Higher Nationals Unit 8: Innovation and Commercialization Report

This report delves into the critical processes of innovation and commercialization within a business context. It begins by defining innovation and explores the new product development (NPD) process, including market analysis, idea generation, screening, and commercialization strategies. The report then examines tools organizations use to protect intellectual property, covering copyrights, trademarks, design protection, and patent rights, outlining their advantages and disadvantages. The analysis emphasizes the importance of systematic procedures in developing new products and protecting intellectual assets. The report concludes by highlighting the significance of understanding both NPD processes and intellectual property protection to achieve business objectives. References from academic sources support the arguments and findings presented in the report, providing a comprehensive overview of the subject matter.

INNNOVATION AND
COMMCERICALIZATION

TABLE OF CONTENT
 Introduction
 New development processing of product and innovation
 New product development processing in reference of new
product:
 Tools that organizations can use to develop, retain and protect
knowledge and intellectual property.
 Conclusion
 References

Introduction
Innovation and commercialization are important process and part of
enterprises which are required to adopted. This report comprises of
NPD process and protecting tools for intellectual property rights
used by organization. Innovation refers to process of bringing up
something new. Main purpose of this presentation is to examine the
understand the concept of innovation.

New development processing
Market is dynamic and flexible so it is essential to organization must
be analysis of market. Innovation in context of product and
commercialization means that product is available in the
marketplace and it is ready for consumer. Commercial funnel is
also know as sale process of company which is help to determining
the need and wants of customers.

Interest Action-: Essence drink must be develop a interest of
customer because it is essential to customer take interest in that way
to requirement of particular product so accordingly company plan
the strategies.
Decision-: This is third step when customer take decision purchase
this product. In context of company. It impact on sales and increase
revenue so pushing customer to purchase that product.
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Market strategy-: In that phase implementing strategy and
evaluation market, segmentation and targeted audience.
Essence drinks, implement strategies in that manner to gain
competitive advantages and increase sales.
Analysis-: Company overall analysis on that basis market,
manpower and resources.
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New product development processing
Generating ideas-: It is first stage in that company generate
new thoughts which is related about new product. Create
market research and identify opportunity in market.
Idea screening-: Company got ideas so must be evaluated on
the basis of according market trends. Discussion with their
employees and choose appropriate idea.

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Commercialization-: After cover all the stage now product
commercialized in market. Company managing sale perspective on
that basis and launch product.
Therefore, Essence company to use various method to promote
product and create lot of innovation in context of new product.

Strategies tool and tacit-: Essence of company launch new product
so must be plan strategies to gain competitive advantages and
product sustain in marketplace. Organization must be develop
product strategy and pricing strategy.
Analysis consumer behavior-: On that basis organization must be
examine customer behavior and know about the perception
regarding product.
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Tools organizations use to retain intellectual
property.
Intellectual property
Intellectual property is legally protected and owned by an
organization tom perform several business activities including
innovations, logos and models. Rights are given to persons over the
creations of their minds. They usually give creator an exclusive right
over the use of his/her creation for a certain period of time.

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Copyrights: copyright is a type of intellectual property which means
protecting the author's work given by the government of United
Kingdom. It suggest that whatever content is made by the author
cannot be used by another.

Advantages:
It protects uniqueness of the work.
It helps to modify, distribute and enables public performance.
Disadvantages:
Limited dissemination: Copyright strictly avoid wide
information because of the possibility of similar sources.
Cost: registration of Copyright tool can be the costliest for
organizations.
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