Innovation Strategies and Commercialization for FORDWAY Report

This report provides a comprehensive analysis of innovation strategies applicable to FORDWAY, a small business enterprise. It begins by differentiating between innovation and invention, emphasizing the importance of the former for business growth. The report explores key aspects of fostering ...Read More

INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Difference among innovation and invention as well as its importance............................1
P2. Perception, leadership, cultivation ,teamwork and commercialisation...........................2
TASK 2............................................................................................................................................4
P3. 4Ps and its uses in innovation funnel and observation of this new techniques................4
P4. Process of developing frugal innovation in FORDWAY.................................................5
TASK 3............................................................................................................................................6
P5. Importance of commercial funnel and application of new product development process6
P6. Innovation building case for FORDWAYS including way of access fund......................8
TASK 4............................................................................................................................................9
P7. Different tools for developing, retaining and protecting intellectual property................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
The present scenario depicts, every company is adopting innovation policy which is
based on changing demand of consumers as well as on marketing situation. Company needs to
produce their products or employment with a specific aspects which helps to achieving future
objectives over its competition in market. This alteration is very useful for pint-sized
organisation as a result of this, number of activities are involved so it should focus on limited
area so that it will helps to commodity to fulfil their customers demands and necessary.(Amit
and Zott, 2012). This research is for FORDWAY, this is a meager business enterprise that is
contribute advanced solutions to their customers and market. This project helps to find difference
between innovation and invention techniques, which will be helpful to define objectives of
FORDWAY and a information that how can they improve and develop their products and service
with unique transformation which will be helpful for customers.
TASK 1
P1. Difference among innovation and invention as well as its importance
Innovation- This is helps to transform new ideas into products or services which will be
helpful to build value for FORDWAY and also for target market. In it, new products or its
benefits are formed which is based on the changing demand of customers.
Public thinks that innovation or invention both are introduced same meaning but they are
very different to each other. As given in case study Apple Inc., introduced I-pod as a music
player and also increased storage capacity. This case increased storage is innovation process
while mp3 is an invention that was made long back (Davila, Epstein and Shelton, 2012).
Invention Innovation
 It includes that idea, products or
services which has never been made
earlier.
 In this, new product is created.
 It happens when new idea and
techniques are knocks into the mind.
 It is related to only single products.
 It includes transformation of new ideas
and plans for the first time in different
products.
 Some modification for existing
products.
 It occurs when there is requirement of
some modification or must have new
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 In this only, R & D department assists
for implementing this idea into product.
 It is an intellectual exercise that
introduced in the market for the first
time.
features in existing commodity.
 It includes various merchandise and
process.
 It spreads in the entire organisation.
 While innovation is a ongoing process
because in today competitive
environment, no organisation can get
success in the market.
After this difference, it is a suggestion for FORDWAY that they should have to use
innovation process on the behalf of invention. While implementing this plan, employees are
consider for a different process, so its recommended that at the time of formulating this plan,
worker should be considered and should also take ideas from them. After using this technique,
employees will enjoying their work with new ideas and advance techniques. (Drucker, 2014).
These types of innovation helps to improve peoples live who are working with the
organisation because this type of techniques helps to increase companies growth and this will
directly effect on there workers and stakeholders.
Through this process, new products and services are imported and served to customers
that never been spotted. Example- When Computer was introduced in market then at that time, it
was an invention but now if some changes will introduced then it will be known as innovation
like laptop was introduced then it is an innovation (Difference Between Invention and
Innovation, 2017).
This policy should be introduced as per their consumers' requirement because it will
support in increasing profit and revenue of company. So, FORDWAY should follow that policy
which is affordable by its consumers that will help in growing business.
P2. Perception, leadership, cultivation ,teamwork and commercialisation
These type of creativity is deals to achieve long term objectives of organisation. For
implementing this plan, FORDWAY can clearly find their vision and mission that will aid in
increasing services and productivity. For achieving new strategy and objectives it helps in
following way-
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 Vision- FORDWAY needs to clear vision statement that it want to achieve in future
because according to goal, innovation process is designed. If objective will be clear to
everyone then employees will work as per standards and will also contribute in attaining
the specified target (Goldberg, 2013).
 Leadership- It is an important part of organisation because it influences or motivates the
manpower for doing work effectively and efficiently. Leaders should combine expertise
and capabilities of workforce that will support in accomplishing the desired result or
outcome. In FORDWAY, there are many types of team that carry out specific task.
Success of team is totally dependent on the capability of a leader as how much he is able
to influence or motivate the employees and how he uses the expertise of man power in an
appropriate and effective manner (Huberman and Miles, 2013). For the success of new
plan, each and every employers should have to contribute their efficiency and also have
to accept new ideas and innovations. FORDWAY has aim of enhancing existing
technologies for an organisations that might be achieved when company follows terms
and conditions of analysis and processes of firm.
 Culture- This is very important element that share in the achievement of this plan. If a
company, has good working culture then it will motivate man power for doing work in an
efficient and effective manner which will contribute in achieving the desired result or
outcome.
 Team work- For doing any type of project, team work is very important. In a team many
types of people and employers are exist who have different knowledge skills and ideas to
work with different methods. If all these expertise and skills will be combined then it will
construct desired goals or outcome. As the case study says, at the time of development of
new products, Apple Inc. gather all ideas of their workers that generates best result. This
new offer was far better than existing merchandise.
According to this research FORDWAY should have to consider implementing innovation
plans or process.
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TASK 2
P3. 4Ps and its uses in innovation funnel and observation of this new techniques
The main objective of this funnel is to analyse and explain process of innovation that
how ideas generate and how can finally execute this plan. According to Huizingh (2011) “this
process is used to converting its plan in to real products and services by considers its related
aspects” It has four P which are given below-
 Product- This is a important element of innovation in which some modification or new
features are added in existing products for attaining advantages over it's competitors. For
example- in given case study, Apple Inc. increases storage capacity of iPod and also
introduce mp3 player in mobile phones. This technique is known as product innovation.
 Process- This type is related to the term that how can process can be improved product
or facilities are created. In this process of manufacturing, it amended in that way that will
support in producing more merchandise at a same time. As a CEO of FORDWAY, This
is recommended that procedure have being renovated in a way which will aid in utilizing
Raw material and labour in an efficient way and will provide batter quality of facilities to
its targeted market.(Johnston and Marshall, 2016).
 Positioning- In this type, focus is given on re-creating position of existing products or
services in a specific context. FORDWAY should have some plan that will support in
repositioning or creating positive perception in the mind of consumers.
 Paradigm- Organisation should have aim to design innovation process after considering
all important aspect and possible outcome that can be achieved from this technique. The
concept relates to maintain model and shape an organisation witch new ideas.
This company is a service provider firm which helps to deal with different technological
solution to the customer. They wants to assemble a team of skilled people who can provides their
new and innovative ideas to them. Being a CEO, I want to suggest that a small-scaled company
should not have top invest in research techniques because this process is very expensive and very
time consumed.
P4. Process of developing frugal innovation in FORDWAY
This is a innovative process through this complexities and cost of products can be
reduced. Commonly in this,Unnecessary terms are ejected from services they offer in company .
(Krishnan and Ramachandran, 2011).
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Innovation process should be depends on the capacity of customers that how much they
can pay for taking facilities. FORDWAY need to ensure that this procedure is in the budget of
target market as well of the company. If it will do then organisation can achieve desired result or
outcome easily and effectively. The most commonly process of developing frugal innovation is
as follows-
 It have to work with maintain ideas and knowledge of innovation, so it will work with
accuracy to achieve desired objectives.
 Appointment of proficient and knowledgeable employees who can contribute in carrying
out this process. If manpower will be skilled then they can work effectively and
efficiently that will contribute in the success of the company.
In this study, Apple Inc. used the workers efficiency and their ideas and knowledge for
new products that is within the budget of the organisation and also of customers.
According to Kwon and Adler (2014) “There is another way of developing frugal innovation
within a company that can be done through take feedbacks of customers” Innovators of
FORDWAYS finds the solutions Which they can provide to customers. It is very helpful in
complaint handling of customers that assists in satisfying the customers' needs and wants.
 It should design their offerings as per changing demand of target market that will support
in attracting the People.
 They also use marketing strategy which helps to reach on target market easily and
effectively.
From the above analysis, it can be consider that for formulating of this process,
employees will be efficient and also have experience related to that field in which company is
dealing because it helps in the implementation of process effectively and successfully.
Employers of a company is the only strength which helps to achieve goals provide a right
direction to firm.
Principles of innovation- There are various principles of innovation that are given
below-
 If Fordway is going to take innovation then it can do it in anything like products, process
etc. In this, it only matters that what is its idea that it wants to introduce in the market.
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 Design with users- Company should design their innovation according to the needs of
consumers so that it can cater it and can satisfied them. So for it, firm should involve all
user groups in planning.
 Understanding existing ecosystem- Enterprise should understand the environment and
also participate in network and communities of like=- minded practitioners.
 Build for sustainability- It should engage with local government and should also align
their strategy with their policies so that they can carry out activities effectively and
efficiently.
 Use open standards, data- It should adopt and expand existing open standards and should
also adopt latest software so that it can successful implement their innovation.
 Reuse and improve- If it is possible then company should use existing tools and
frameworks and should also develop new modular way.
 Be collaborative – It should hire diverse expertise across disciplines and should also
publish material under a creative commons license by default.
TASK 3
P5. Importance of commercial funnel and application of new product development process
According to Manso (2011) “Commercial funnel is a process of converting probable
customers in to perfect customers.” It supports in increasing sales, revenue as well market share
of organisation that assists in achieving the desired result or outcome.
New product development is a process of developing or creating a new product or service
for customers. For established the new feeler company has to follow many objects that starts
from idea veneration to the commercialization. New product will be treated as -
 Some innovations are done on present products.
 Replace of existing products with new product which have new features and uniqueness.
New Product Development Process-
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(Source: Stages of New Product Development, 2017)
This progress apply on the condition of market, the needs of a certain commodity as an
convenience that provides ambitious edge upon its competitors (Mariadoss, Tansuhaj and
Mouri, 2011). For making new ideas of sale, company used conduct survey through this it is
known as the requirements or demand of target market that will aid in construct new products
and services. If a new company offers quality of products in merchandise at economic price so
it can sell their goods successfully.
FORDWAY has decided to enter new market by doing an extensive survey of the
consumers demand. It adopts a strategy for capturing the large market share that is to sell the
products at lower price than the competitors provides. Organisation has adopt new ideas that is
helps to reduces outlay, and it will favourable for company as they save invest their amount from
further expense.
FORDWAY also introduces new offering to its target market like service of data
management and storage consolidation etc. that is helpful in increasing sales and profit of
company. 4Ps of innovation funnel is very helpful in achieving desired result or outcome
(Metcalfe and Miles, 2012). It provides many benefits to the company which are given below-
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Illustration 1: Stages of New Product Development, 2017

 Process management has made the entire process adequate and efferent through this
work will completed timely with desired outcome organisation can deal with project
deadlines easily (Rice, 2013).
 when a company wants to introduce new product in market they need to look first in
competition market and check the positive image of society.
 2Ps helps the company to grow faster and the rest two Ps are the part of mission of
FORDWAY’s.
By this process company produce new products which includes batter quality and
services that can satisfy the needs of target market and can also know that whether this products
will get good response or not. If not then firm can take necessary action for getting success in the
entire market.
P6. Innovation building case for FORDWAYS including way of access fund
The main object of company is to make a case which is invest time or money of company
to investment project on the behalf of in competing one. This a concept for the new product
development and production process. For creating , following steps are followed by FORDWAY
-
(Source: Process of Building case, 2017)
 Observing the objectives- Before developing this plan, company should clearly know
about its goals that wants to achieve in future because if organisation will know about
specified target then it can design the plan accordingly that will help in getting success in
the market. This business case is helpful in taking decision related to operation of firm
that supports in getting specified result.
 Gather the input- At this stage, required resources are gathered which helps to develop a
business case. (Sawyer, 2011)
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Illustration 2: Process of Building case, 2017

 Analysis- After collecting all required inputs or material, FORDWAYS should analyse
these resources as they helps in deciding best object that will helps in building business
case impressively and successfully.
 About story- The final moment of this process is to the appropriate decision taker. Ides
can be represent through the person who can explain all things related to organisation to
this case and it can also conferred by delivering of a document for review. In this,
implementer see many challenges like to keep the information clear, maintain objective
etc. It is important because if decision maker does not understand it then he will not be
able to explain the public (Stokes, 2011).
There are various ways to grow the funds with the help of innovation. There are many
sources of funding which can be used by FORDWAY that are given below-
 Personal saving
 External source like banks, financial institution etc.
 Venture capital firms generally, provides higher levels of investment in return of shares
to the private owner. In this group of investors invest their money into more risky
business because they want to gain more profits or return on investment.
TASK 4
P7. Different tools for developing, retaining and protecting intellectual property
They have right provides exclusive authority to use by own idea, plans, and intangible
assets without any competition for a particular period of time. It includes the following things
which are given below-
 Trademark
 Copyrights
 Patents
 Trade secrets.
FORDWAY is provide advance technology solution for which it is needs to take these
rights secure so that no one can plug it (Tebbe, 2011). In it context, best example is that Samsung
copied Apple Inc.'s gadgets however Apple has brought the technology in such a policy,
Samsung cannot deploy the Retina display in any other smartphones or tablets.
These rights provides competitive advantages over its competitors or other contemporary
organisations. There are various laws which protect the rights of owner and secure the
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intellectual properties of company. FORDWAY should maintain high qualified people in the
firm that can be possible by registered it under any law related to intellectual property like Patent
Law, Copyrights law etc. It should also protect their internal process and policies of different
customers (Union, 2014).
Intellectual property rights- These rights are consider when here is any new ideas and
skills to treated property as assets. There are two types of IP rights which are as follows- Copyrights- It is a legal right created by law of country that provides authority to owner
of original work. Commonly, it is only for a limited period of time and after completion
of this period, owner has to renew it. If any person want to use these work then he has to
pay royalty to the owner after that he will allow to use it. Generally it is seen in the case
of books, articles etc. Patent- It is done in with invention of new products or processes and protects against the
unauthorised use of invention. It restricts the other person to use, import or selling this
invented item without permission of owner.
 Trademark- It can be a sign, logo, symbol, design or any other unique device through
which products or services can be identified easily. It is helpful in differentiating the
product and services from other company. It will be represented graphically in the form
of firm's logo or a signature (Van Eck, Jager and Leeflang, 2011).
CONCLUSION
It can be concluded from the above report that innovation is an important component of
the company because it assists in maintaining in the market for long period of time. From the
research , it is the conclusion that innovation is different from invention and they very vital for a
business. There are 4P of creation which is Product, Process, Position and Paradigm that
supports in maintaining better quality products and services. For this new offering for the
market, organisation has to follow some steps that starts from the idea generation to
commercialization which is very helpful in creating better quality of products that provides
positive response from the market. In UK, there are many types of rights that are available on the
intellectual property such as copy right, patent, trademark etc. that cannot be used by anyone
without the permission of owner of these properties.
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REFERENCES
Books and Journals
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