Strategic Innovation and Commercialization Plan for Rowlinson Knitwear

This report provides a comprehensive analysis of innovation strategies for Rowlinson Knitwear, a UK-based clothing company. It begins by defining innovation and its importance, contrasting it with invention, and identifying various sources of innovation. The report then explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization within the company. It delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the application of an innovation funnel to develop new ideas. Further, the report examines frugal innovation, new product development, innovation business cases, and different tools for protecting intellectual property. The analysis covers a range of topics, from innovation management and employee engagement to the application of these concepts in the context of launching new daily wear and fashionable clothes, aiming to increase market share and achieve organizational goals.

INNOVATION

Table of content
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Overview of Rowlinson Knitwear..........................................................................................1
P1 Innovation and its importance to the organisations as compare to invention...................1
P2 The way in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................3
TASK 2............................................................................................................................................5
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas.5
P4 Developments in frugal innovation and its use in an organisational context....................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development for
commercialisation of innovation............................................................................................6
P6 Innovation business case for an organisation and the ways of funding............................8
TASK 4............................................................................................................................................9
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property................................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is can be defined as a tool which is used by organisation to capture large
market share with the help of new and innovative products. Aspirations of customers increases
with time and when their one need is fulfilled than another take place and they look for
innovative products that may satisfy their needs. Companies make modification in their existing
products and than launch them in market this help them to grab attention of customers and fulfil
organisational goals (Berry and Berry, 2018). Organisation chosen for this report is Rowlinson
Knitwear which is clothing company and executing business in UK. This assignment is based on
the innovation which is going to be implemented in Rowlinson Knitwear. The organisation is
going to launch daily wear and fashionable clothes in market. For this purpose various topics are
discussed under this report that are innovations and its comparison with invention, different
sources of innovation, the way in which innovation is developed, embedded and measured and
organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation, 4p's of innovation, commercial and innovation funnel, frugal innovation, new
product development process, innovation business case and different tools for securing
knowledge and intellectual property.
TASK 1
Overview of Rowlinson Knitwear
Rowlinson Knitwear is a clothing company who is manufacturing school and corporate
wear. Currently organisation is executing business in UK successfully. All the products that are
sold by the compare are tested and made with good fabric. Headquarter of the company is in
Woodbank Mills, Turncroft Lane, UK. The organisation was established in 1935. the employees
of the company sews 40000 items every week.
P1 Innovation and its importance to the organisations as compare to invention
Innovation: When an organisation modify its existing product and launch it in the
market this process is called innovation. It helps to attract large number of customers by
providing them such products that are required by them. Rowlinson Knitwear can use this
technique to acquire large market share so that profitability can be enhanced and all the
operations can be executed appropriately (Boudreau and Lakhani, 2013).
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Invention: It refers to the introduction of a new idea in the market for the first time. This
help the organisations to target prospect customers who get attracted towards such products that
are new and have not yet been launched in the market. Managers of Rowlinson Knitwear can use
this option to attract large number of customers by introducing new products in market.
Difference between innovation and invention:
Invention Innovation
It can be defined as the introduction of a new
product or service in the market for the first
time.
Changes and modification in the existing
products can be defined as innovation.
Something new that can attract customers is
created with the help of invention.
A modified product that can be sold in the
market is created by innovation.
Scientific and technical skills are required for
invention.
Business and product knowledge is required
for innovation and it helps to enhance
employee engagement by providing them
challenging and interesting tasks
Invention is limited to research and
development and help the employees to
enhance their capabilities to attain growth in
future.
Innovation spread in whole organisation as it is
very important for those employees who are
capable to provide new ideas for the betterment
of the organisation as this will help to analyse
their skills and than provide them benefits
accordingly.
Sources of innovation: There are various sources of innovation that helps the
organisation to increase profits and sales. A few sources of innovation have been discussed
underneath:
The unexpected: It is very important for the manager to study the market so that market
changes and conditions can be determined. It will help to formulate effective strategies for the
business.
The incongruity: The companies should collect feed back form their customers so that
their complaints can be used as hints for the new innovation this whole process is known as
incongruity.
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Process need: By identify the weaknesses in the organisational processes a company may
implement innovation by finding solutions and correcting all the problems (Drucker, 2014).
Industry and market structure change: As market structure changes with time hence
organisations also have to change their processes and products with the help of innovations to be
competitive in the market.
Demographics: Income level, population, human capital and age of customers changes
frequently and smart companies should always pay attention to these components so that
innovations can be used to remain competitive.
Changes in perception, mood and meaning: Customer's taste, need and perception
changes with time and when one need get satisfied than another need takes place organisation
can provide them modified products to fulfil their needs with the help of innovation.
New knowledge: it is related to technology which changes with time and increase the
expectations of customers form an organisation. It leads the firms toward innovation to retain all
the customers.
In Rowlinson Knitwear innovation is managed and embedded effectively as this may help
to increase market share by attracting large number of customers. Managers of the company
make policies and strategies to increase involvement and engagement of employees in
organisational activities that helps to enhance their work quality (Edquist, 2013). organisation is
not having sufficient resources to embedded innovations in which there are less creative
employees who may provide innovative ideas for innovation.
P2 The way in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation
Innovation and commercialisation both are very important for a company as this may
help to expand business with the help of new ideas. If managers of an organisation keep
information of market conditions than this may help to implement innovation appropriately.
Organisational vision, leadership, culture and teamwork of Rowlinson Knitwear can help to
shape innovation and commercialisation. This can be understood appropriately by following
points:
Organisational vision: Vision is the long term goal of the organisation. It helps to
identify that company have ability to attain success and growth in future or not. Vision of
Rowlinson Knitwear is to become a great place where employees can enjoy their work. This
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vision can be achieved with the help of effective involvement of employees in their work. For all
the managers it is very important to communicate vision with the employees so that they get
aware of all the essential things and work hard to attain all the organisational vision.
Leadership: Leaders of the organisation are required to cooperate and motivate the
subordinates so that they may work effectively. In Rowlinson Knitwear leaders can guide
employees to work appropriately and consider their opinion in decision making for business as
democratic leadership style is followed by the organisation. This will help to implement
innovation and commercialisation befittingly. Effective leadership help to establish a positive
environment within the because it results in motivated employees and enhanced work quality of
them.
Culture: Organisational culture is related to the distribution of power among managers
and workers who are involved in different activities like marketing, research, selling and other.
In Rowlinson Knitwear task culture is followed by the managers and leaders in which they
formulate teams in which members are selected form different departments of the organisation.
Leaders formulate these teams to find solutions for the problems of company. This also help to
shape the process of innovation and commercialisation because team members can find
appropriate ways to implement both of them. Organisational culture help to establish a good
culture and environment in the organisation because it is used to find solutions for the problems
for organisational problems.
Teamwork: It is mainly required in any task or activity which is performed by an
organisation. If there is no team work than it is not possible to execute a plan successfully. In
Rowlinson Knitwear all the employees and managers work in team and deal with challenges
together. This can help the company to shape commercialisation and innovation. Team work can
help to complete all the tasks in the time limit which helps to establish good culture and
environment in the organisation.
Managers of Rowlinson Knitwear foster and develop environment and culture by
formulating appropriate techniques and strategies that are required to be followed by for
innovation. It is very important for the employees put their full efforts in all the activities so that
all the operations can be executed appropriately (Freeman, 2013).
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TASK 2
P3 4P's of innovation and use of innovation funnel to examine and shape innovative ideas
4P's of innovation: These were invented to facilitate organisations to while investing
different areas where innovation is required. These can be used by Rowlinson Knitwear in order
to be more competitive in the market. All the 4P's are as follows:
 Product: According to this element companies can modify their existing products that
are sold to the market. Rowlinson Knitwear can use this option and launch a new product
in the market.
 Process: It is the method which is used for the production process of the items that are
manufactured by organisation. This can be used Rowlinson Knitwear by improving the
process of sewing clothes and use an innovative technique for the same purpose that may
help to attract large number of customers.
 Position: it refers to the promotional activities that are performed to aware customers
about organisational products. Rowlinson Knitwear can modify its promotional or
marketing activities to attain a good position in the market.
 Paradigm: It refers to the changes in basic mental model that are used by organisation to
execute business. Rowlinson Knitwear can make innovations in paradigm by modifying
existing models (Goldberg, 2013).
All the above mentioned elements are going to be implemented by Rowlinson Knitwear
as they may help to launch the fashionable and daily wear clothes in the the market which is an
innovation.
Innovation funnel: it is the combination of three different elements that are
investigation, development and delivering products to general public. It can be used by
Rowlinson Knitwear while the launching a new product in the market as this may help to attain
success in the market.
In investigation market conditions are going to be analysed by the marketers of
Rowlinson Knitwear so that the innovations can be established successfully.
In development changes are going to be made in the existing clothes according to the
needs and demands of customers.
In last element which is delivering, the products are going to be offered to the customers
in order to satisfy their needs.
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P4 Developments in frugal innovation and its use in an organisational context
Frugal innovation: It is the process of decreasing complexities and errors in the
production (Frugal innovation, 2018). It can be used by the managers of Rowlinson Knitwear in
order to reduce its cost of production of the innovative clothes. This is very beneficial for the
organisations because this may help to launch an innovative product in the market with new
feature that are replaced by older.
For example, Rowlinson Knitwear can use frugal innovation in its clothes. Currently
schools uniforms and professional attires are sold by the organisation and now the company can
launch daily wear and fashionable clothes in the market to cover large market area by increasing
number of customers. As the quality of new clothes is not very good hence Rowlinson Knitwear
can enhance quality of those clothes by reducing complexities in the manufacturing process.
Frugal innovation is vital for such organisations who are not able to bear higher costs for
innovations but willing to expand the business in the market. A successful frugal innovation can
help the companies to attain long term sustainability. This can also help to be more competitive
in the market by launching innovative products on low prices that can grab attention of
customers and help to capture large market share.
It can be used in Rowlinson Knitwear by making changes in its innovations which is
fashionable and daily wear and this will result positively for the company. The organisation can
modify the process of sewing clothes and use different methods of manufacturing to attract large
number of customers. This will also attract large number of customers because the organisation
will launch such clothes in the market with an innovation (Huberman and Miles, 2013).
TASK 3
P5 Importance of commercial funnel and application of new product development for
commercialisation of innovation
Commercial funnel is the art of attracting customers to increase the number of sales. The
importance of commercial funnel are as follows:
Brand Image:
Commercial funnel helps in marketing the product in new and existing market. This will
help the company in increasing its brand image so that its fashion outlets will get attention of
customers and hence increasing its sell.
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Profitability:
With the help of commercial funnel the product is knowable to the market. This will
increase in the selling of the new fashion outlets of Rowlinson knitwear. Therefore profitability
of the company will also increases (Jain and et.al., 2013).
Customer Base:
The marketing of new product through commercial funnel also increases the customers
base of Rowlinson Knitwear. By the marketing of new product customer base also increases in
the company.
New Product Development:
New product development is the process of bringing new product to the market. The
company Rowlinson Knitwear has launched itself in fashion outlets also. To launch these fashion
outlets following are the steps: Product idea Brainstorming: This step focuses on launching the new product. The idea of
launching new product is taken from customers. Rowlinson knitwear should also focus
on knowing about the customer's feedback before launching the new product (Nelson,
2013). In case of Rowlinson knitwear, the idea of launching fashion outlet is considered. Evaluate the ideas: The ideas of customers should be evaluated so that it can be found
that whether the product can sustain itself in market or not. Company should also
evaluate their idea of customers before implementing fashion outlets. Market evaluation: Evaluation of the market should also be their so as to find the
sustainability of product in market by Rowlinson Knitwear. This will help the company
in finding the requirements to be added to the fashion outlet before launching it Analyse the competitive situation: The competition among the rivals can also be analysed
with the help of NPD. Rowlinson knitwear should find the market rivals before launching
the product. Prototype and marketing: A prototype of the product should be developed so that it can
be in the hands of customers to find the feedback from them. This will help Rowlinson to
find weakness of the product. Market testing: In this step if the feedback of customers in above shows weakness then it
should be improved. This will make the product up to the mark before the launch.
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 Prepare for launch: Now is the time for the company to launch its fashion products into
market. This time the product delivers to customers is full to it's quality and will show
good response among customers (Rice, 2013). This innovation will bring attention among
the customers and will increase the sustainability of products in market.
Applications of NPD process:
NPD process helps in analysing the market situation by which sustainability of the
product can also be checked. This also helps in fulfilling the requirement of customers so that
chances of sustaining the product in market increases.
Steps to overcome challenges to develop successful innovation:
Processing Ideas Efficiently: Rowlinson should process the ideas, which are developed,
efficiently. The circulation of idea will be like that it will cover all the steps of organization. If it
is failing at any level in organization, it will not possible to launch the successful product in
market. Therefore company should efficiently produce ideas.
Efficient internal structure: The internal structure of Rowlinson should be well efficient
enough so that the idea of innovation can be implemented without having problem of skills. If
any employee require training process to develop its skills then company should focus on
providing those skills. This will help the company in launching of new product without any
problem.
P6 Innovation business case for an organisation and the ways of funding
Business case is used to make more profit and also to attract a huge amount of customers.
The case of Rowlinson Knitwear is that it is going to launch its fashion outlet. In this case the
barriers related with the outlet during the production is taken into consideration. The steps of
Business case are as follows:
Innovation Business Case:
Innovation can assist business to achieve the organisational goals. As sales of Rowlinson
Knitwear is decreasing continuously so to enhance its sales company is coming up with new
smartphone application in order to increase their customer base. This application will allows the
customers to order online products and get delivered at their doorsteps.
Executive Summary:
Rowlinson knitwear is going to launch its new product which are related with fashion. In
previous it manufactured the professional dresses (Wolin, 2016).
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Objective:
The main objective of the company is to provide a best range of its fashion products as
the brand image of previous stores so that it can attain the customers to it's premise.
Solution:
This provide the solution to the problems related to the manufacturing and distribution of
the new product according to the demand of customers.
Market Analysis:
This process helps the company in providing the prototype of the product launched so
that the customer will get to know about the product.
Business Analysis:
It is the process of developing better planning and support employees so that they can
innovate themselves to increase creativity and attracting customers.
Financial Analysis:
It is the analysis of funds allocated to the firm to launch the new and innovative product.
Sources of funding:
There could be many sources to Rowlinson knitwear so that they can arrange fund to run
business. Investors: The company can call to its faithful investors to invest in their new venture
again. If the sustainability of new product in market is good than they can invest in
company.
 Shares: This a major source of funding as company can issue its share to the public and
can raise the find for its business. As this is considered as safe source for raising fund.
 Venture Capitalist: There are some venture capitalist firm which invest in innovative
ideas. As they take participation in the equity of company when it comes to the profitable
situation.
 Bank loans: Loan is an external source for raising the funds. As banks provides the loan
by proper evaluating financial statements of company and after disburse the amount. The
borrower needs to pay a fixed percentage of interest to bank.
Return on investment:
This is a ratio which is used to calculate the benefit an investor will get in respect of its
investment cost. The higher ratio, greater the benefit earned.
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Formula : Net Income/ Cost of Investment
Example: The investor has made the investment in share of Rowlinson knitwear by purchasing
5000 shares at GBP and after a year sell it at GBP3.5.
ROI : 5000*3.5 – 5000 / 5000: 2.5 or 250%.
As investor has made the GBP2.5 for every amount invested in the Rowlinson knitwear.
TASK 4
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property
Tools like copyright, trademarks, design rights, patents etc. are used to protect the
innovation from the intruders which can copy the product and launch it in market. Following are
the tools to protect the product:
Copyright:
It is the right of protecting the product in market from the intruders. In case of Rowlinson
knitwear the other companies can copy the fashion products of it. Therefore the company should
use copyright act with their product. If a company is using the copyright products then the user
have to pay monetary damages and court may prohibit it from using its product in future again.
Trademark:
It is defined as the sign, design and expression which can be used to identify the product
that it is specific to Rowlinson knitwear. The trademark of a product legally differentiate it with
others. This symbol or letter makes authorization of the company which uses this intellectual
property.
Design rights:
A particular design of a product can be secured from the copy of the same with others.
The same can Rowlinson Knitwear can do to differentiate it's products from it's other rivals. If
design rights of innovation are copied than it will be cliamed by others. Therefore design rights
should be there to save the design of innovative product.
Patents:
It is right of protecting the new invention such as product services in market so that it
reflects others to claim that innovation to them. Rowlinson should also make patent its fashion
products so that no other can claim their product (Union, 2014). With the help of this intellectual
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property, the company which uses patent will sell, import, make, use the product for usually
twenty years.
CONCLUSION
From the above project report it has been concluded that innovation refers to the process
of creating a new idea that may help to increase sales of the company. It is very beneficial for
those companies who are dealing with issues that have been occurred due to market fluctuations.
These issues are change in customer's perception, needs and demands. Formulation of effective
strategies can help to deal with all the challenges. Organisations can use innovation funnel or
frugal innovation to launch innovative products in the market to attract large number of
individuals and expand business.
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REFERENCES
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business review. 91(4). pp.60-9.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Edquist, C., 2013. Systems of innovation: technologies, institutions and organizations.
Routledge.
Freeman, C., 2013. Economics of industrial innovation. Routledge.
Goldberg, D. E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huberman, A. M. and Miles, M. B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Jain, A., and et.al., 2013. Commentary: The Materials Project: A materials genome approach to
accelerating materials innovation. Apl Materials. 1(1), p.011002.
Nelson, R. R., 2013. National Innovation Systems: It is. In Regional Innovation And Global (pp.
19-34). Routledge.
Rice, A. K., 2013. Productivity and social organization: The Ahmedabad experiment: Technical
innovation, work organization and management. Routledge.
Wolin, S. S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
Union, I., 2014. Communication from the Commission to the European Parliament, the Council,
the European Economic and Social Committee and the Committee of the Regions.
Brussels.
Online
Frugal innovation. 2018. [Online]. Available through:
<https://www.nesta.org.uk/feature/frugal-innovatns/io>
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