Exploring Commercialization of Innovation: NPD & Intellectual Property

This report explores the concepts of the commercial funnel and new product development (NPD) in the context of innovation commercialization. It details the stages of the commercial funnel, from awareness to purchase, and emphasizes the importance of understanding customer behavior at each stage. The report also discusses the role of NPD in identifying audience needs, driving company growth, and providing value to consumers. Furthermore, it examines various tools for developing, retaining, and protecting knowledge and intellectual property, including copyrights, trademarks, and patents, highlighting their significance in safeguarding creative work and inventions. Desklib offers a wealth of similar solved assignments and study resources for students.

Innovation and
Commercialization

1

INTRODUCTION
TASKS/MAIN BODY
P5. The importance of the commercial funnel and the application of New Product
Development (NDP) processing for commercialisation of innovation
Commercial funnel is a tool which is used to find and trade the goods to the final consumers. It is
a way which allows to attract the customers in order to convince and manipulate them to buy the
products. It includes the various steps such as top, middle, bottom of the funnel. There are
various stage which are involved in the phases from the top to bottom which are as follows-
Awareness
The first level is the Awareness where the It is a stage before sales and a discovery stage which
is required for the company to know about the brand with the help of advertising, social media
or referrals. Awareness can be done by using social media, posts, infographics and promotions
(Szutowski, 2018) .
Interest
Once the customers get to know about the brand then they can built interest with the help of
blogs, posts and new ways for campigns to attract the customers.
Evaluation
Under this stage, the customers can take help of pricing pages, tutorials, testimonials and various
case studies because at this stage the customers start to show the interest in the products and
services of the company.
Engagement
It can be said it is the action stage, where special offers and packages are provided for the
campaigns to bring a bond with the customers
Purchase
At this stage, customer decides to purchase the selected product and the company can approach
the customers to provide them their products or services for the better experience.
A properly made funnel is required to understand the different knowledge about the
products or services. It is also important to understand the thinking of the customers at the stages
of the purchasing.
2

New Product Development(NDP)
New Product Development involves all the new designs and ideas for launching the new product
in the market. It is a completely new planning for the product to make it more effective in the
market and which are required for the growth of the business. As the behaviour and preferences
of the consumers are keep changing so, while considering all these new product can be
developed to face the strong competition globally by adopting the new innovative techniques to
bring new opportunities so that the reputation of the brand can be enhanced (Yu and et. al.,
2019).
Role of New Product Development in commercialisation of innovation
While developing a new product it is required to identify the needs of the audience. The
company can make use of the market research or feedbacks from the consumers for the products
effectively. Realistic development can be set on the basis of the timelines.
Continuance growth of the company
Update in products of the company are the main for the company and the new products adds to
the value of the company in front of existing and new customers.
Betterment of the society
In order to create a boom in the society, it is important to bring new products in the society
because while making the changes in the product it allows to generate the employment which is
beneficial for all (Pikkemaat Peters and Bichler, 2019).
Beneficial for consumers
New values can be provided to the customers with the help of NDP as it tends to provide the
customers the various varieties of the products.
P7. The different tools to develop, retain and protect the knowledge and intellectual
property
Intellectual property rights are the main rights which are given to creation of the mind for the
certain period of time. It allows to safeguard the people's recognition for the work they
invent. It comprises different type of protective right which can be used to sue the third
party if someone make use of it. The different tools which are used to develop, retain and
protect the knowledge and intellectual property are as follows-
 Copyrights- Copyright is the main form of intellectual property law to protect the
original work of authorship and are licensed for any artwork, TV shows, online videos,
3

sound, posters, video games, books,paintings, movies, text or objects which are produced
in order to protect it. It provides the sense of ownership in order to have the right to use
the work. The main target of the copyright is to reward the authors by protecting their
creative work to be theft. As it allows to protect the work for the whole life and for the
another seventy years more.
 Trademarks- Trademarks can be a design, name, sign, signature, advertisement or a
photograph which is used to depict a belongingness of a good, object or service by the
owner. It can assure that another person can not use or imitate it. Such logos or name are
generally used to stand different and distinguish in the market on the basis of company's
goods or services. For example logs of McDonald's or Twitter.
 Patents- Patents are used to registers the things which are unique and new to the public .
All details of the invention are published in the public so that the maker can have a patent
right on the invention. Under this the original inventors are given the rights for the
protection that can be for the font or any visual trait (Reijers and et. al., 2018).
4

REFERENCES
Books and Journals
5