MGMT20143: Innovation Process Portfolio - Glow in the Dark Indicators

This project outlines the innovation process for developing glow-in-the-dark road indicators. It details the analysis of customer needs, idea generation, screening, experimentation, commercialization, and implementation phases. The project emphasizes how understanding market issues and cre...Read More

Running head: INNOVATION PROCESS PORTFOLIO
INNOVATION PROCESS PORTFOLIO
Name of the student
Name of the university
Author note

1INNOVATION PROCESS PORTFOLIO
INNOVATION PROCESS
The continuous innovation in the business operations are supported through the analysis of the
market trends and developing strategies for sustenance. The different ideas that are generated by
the professionals in business enterprises assist the sustainable approach. The idea of developing
the glow in the dark indicators followed an innovation process that focused on the analysis of the
customer needs, generated the idea and advocated the same, experimentation of the outcome,
commercialization and implementation of the project. The different standard steps that were
undertaken by the concerned organization while developing the glow in the dark indicators has
helped in enhancing the performance as per the needs of the customers.
Analysis of the needs of the customers- The idea of the change is based on the analysis of the
needs of the customers. The identification of the needs of the customers through conduction of
surveys helped the concerned organization in developing the product.
Idea Generation- The idea that is being generated by the organization is based on the
identification of the needs of the customers. The identification of the needs of the customers,
through an empathetic approach, has helped the
organization in maintaining the efficacy of the product
design. Idea Generation and Product planning are the
major elements that helped in maintaining the efficacy of
the project through cost allocation and the definition of a
pathway.

2INNOVATION PROCESS PORTFOLIO
Screening the idea- The development of the
best idea was chosen by the organization
through screening of the same. It has helped the
organization in choosing the best idea and
implementing the resources in the different
contexts as per the needs of the customers. Choosing the idea from among the other business
ideas has helped the business in enhancing the functions as per the objectives of the
organizational model.
Experimentation of the idea- The experimentation with the
idea has helped the organization in assessing the pros and
cons of the product and the manner in which it correlates to
the demand of the chief customers. The assessment of the
glow in the dark markers’ idea has helped the organization in
understanding the different vulnerabilities of the same. On the
other hand, the identification of the vulnerabilities of the product has also helped the
organization in bringing forth subtle changes in the product design in order to cope up with the
demand of the customers.
Commercialization of the idea and implementation- The commercialization of the idea
included the sponsorships from different foreign investors and funds that are raised by the
organization in order to support the safe implementation of the project.

3INNOVATION PROCESS PORTFOLIO
The different costs that are required to be incurred by the organization are dependent on the
funds that are raised by the organization through sponsorships and fund raising activities. The
proper implementation of the project and the other relevant activities of the organization for
marketing the product are supported through the active commercialization of the business idea.
Therefore, the organization undertook steps in order to enhance the communication with the
chief investors for enhancing the fund raining functions of the business.