Innovation and Commercialization Report - Reliance 5G Technology

This report, prepared for a BTEC HND in Business, Unit 8 (Innovation and Commercialization), analyzes the significance of innovation in business, focusing on Reliance Worldwide Corporation and its potential 5G technology. The report delves into key concepts such as the 4Ps of innovation (Paradigm, Product, Process, and Position), the innovation funnel, and commercialization strategies. It explores the relationship between innovation and invention, the importance of leadership, culture, and teamwork in fostering a successful innovative environment. Furthermore, it examines the commercial funnel, new product development (NPD), and the creation of a business case. The report also addresses the critical aspect of intellectual property and its protection. By analyzing these elements, the report provides a comprehensive overview of innovation and commercialization within a business context, offering insights into Reliance's strategic approaches for future growth and market competitiveness.

Submission Front Sheet
Programme BTEC Higher National Diploma (HND) in Business (RQF)
Unit Title and
Number:
Innovation and Commercialization (Unit 8)
Assignment title Innovation and Commercialization Assignment Brief
Unit RQF
level/Code
Level4/ (M/508/0494)
Module Tutor
Name /Email
Credit Value 15
Assignment
Brief Code
Cohort Name Sep 20B Assignment
Date Set
04/05/21
Student’s Name Student’s
Registration
Number
Submission Date
09/07/2021
Distribution
Date
05/05/2021
Is this a first
submission
YES
Is this a
referral
submission
Word Count
6018
Learner’s statement of authenticity
Student’s
Signature
Date 09/07/2021

Innovation and
Commercialization

Table of Contents
INTRODUCTION.......................................................................................................................1
Innovation and Invention.........................................................................................................1
Importance of innovation........................................................................................................2
4Ps of innovation.....................................................................................................................4
Innovation funnel....................................................................................................................5
Frugal Innovation....................................................................................................................6
PART B...............................................................................................................................................7
Commercial Funnel, NPD and Business Case............................................................................7
Intellectual Property..............................................................................................................13
CONCLUSION.........................................................................................................................15
REFERENCE............................................................................................................................17
Books and Journals...........................................................................................................................17

INTRODUCTION
Innovation play an important role in development of an organization as it facilitates new
techniques and tools for running a business. It is essential for a business to adopt precise
innovation techniques in order to formulate various effective methods of business functioning.
The application of innovation in a business is helpful in increasing income of a business as well
it is also helpful in increasing business efficiency (Aldea, 2018). Reliance worldwide corporation
is a multinational industrial service provider at the marketplace which provides effective
solutions to several industries all over the world. The organization was established in the year
1949 and mainly provides water and plumbing solutions to different industries.
Scope - The report will analyze the innovation and invention of the product which Reliance will
be producing. Along with this, importance of innovation will be articulated which will also
explain the 4P’s. Innovation funnel will be explained and evaluated in detail with the innovation
funnel management process. Other than this, commercial funnel, NPD and a business case will
be explained in detail. The intellectual property aspect will be explained in detail and in precise
form. This will help in the overall analysis of Reliance’s new product development. The scope of
this assignment will help in evaluating the future and the current Reliance trends which will be
helpful in gaining the technological advantage effectively and efficiently. The assignment will
focus on the Reliance’s 5G technology which is to be invented in the mobile phones to make the
customers available the effective and efficient sources of how and when the technology will be
gained.
Scenario – The scenario will entail the basis and the explanation for Reliance to seek rapid
growth of the operations when it will launch the new product and continuous rise in the sales will
be observed while company innovates the new product and service and as per its distribution
capability. When the organization, enters into the fourth years it observes the decrease in the
sales. The founder thought to innovate and invent new range of products and services and in this
I am hired as the brand strategy innovation consultant to provide recommendations to the
organization.
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PART A
Innovation and Invention
Innovation is the practical implementation of ideas that result in the invention of new
goods and services which creates the progress and the growth along with development on large
scale.Invention is the unique way which initiates in the product development process
(Varadarajan, 2018). Innovation is mainly related to formation and development of new effective
ways in development of a particular product or service. Innovative products and services are
major demand of market in order to attract large number of customers. In era of stiff competition
between different companies it is essential to involve major operations and business functions
with the help of innovation. It is the major responsibility of a business to facilitate and support
innovation in order to increase efficiency and revenue of a business. At Reliance worldwide
corporation, practice of innovation plays a crucial role by facilitating business development in a
precise manner. It is essential to involve innovation related operations at the marketplace to
facilitate overall business development. Most of the times in global company’s market growth
are dependent upon innovation related operations. In the era of globalization it is important for
various companies to follow innovation related techniques to maintain a professional level in
operations. It is essential for a business to take precise help of innovation techniques in order to
gain competitive advantage.
Invention is the method of process or composition of something new which is creative
and reflects something other than the usual. Invention is done in the product development
process which helps the organization in making and attaining the results of how invention along
with changes can take place (Richter and et.al., 2020). Invention will help Reliance in knowing
what the process is and how to invent something new which is according to the product or
service development which they have decided to take the action towards.
Importance of innovation
The concept of innovation is described as in recent times competition has increased
between different companies thus it is essential for a business to implement innovation
techniques in a precise manner (Amara, 2019). Innovation is very much helpful in providing
competitive advantage to a business and also helpful in achievement of organizational goals and
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objectives. Most of the business organizations in this competition world are majorly dedicated to
involve deploying professional management in innovation related operations to gain business
development. Reliance worldwide corporation is also effective in applying universal tools and
techniques of bringing innovation in order to lead the marketplace. In business environment
traditional methods are considered as old ways of performing different things. With the
application of innovation a business can easily set up new ways and products in order to attract
large number of customers from the marketplace. Innovation also plays a critical role in business
development by facilitating quality management. As innovation takes support of different
activities which are related to functioning of information and technology it is helpful in
performing accurate operations (Amara, 2019). Innovation also facilitates a business to earn a
good amount of profit from the marketplace in order to achieve several business related goals. In
an organization it is essential for the top level management to take support of various innovation
management models to develop a competency edge. With the application of famous management
models in innovation field a business can easily gain competitive advantage.Innovation and
invention are differentiated as – Invention is the creation of the services and the products and
presenting the procedure for the first time in the market. Whereas Innovation is when there is
some type of changes or improvisation in the products and services.
Every organization has specific vision regarding different aspects of leadership and culture in
order to gain competitive edge. It is essential for a business to formulate effective team work by
the help of different employees to achieve different organizational goals and objectives. In vision
of a company there is a major role played by strategic and human resource management. The
importance of different managerial aspects for Reliance worldwide corporation is mentioned
below:
 Vision- The vision of an organization plays a major role in bringing different
innovation practices in the business. Most the business in competitive market
formulate effective vision with help of professional strategic management.
Innovation related organization is helpful in formulating effective products and
services which are also precise in attracting customers. Reliance worldwide
corporation effectively formulates vision at the starting of a financial year and takes
support of management to achieve that vision.
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 Leadership- The act of leadership is also essential for an organization to achieve
several operations and functions to facilitate workforce. It is important for an
organization to implement leadership related operations and tasks in order to gain
competitive advantage. In era of stiff competition it is important for a business to
hire effective innovative leader for managing large number of employees using
innovative techniques (Geng, 2021). In organizational activities and functions it is
important for a leader to provide innovative solutions related to team decision
making.
 Culture- In organizational development culture plays an important role as it
influences various aspects and dimensions of a business. As Reliance worldwide
corporation is one of the major global organizations where people come to work
from different parts of society. The human resource management of Reliance
worldwide corporation is also effective in providing best culture management
solutions. In functioning of an organization it is essential to perform different
practices which are culture oriented to effectively manage large number of
employees.
 Teamwork- There is great value of teamwork in an organization as it establishes
feeling of unity in different employees. With the deployment of team in an
organization most of companies formulate harmony between different workers. In
organizational functions and activities which are related to innovation teamwork
plays an important role and it is also essential in maintaining equilibrium. In
achievement of different organizational goals and objectives it is essential for a
business to deploy innovative leader. Reliance worldwide corporation always hire
professional staff for effectively formulating business related innovative strategy.
In various innovative tasks related to human and consumer behavior which is
related to leadership teamwork is considered as most important function.
4Ps of innovation
In whole process related to innovation it is essential for a business to involve major Ps
which are also helpful in business development. It is essential for Reliance worldwide
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corporation to involve all the Ps in a precise manner to perform efficient operations at the
marketplace. The 4Ps of innovation for Reliance worldwide corporation are:
 Paradigm- The paradigm aspect in innovation is related to formulation of decisions on
the basis of different angles. It is recommended for a business to think out of box in order
to perform effective and efficient operations at the marketplace. There is always scope of
various angles in a business so it should be utmost responsibility of business to take
decisions (GUO, 2018). In the business there should be involvement of professional
management in order to take responsibility of formulating a precise strategy.
 Product- In innovation process there should be involvement of production management
who is efficient in taking new decisions related to a product (Chen, 2018). Different
products with professional innovation techniques should be manufactured by a business
to attract large number of customers. In organizational development it is essential to
introduce several products at the marketplace in order to increase revenue and efficiency.
Reliance worldwide also tries hard to provide effective and new products which are
beneficial for several industries. The organization has also hired professional marketing
management and takes regular feedbacks from clients in order to satisfy major demands.
 Process- In the field of innovation process plays a major role by facilitating
manufacturing department and product distribution. There should be involvement of
innovation techniques in operations management of a business to gain competency
related advantage. In business development it is essential for the production development
department to take support of information and technology to formulate different
decisions. In the era of stiff competition it is essential for a business to include
professional IT experts who are actively concerned with different innovation related
techniques (GUO, 2018).
 Position- Innovation process also involves selecting target customers for the business
growth. The target customers are also essential in increasing revenue of a particular
business. Targeting different customers is essential with allocation for specific ages and
target customers. Innovation is as always essential for a business to formulate effective
functions and operations to generate effective product for target customers.
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Innovation funnel
Figure 1Innovation funnel used in innovation
The innovation funnel is mainly used by a business to formulate a precise innovation
action for achieving different organizational goals and objectives. In era of stiff competition it is
essential for management to deploy innovation funnel for getting competitive advantage in the
field of innovation. In organizational functions most of the companies are trying to innovation
funnel in order to achieve different targets related to innovation. In organizational growth there is
so much importance of innovation funnel in order to lead the marketplace. The management
which is present in Reliance worldwide corporation always takes essential steps which are
related to performing innovation techniques. In business development it is essential to perform
the use of innovation funnel in order to achieve business efficiency (Lee, 2017). The professional
management which is working for Reliance worldwide corporation is also fully dedicated.
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Four stages in innovation funnel are explained below –
Ideas – Generation of the idea is the first stage in which what is to be done and how the company
will innovate the new product or service is defined. With the help of idea, new product
development and the technique of how the product or the service is to brought in the market and
to the customers is also evaluated (Anzola-Román and et.al., 2019).
Criteria – In this stage which is the criteria, the steps for the idea is set which helps the company
in setting up whole plan of how to invent the product or the services which has been planned. On
what criteria’s will the new service or product will be described and taken into action. This is the
base of setting up of criteria.
Finetuning/Testing – Fine tuning or testing is the fourth stage where the invention of the new
product or service is analyzed and in this the main thing which is observed is to test whether the
new product or service will work or not. Therefore, testing is done when the product or service is
invented perfectly (Franken and et.al., 2020).
External Environment – External environment is the fourth stage where the company analyses
that how the external environment is helpful and useful in development of the new product or
services that will be introduced in the business environment.
Frugal Innovation
In today’s innovative world frugal innovationis the process of minimizing cost of a good
and its production. In other words at Reliance worldwide corporation this refers to removing
nonessential features from durable goods for example car or mobile phone. This technique is
majorly used by most of the business organizations which are helpful in defining innovation
related operations (Pérez, 2017). The unnecessary part and techniques are removed from the
product in order to minimize cost related to a product. This technique is helpful in increasing
cost of a particular product and is also helpful in growth of business.
Reliance worldwide corporation was started with normal techniques of innovation. Now
the company has adopted technique of frugal innovation in order to utilize resources in an
optimum manner. In achievement of financial objectives of a business, there is an important role
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played by frugal innovation (Tokareva, 2019).While most of the companies in global market like
Apple, Samsung, Hyundai and Toyota deploy frugal innovation in order to minimize cost of
product at marketplace. It is essential for a business to mainly perform several functions which
are related to minimization of cost in order to improve market share of the company. In the
recent times famous global companies are actively involved in adopting different techniques
which are helpful in facilitating financial management. It is essential for business development to
involve frugal innovation related operations for facilitating customers in providing cheap cost
products to them. In business and financial management activities it is the most important
function of manpower to facilitate whole process related to deployment of frugal innovation.
Frugal innovation is universally adopted technique of performing innovative functions which are
effective in minimizing price of a particular product. From old times due to introduction of
information and technology there is immense development recorded in the field of frugal
innovation. In frugal innovation professional and scientific management is required with
essential skills related to information and technology (Tokareva, 2019). Frugal innovation is
facilitated with the help of strategic management and manpower in bringing several aspects of
technology. Reliance worldwide corporation is also involved in taking assistance from
information and technology experts in order to perform frugal innovation in a more precise
manner. The business development is essentially facilitated by frugal innovation as it helps in
achievement of business equilibrium within a short span of time. Generally in the competitive
global business environment it is essential for a business to mainly perform different functions
which are related to the achievement of frugal innovation (Xiaohan, 2020). In overall functioning
and operations of a business it is essential for the manpower to learn IT skills for effectively
performing several functions with help of innovation. Most of the businesses are also selling
cheap products at marketplace with good quality with help of frugal innovation.
PART B
Commercial Funnel, NPD and Business Case
Executive Summary –The Part B will constitute the importance of commercial funnel and
application of new product development for commercialization of innovation. This will be
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explained on the basis of what commercial funnel along with its importance included and the
idea of how it was generated, the problem statement, its solution, customer/market research,
timescale, expected benefits, evaluation and recommendation, investment requirement.
The Problem Statement –The new product development was done for reaching the customers
on high scale but it resulted in the poor network issues which India is facing through which 5G
network to the Reliance users becomes a difficult work to complete (De Filippi and et.al.2020).
What is your Solution –The solution to the problem is that India can still work upon the
technological factors so that they are able to promote and brand the services of the Reliance
Worldwide.
How and why is it an Innovation –Providing 5G technology in the mobile phones is an
innovation because it has not been used in any other company therefore, the scale of expansion
on this technology aspect is being created as an innovative practice for the customers (Schulman
and et.al., 2019).The 5G technology will provide the customers high range of network by
fulfilling their needs and demands effectively.
Market/Customer Research –The market or customer research is done so that Reliance
Worldwide network provide effective and significant service to the customers and the market
scale is analyzed which helps the customers to know more about the trends which are being
followed in the market.
Investment Requirement –Reliance Worldwide will need the investment of 51 Dollars.
Sources of Fund –There will be various sources of fund through which Reliance will seek to
invent and introduce the new product in the market. Sources such as loan from bank and through
shares will be taken for the innovation to be launched in the market for customers (Cuervo-
Cazurra and et.al.2018).
Expected Benefits –The technology of Reliance Worldwide will serve the customers the 5G
experience on significant scale and will make the work more effective and efficient overall.
Timescale –The time this innovation will take will be in 5 years.
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Evaluation and Recommendation for Improvement –The improvements will be done in
advancing the technology more so that the services are displayed and utilized effectively by the
customers.
Commercial funnel is the marketing tool which initiates the process through which the
companies find, trade the merchandize and qualify the customers. Commercial funnel is basically
the chronological process for the product and the services of the company to be rendered to the
customers and to convince them to buy the product and services which is being promoted in the
market (Cooper, 2019).
Importance of Commercial Funnel –Commercial funnel is also known as sales funnel which
helps in engaging more leads and this engages more customers for the Reliance Worldwide
Corporation. There are five steps which are being followed in the commercial funnel which is
described as below –
 Awareness
 Opinion
 Consideration
 Preference
 Purchase
Commercial funnel is the journey of customers which depicts the sales process and through
this, the awareness of action is taken into consideration. The main importance the commercial
funnels holds is that it focuses on the customer’s awareness and identifying their intentions so
that the customers can buy what they want and they identify their problems which help them
solve them and analyse what their actual needs and requirements are. Further the solutions of the
problems is being identified by the Reliance Worldwide Corporation so that the company can
measure the customer’s involvement and this will ensure them to work towards what is to be
done for successfully making the company reach the goals and objectives effectively and
efficiently (Santoro and et.al., 2017). To increase the sales, company ensures that the customers
are engaged and focused in buying the services significantly. Along with this, the multimedia
platforms have been the great source for the promotion and branding of the services which are
being rendered by the Reliance Worldwide Corporation.
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For the New Product Development (NPD), the New Product Development identifies the core
methods that are essential for launching the new products and services and this is the main thing
which the company is considering so that the sales of Reliance Worldwide Corporation makes
the services of the company valuable for the customers and this will increase the sales of the
company eventually. There are certain stages of new product development which are described
as below –
Idea Generation – To produce the product it is very important to analyse from where the idea is
being generated. Thus, idea generation is the main thing and objective which is being initiated
for the product development and this becomes helpful for the Reliance Worldwide Corporation
so that they can deliver their services and products accordingly. Strength of idea generation is
that through the idea generation the process of how the products are to be framed and innovated
for the organization (Benedek, 2018). Weakness of idea generation creates difficulties in forming
the work process which fails sometimes.
Concept Definition –In this, the company makes the product specification for the customers
who help in knowing the customers that what are the services which are being rendered by the
company and this makes them more engaged towards the services (Gutierrez-Gutierrez and
et.al.2018). This is basically based on product differentiation. The strength which the product
specification helps in making and creating the ways through which the customers are able to
manage the process of creating high scale products and services of the customers. The weakness
of product specification is that how the market competition is increased through it.
Market Analysing–Before introducing the product in the market, it is very essential to analyse
the market situation and the marketing tactics which helps in making the most of the work
effective and efficient. Reliance Worldwide Corporation should also analyse the market and then
introduce the products and services in it so that the target customers are able to visualize what
their requirements are and needs.The strength in the market analysis is that the organization is
able to make the progressive growth and development of products which helps in market analysis
effectively. The weakness in market analysis is that there is competition in the market and
through this the products and services are being affected on large scale (Filistrucchi, 2018).
Product Development –Product development is the next step in which the designing of the
products and services for the innovation of it in the market is captured (Cheng and
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et.al.2019).Therefore, the product should be designed and developed in a way which attracts
customers in the market and through this; the company’s success scale is measured. The strength
of product development will help the organization in creating the ways of growth and
development on the scale of how the services are being rendered. The weakness in product
development is the products have to compete in the market.
Commercialization –Commercialization of the company includes exhibition of the product to
the market. And after testing the product, it is being launched in the market which initiates the
main purpose of how the company initiates launching the product. Commercialization plays the
key role through which the product is being utilized by the customers in the market and this
makes the purpose of how the company is taking the successful steps.The strength of
commercialization is that the products is being initiated and the weakness is that through
competitiveness is increased which has been created in the market (Zeng and et.al.2019).
Therefore, commercial funnel is the main step through which the new product
development process is commercialized for innovation and this makes the most of the purpose of
the company and the processes of the Reliance Worldwide Corporation is making its services
available to the customers (Mauerhoefer and et.al.2017). By following the new product
development process, the company is able to make the initiate of how the products and services
are following steps towards success of the company and initiating the new ways to achieve the
objectives and goals.
It is very essential for Reliance Worldwide Corporation to build the innovation business case
for the success and befits of the company which is being rendered by the company. This is one of
the major factors which are very important for the services which the company renders to the
customers. There are some essential requirements which are entitled for the purpose of business
and this enhances the effective use of products and services which are to be done effectively with
the market structure (Pamfilie and et.al.2020). Through this, Reliance Worldwide Corporation is
able to measure their performance and this initiates the process of how all the techniques and
ways are being initiated for the successful steps to be taken towards the objectives and goals to
be completely meaningful for the purpose. Making innovative business calls for the action which
enables the process of how the things are completed and this is done by product development
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process, customer awareness program, pricing strategy, market awareness and market
emergence.
 The first and foremost thing which the Reliance Worldwide Corporation should do is
develop product offerings. And this is done by effectively modifying the features of the
product and the services which are to be made available and reach the customers at large
scale.
 To earn huge revenue the Reliance Worldwide Corporation should set a reasonable price
to the targeted customers so that they are able to make the proper pricing strategy so that
the products and the services of the Reliance Worldwide Corporation are promoted the
product a fair price (Nagy and et.al.2018).
 There are various promotional activities which are there so that the company is able to
make effective choices which are provided to the customers. Reliance Worldwide
Corporation is able to make the promotion and the branding effective which makes the
expansion easier and through this, it becomes easier for the company to take initiatives to
produce the strategies for successful branding and the systems of the company.
Through these steps it becomes easier for the company to take the initiatives and make the
services available to the customers on large scale. The innovation business case is followed by
the steps which are being taken for the purpose of how the company is initiating its business
process so that the target customers are there to avail the services to them and that the business is
able to grow more on terms of exponential terms. This is the major task which is being done for
the purpose of how the things are to be managed on the scale of what is to be done in the aspects
of future.
The main reason for which the innovation business is created is to acknowledge and analyse
the fact that Reliance Worldwide Corporation follows the rules and regulation and has set some
strategies which are there for the purpose of what is to be done and through this the main thing
which the company initiates is through being effective for the purpose of how the processes are
being managed throughout (Lazaretti and et.al., 2019). Innovation in the business is the must step
through which the company is able to take the important steps and this is the main reason which
helps in understanding the technological aspects of the Reliance Worldwide Corporation.
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Reliance also provides the customers which help them to understand what type and how the
company provides the services to them.
This make the whole process of the company and the steps which the Reliance Worldwide
Corporation take and through this the market emergence is also analysed and this makes the
whole of the company on the basis that it has been on the scale of how the success of the
business is initiated and through that they are able to make the process more effective. The main
thing which is being considered for the most effective purpose of the Reliance Worldwide
Corporation to make the business successful (Amendola and et.al.2019). Strategies are made for
the business innovation in which the company encourages and makes the goals and objectives to
reach the scale of how the company provides the services effectively to the customers. Reliance
is thus, providing the services and the company is also taking concern of how the market is to be
grabbed by paying attention to the customers’ activities and tactics of which they are interested
in. Therefore, Reliance Worldwide Corporation also encourages technological effectiveness and
through this the company is creating market area (Schaltegger and et.al.2017).
Intellectual Property
Intellectual Property is the property which includes intangible assets of human intellect. It is
basically creation of the inventions which takes place while in the process of inventing
something new along with the designs, images, names and symbols.
It is very important and essential to protect the techniques and the ideas of the company and
this makes the most of the company’s process effective throughout (Singla, 2017). This includes
what is being initiated by the organizations so that they are able to create their own identity in the
market. There are various tools through which the organization’s develop, retain, protect
knowledge and make intellectual property rights which are essential elements of the organization
as this also helps in keeping the information and the data of the organization safe within. There
are several services which are the basis of how the organizations process is being processed
which helps in initiating and protecting the company’s privacy policy. The most important
privacy factors are explained below –
Patents –Patents of the organization are must for the organization which has all the information
and the data that is to be secured and through this the company is able to make the process of the
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company and maintains the privacy which is being initiated for safeguarding the important
details which are not to be shared.
Strength -Patents protect the invention, other confidential things and designs of the company
which makes the most of the company’s secrecy and information locked to themselves (Zerhouni
and et.al.2020).
Weakness –The privacy can be stoleand the data and information can be leaked which is the
biggest weakness in Patents.
Trademark –Trademarks are the source through which the products and services of the
company are differentiated and through this the company is able to make the market position
better by making their products and services differentiated from the other competitors (Madina,
2021).
Strength -This is one of the most important aspects in securing the privacy of the organization
which is done through the trademark policy in which differentiating the products in the market is
the most effective way possible.
Weakness –One of the biggest weaknesses which of trademark is how the general data of the
company can be distributed.
Copyright –Copyright is an impeccable tool which helps the organizations to initiate the
processing of how the privacy is maintained and through this the most of the effective ways in
which the company is making sure that this is the way through which the information and the
data is being secured (Trevor and et.al., 2017).
Strength -The copyright for the organizations is used for the artistic works such as the scripts,
music and other type of works.
Weakness –The weakness which copyrights hold is that the copyright can be stolen through the
unprofessional sources.
Before all these three tings which the company is initiating is the process in which there
are legal requirements which are being taken for the purpose and some formalities are to be made
so that the processing and the system of the organizations is being followed effectively and
efficiently. This is the main thing in which the organizations have to follow all the rules and the
15

regulation for protecting the data and the information through which all their details are being
stored within the company’s policy (Sharma, 2021). By maintain the copyrights, trademarks and
patents organizations can securely and safely keep their data and information effective and to
themselves which will provide various options for the company. This is the way through which
the organizations are able to make the process and the ways through which affectivity and the
processing of the company is able to make what is called as how the protection of the data is
taken into consideration through the technological advancements and this makes the whole
process of the company effective enough so that what is being generated is done on the basis that
there are ways in which effective ways are created for protecting the policy and the privacy of
the organization by following all the rules and legal regulations of the company on large scale.
Thus, the company can protect its ways and information on the scale that it ensures that
any of the methods among tree which are patents, trademarks and copyrights can be achieved
(Mathew,2019). For this, every organization should adopt following and maintaining such frame
of works which helps in initiating the process of how the company responds and the ways
through which what is to be done for the purpose of what effective ways can be introduced by
the organizations along with these techniques as it will make the process of the company on
more large scale and this is made by what is to be done on scale of protecting the details and
information about the company to not let it out. The three tools which are explained above are
the ways through which the company is able to make process of retaining; developing the
intellectual property rights and this is the main reason why the organizations are more concerned
in positive manner.
CONCLUSION
From the above stated report it can be concluded that it is compulsory for a company to
adopt innovation in order to survive at the marketplace. In business development it is essential
for a company to hire professional management which is helpful in supporting innovation
techniques. This report also concludes that there is a huge contribution of 4Ps in development of
innovation process in a business. It is essential for a business to deploy skilled and professional
management in innovation related functions to gain competency edge. Along with this,
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importance of the commercial funnel and application of New Product development (NPD)
helped in processing the commercialization of the innovation. Along with this, building of the
business innovation case was being done which helped in framing the business innovation
techniques which initiated the ways of funding in the organization. Further, different tools that
organization use to retain, develop, protect knowledge and intellectual property were being
explained as how the organization work on the scale of what are the privacy and the private data
and information are being gathered.
17

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