these are made on ornamental and aesthetic aspect of an article. This
design may consist of three dimensional features, in their shape, lines, pattern and color (Dincer,
2017). This intellectual property could not be applied to designs that concern how a product
work. It cannot be same as any design which is already available means should have individual
characters so that no one can copy it. But Nisa store did not follow this intellectual property as
the store is not making any type of ornaments and jewelry , so this property is not useful for Nisa
Retailer. While evaluating, it has many advantages such as there is no another version of product
and by using industrial design which is effective tool help to keep it single and there is no

copyright in jewelry but it also have disadvantage such as it is quite costlier and if once it is used
by the company then it may last for 25 years.
CONCLUSION
From above report it is concluded that innovation and commercialization affect the
performance of a company and innovation and invention are two different things. The report is
based on the Nisa retailer store who have more than 150 employees and through its innovative
ideas and creativity it is count as leading store in UK. As above report presents different types of
innovation like product, process, paradigm and process which help in company growth. It also
focus on different types of funding sources which help to establish and run new business. The
report shows the importance of commercial funnel and application of new product process in the
context of Nisa retailer store. The report also present how frugal innovation will help to lead
company in better direction and presents many intellectual properties which help to keep safe
their product from others.

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Innovation and Commercialisation.2018. Online Available
through:<http://www.waikato.ac.nz/annualreport/2014/innovation-and-commercialisation.shtml>