Detailed Analysis of Innovation and Commercialization for Periscopix

This report examines innovation and commercialization strategies for Periscopix, a marketing enterprise. It covers the importance of innovation for employees, differentiating it from invention, and explores how vision, leadership, culture, and teamwork shape innovation and commercialization. The report delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the innovation funnel, including opportunities assessment, ideation, conceptualization, evaluation, and launch. It also discusses frugal innovation, its development, and the importance of commercialization, innovation business cases, and funding access. Finally, it addresses tools for protecting intellectual property and knowledge management, providing a comprehensive overview of innovation within a business context.

INNOVATATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to employees of organisation and comparison between
innovation and invention.............................................................................................................1
P2 Shaping of innovation and commercialisation by vision, leadership, culture and teamwork
of organisation.............................................................................................................................3
TASK 2............................................................................................................................................4
P3 The 4P's of innovation and use of innovation funnel.............................................................4
P4 Development of frugal innovation.........................................................................................6
TASK 3............................................................................................................................................7
P5 importance of commercial funnel..........................................................................................7
P6 innovation business case and ways to access funding...........................................................8
TASK 4............................................................................................................................................9
P7 Tools use to protect, develop and retain knowledge and intellectual property......................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The process which creates values for goods and services acquired by customers by translating
idea or invention(Aryal and et. al., 2016). In simple terms its can be said that innovation is and
new idea, method or device. It is important part of a organisation where they tries to apply new
better solutions as per the requirements and needs of existing market. This is done by enterprises
to carry out better processing of product and services by effective use of new technologies
available in market for organisations. Innovations within business is most important factor to
capture market for there services and goods with increase in brand value. Innovation is linked
with invention but it differs. It is just next step after invention. Many big organisations such as
Apple Inc. and Virgin Group carry out innovation to increase value of there goods for customers
and for enhancing brand image. Following assignment is based of Periscopix enterprise which
provides marketing services in economy of United Kingdom. This assignment will help to study
innovation and its importance of cited organisation. Difference between innovation and invention
is described briefly in a report.
TASK 1
P1 Innovation and its importance to employees of organisation and comparison between
innovation and invention.
Innovation:
The process of transferring ideas into reality is referred to innovation. It is a change made
in existing products and services in order to add values to it which helps in fulfilling the needs of
customers by delivering best product and services to attain complete satisfaction level. It is an
effective process adopted by business to maintain competitive level in business world and helps
in increasing organisation brand image with profits. It is an alteration of existing product and
services to cope up with market demands for fulfilling customers needs. These process helps in
generation of new ideas and and its transformation into practical to develop product(Breznitz and
Etzkowitz, 2016).
Invention:
The creation and discovery of new process, device or methods which do not have
existence earlier is referred to invention. It is generation of logical/scientific ideas emerged by
certain experiments and research conducted by skilled individuals. It can be in relation to
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development of new process or a method for production of products and services. Invention done
by organisation can be secure through patent rights.
Importance of innovation for employees of the organisation:
Innovation conducted by organisation have certain importance for both i.e. organisation
and employees(Chun and et. al., 2015). Some the importance of innovation for employees of
Periscopix is being described as follows:-
 Increase in capabilities:- New innovation within cited organisation have great
importance for its employees. The more of innovation enhances capabilities of workforce
which directly supports in their performance.
 Develops skills:- Significant innovation within business supports in developing
employees skills. This support employees in performing activities effectively and
efficiently which also benefits enterprise directly.
 Increases knowledge:- Employees of organisation are directly benefited by innovations
which takes place. New innovation within enterprise at certain time intervals supports
workforce in increasing there knowledge to perform assigned activities.
 Increases productivity:- As mention above innovation supports employees in
developing there skills and abilities with increase in capabilities to perform. This factors
emerged due to innovation directly helps individuals of cited organisation in increasing
productivity(Datta, Mukherjee and Jessup, 2015).
Comparison between Innovation and Invention :
BASIS INNOVATION INVENTION
Meaning It is process of implementing new
idea for products and services for first
time.
It is referred to generation of new
ideas for product and service which
have never made earlier.
What is it? It adds values to existing products and
values.
It is related to new creation of
product.
Concept It is practical implementation of new
ideas.
It is an original idea which works in a
theory.
Required skills It requires set technical, strategic and There is a need of scientific skills
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marketing skills.
Occurrence It occurs when there is a need of new
product and improvement required in
existing product.
When new idea emerge.
Concerned
with
It is directly concerned with
combination of different products or
service.
It is concerned with single product or
service.
Activities Innovation activities are conducted
within whole organisation
Activities are limited to Research and
Development department of
organisation.
P2 Shaping of innovation and commercialisation by vision, leadership, culture and teamwork of
organisation.
Commercialization:
A process new product or service is launched by an existing organisation in a target
market is known as commercialisation(Dutta and Folta, 2016). This process of introducing new
product or services is divided into phases which starts from initial stage i.e. introduction of new
product. For commercialisation it is important for organisation to develop certain strategies in
relation to marketing and distribution of introduced product and service. This strategy supports in
attaining interest of customers toward new product. Commercialization is important for
organisation to attain the benefits of expense done in innovation for launch of new product. This
helps in realizing benefits of innovation and supports in increasing competitiveness of in
business world.
There are some factors which contributes in commercialisation and innovation. These
factors are described as follows:-
 Vision:- The vision statement of organisation describes future of it. These statement of a
organisation must be reliable, realistic and attainable. They must develop challenging and
desirable vision to achieve it in reality. This vision statement is a assistance for
organisation for shaping innovation. The innovation must be done as per vision of
enterprises it must be commercialised to achieve its vision. If innovation is not
commercialised expenses done on it is of no use (Ge and et. al., 2016).
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 Leadership:- It is a factor which plays important role innovation and its
commercialisation. A good leadership supports in framing innovation in effective
manners with a help of other member. A leader must work on innovation as per goals and
objectives of organisation which will support in attaining benefits of commercialising
innovation.
 Culture:- The innovation within organisation must be as per culture of cited
organisation. Culture directly affect innovation negatively if it is not considered in
process. To conduct innovation and its commercialisation effectively its necessary to
work on as per cultural capabilities(Hossain, 2015).
 Teamwork:- This factor plays an important role in shaping innovation for an business
organisation. A team of enterprise is a group of two or more members who works with an
common objective toward innovation and its commercialisation to attain benefits. This
team works on innovation as per vision of enterprise and takes necessary action in
commercialising it effectively with help of strategics. Teamwork is necessary as a single
individuals cannot help in attaining these.
Above mention are factors which are to be considered by Periscopix organisation to
conduct innovation and its commercialisation effective for its success. If above points are not
considered it may lead to shutdown of business or losses.
Best example of Apple Inc. and Virgin Group can be considered where they have
considered these points in innovation and commercialisation which supported them in increasing
there brand image and enhances profitability.
TASK 2
P3 The 4P's of innovation and use of innovation funnel
There are 4P's of innovation which are Product, Process, Position and Paradigm. These
are described briefly as follows:-
 Product innovation:- It is completely related to products and services offered by
organisation. The introduction of new product or service which is significantly improved
by business is known as product innovation. Under this, qualities and other changes are
done in existing goods and service to adds value in it. It helps business in increasing new
customers for innovate product(Ke and et. al., 2015).
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 Process innovation:- It is said to be a important change made in a process of production
or change in delivery method of products and services. This is important for business
which supports in selecting new process of delivering goods effectively. It plays
important role, which changes method of production and enhances productivity.
 Position innovation:- It is a third factor of innovation which deals in re-positioning the
perceptions towards existing products and services offered by business. It includes
changes in the ways in which products and services are introduced(Ke and et. al., 2016). Paradigm innovation:- It is related to change in shape and structure of business. It states
new way for business to reach among its customers and a way to make money out of its
products and services.
Innovation Funnel: Innovation Funnel is mostly used by an business for managing process new
product development (NPD). Under this, R&D department of enterprise works on many ideas
which have to be evaluated, and shape concepts with testing until the product is launched in
market.
Main parts of innovation funnels are described as follows:- Opportunities assessment:- In this process business analysis opportunities for new
product line or line of extension. This evaluation is done by business by collection of
information from market, customers knowledge and form other sources of information. In-sight based ideation:- After analysing opportunities available for new product line
which fits business strategy, next step is to imagine various kinds of products and service
which could attain benefits of available opportunity. This covers insight of market and
customers by conducting market research such as surveys, online communities and focus
groups. Conceptualisation:- At the following stage, team of organisation designs realistic
concepts which emerged in a stage of ideation. This may include packaging, copy of
advertising and various configuration of product and service features. Evaluation and benchmarking:- It is a next process after conceptualisation, in which
different concepts developed by organisation is tested among target market and
customers. This process can include actual user testing or choice modelling. Based on
feedbacks concept can be altered and tested again(Khan and et. al., 2015).
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 Go/No go:- After collection of feedback regarding alteration of concept with the help of
evaluation it provides information about chances of success. Executives must take
decision whether the new product is to be launched or not by considering evaluation
results and factors such as manufacturing, cost, margins and customers preferences
should also be taken into account.
 Launch:- At last considering significant concept from alternatives in this step it is to be
launched in target market.
P4 Development of frugal innovation.
Frugal innovation:
It is a process where new business models are discovered and product redesigning is done
in order to serve target customers of organisation who can not afford it. It is also related to
declining the complexity and cost of products and its distribution. It is highly used by business in
order to identify new ideas for its products and service development. It is conducted to innovate
new things by doing alteration in existing one. The use of waste and other resources is made to
perform this activity(Koirala and et. al., 2016). A Periscopix is marketing enterprise which
adopts new innovation form market and implement them in reality to achieve its benefits.
Development in Frugal innovation:-
 New market opportunities:- Organisations conducts market analysis in order to identify
new innovation opportunities available in market. This supports business in grabbing
them effectively within time frame. Certain problems are faced by periscopix in its
market so it is necessary for business to innovate its products and services with new
features.
 Resources:- It is important for firm to manage its available resources in order to make
innovation in its existing services which supports in providing good options for its
customers. Frugal innovation can be created by different segments and its capacity is
enhanced by resources.
 Innovation funnel:- It is directly related to development of new product. This process is
adopted by organisation to for making new developments. It starts with development of
idea for product development. The change in funnel innovation directly leads to change
in funnel innovation.
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Frugal innovation includes two segments under which first one is related to product of
business(Kolychev and Prokhorov, 2015). This concept is completely related to marketing where
emergence of market is done with sale potential. It linked with products to fulfil demand at
global level. Another segment is concerned with problems which has to be solved. Innovation is
affiliation to new technical solutions based on issues(Mowery and et. al., 2015). The best way to
use frugal innovation in effective way is to start it by solving problems rather than with product.
Following steps has to be use:-
 Generating idea for innovation.
 Screening new idea.
 Testing.
 Internal analysis.
 Market analysis.
 Commercialisation.
 Market review.
TASK 3
P5 importance of commercial funnel
The main role of commercial funnel is to develop new product and services of
organisation. It is an important element which has to be identified by business so that they can
sell their products and services enhance their profitability. It is necessary for firm to carry out
innovation for their existing goods and commodities in order to deliver it in effective way to its
customers. Commercial funnel acts as an strength for business which supports in delivering
better services in target market which supports in enhancing firms goodwill to assist in
competing with competitors.
Innovative process is used by Periscopix in order to launch its new service within market. The
steps covered in NDP process is being described as follows:-
 Generation of idea: It is an main and first element where idea is to be generated for
development of product and services in effective way.
 Idea screening: Various ideas must be scrutinised by business in order to select an
appropriate idea.
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 Development and testing: Market research should be conducted by Periscopix in
relation its product development to determine whether product is suitable for market of
not(Novikova, 2015).
 Product development: After determination of various segments, it is important for
enterprise to develop its product and services as per the customers need.
 Testing of market: The organisation must test its products in target market before
launching it for its customers. And product quality must be checked as per the demand of
customers.
 Commercialisation: It is important for Periscopix to develop effective plans and policies
regarding marketing and pricing to finalise factors related to selling of products.
 Launch: It is a final where product is launched and made available for its customers in
target market (Sharifian, 2015). After launching product in market it is necessary for
organisation to review its product within certain time intervals which supports in solving
issues faced in launching.
P6 innovation business case and ways to access funding
The building of business case is done in order to make effective planning. There are various
factors which are considered in it and identification of these factors is necessary for organisation
so it do not affect operation of firm in future.
Statement of mission:
It is a written declaration of a company which defines its purpose and objectives. This
statement does not change with time.
Mission statement of Periscopix includes:-
1. Significant factors of enterprise.
2. Offering of new products and services in target market.
3. Direction for whole organisation.
Proposal statement:
It includes objectives and purpose of investigation which are requires to make key
information. It includes basic information about improvement of product and service with its
benefits. This statement provides its implementation and final outcome which can be achieved by
innovation(Song and et. al., 2016).
Types of Innovation:-
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 Incremental:- Ne additional features are invented within old product to enhance its value
for customer.
 Disruptive:- New technologies are used among this and it is possible that these
technology may be inferior in relation to existing one.
 Architectural:- It is reintroduction of proven technology which is done to cope up with
market demand and need of increased customers.
 Radical:- It is associated with revolutionary technology and leads to emergence of new
industry(Vishnevskiy, K., Karasev, O and Meissner, 2015).
Periscopix enterprise uses incremental innovation within its business in order to develop new
additional features with existing one which the help of new updates in its products and services.
TASK 4
P7 Tools use to protect, develop and retain knowledge and intellectual property.
The things of enterprise which may be process of manufacturing, plans for launch of product,
trade secret or it may be chemical or list of countries where patents are registered is referred to
Intellectual Property. There are different tools by the use of which organisation can protect
knowledge and intellectual property. Some of the tools are described as follows:- Patents:- It is a process of registration organisations invention with government. This
process is much time consuming to get legal right. This covers only tangible things which
can be registered in foreign countries to get protection from its competitors. Patents last
for 20 years. Trademarks:- The symbol, logo, name or phrase used by organisation in relation to its
products and services is known as trademarks. It is highly used by businesses to builds its
reputation in business market and it supports in a brand with quality level of its products.
These trademarks protection lasts for tenure of 10years which can be renewed after its
expiry. Copyrights:- It is a law which protects tangible written or artistic expressions such as
novels, songs or movies. This protects expression of idea not the idea itself. Organisation
who have copyright can reproduce it and firm have authority to sell and display it among
public. This copyright last till the life of authors and till addition of 50years.
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