Innovation and Commercialization: Studer Group Report Analysis

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the case of Studer Group. It explores the significance of innovation, leadership, and teamwork in shaping an organization's success, detailing how vision, culture, and effective leadership contribute to a thriving business environment. The report examines various facets of innovation, including product, process, position, and paradigm innovations, as well as the application of frugal innovation. It also addresses the importance of the commercial funnel and new product development, providing insights into how organizations can access funding and protect intellectual property. The report highlights the importance of employee motivation and the role of communication and coordination in fostering a positive work environment. Through the Studer Group example, the report emphasizes the impact of innovation on business growth, wealth creation, and decision-making, making it a valuable resource for understanding entrepreneurial principles.

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explaning of innovations and its importance to employees ............................................3
P2. Presenting how vision, culture, leadership and teamwork help in shape up the organisation
................................................................................................................................................5
TASK 2............................................................................................................................................6
P3. Explanation of different innovation of P's and use of frugal innovation ........................6
P4. Frugal innovation in an organization ..............................................................................7
P5. Importance of Commercial Funnel and Application Of New Product Development......8
P6 Innovation Business Case for an organisation, including ways to access funding.........10
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property:.............................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation and commercialization is the activity by which the organization can change
them. Innovation is presenting the ideas with practical knowledge and help to creating innovation
in their existing ones. This report represents the actual meaning of innovation and shows how
innovation changes the process of business and fruitful in our daily income source. Studer Group
is a small company who sells gifts and birthday cards, earlier they do not use the advance
technology but as they feel the need of innovation in their existing product they create so many
changes. This report shows the different stages of innovation and commercialization funnel
which help to get more information regarding the product. This report is entirely based that how
innovation effect small as well as big companies. It also shows how a good leadership quality
helps the employees to motivate and clears the vision as well.
TASK 1
P1. Explaning of innovations and its importance to employees
Innovation is the basic need of every firm as to stick in this world one has to go with the
flow of time. Innovation is presenting your views, your ideas in creation of that existing product
into new ones. Innovation is not about only presenting new ideas it’s all about executing them in
market. It is the comparison between your past and present product.
Illustration 1: INNOVATION

As Studer Group, who is leading the business of cards, gifts items creates many innovation in
their business just to exploit themselves in the field of business. It has been noticed by the
researchers that innovation leads to an increment in wealth and health too. Innovation help in
making good decision power which leads the business to take it in further level (van Hemert,
Nijkamp, and Masurel, 2013). As innovation help to enhance the ability power of the man to
use their mind in presenting and reforming into the new product from their existing product.
Innovation is the first step of learning. Innovation helps in increment of money and
goodwill. By innovation only one must can accept the challenges and help to get rid from those.
By innovations only, a person can change the ability and take risk in life. Studer group help in
making innovation in their business and they also take help to their employees, this is the best
example of communication and coordination. Over 90 percent of the people take risk in their
business and believe that innovation is the foremost priority. People need new and different
things from the market and if the business man can sell old product then no one will go to
purchase them because need and demand of the people is vast and change according to the
climate and environment. Today everyone needs innovators rather than employees. To improve
the quality of work and increase the base of employee, innovation helps in every point of view.
The importance of creating ideas and presenting them in market are the key point of your
innovations (vYu, Y., Wang, C., and et.al., 2016). Innovations techniques proves in consuming
time as well as money and give the path to show your views in market which can lead to gain
other better opportunities. Only innovation will take the world in better place for next
generations.
In context with invention, innovation and inventions are two different poles and these two
have their own importance like for innovation it is practical use and for invention its is
scientifically skills are used. Invention is presenting ideas to form new product whereas
innovation is implementing ideas into existing product to renovate it and add more sell to earn
the profit. Both innovation and inventions are related to each other as they are using the present
technology to reform their product. Being innovative is a part of our business and with new
creative mind; new thinking problems are solved with different methods. As invention is
presenting or designing the ideas to form new product while innovation is a process which turn
the ideas to reform their existing product.

P2. Presenting how vision, culture, leadership and teamwork help in shape up the
organisation
Studer Group helps in gaining business up with the help of innovation. As the vision of
company to see himself in top company in UK. For this, company must follow leadership
quality. Like if the company has the best leader then the teamwork is also affected. If the
employees are motivated by the leader and feel appreciated then only they are going to do work
and feel them always that they are part of their company too. As a leader, he should be
supportive and always be ready to help them because this positive thing only help in making
good team habits (Walsh, 2012). Teamwork plays a crucial role in innovating something. As a
leader he should be open in feedback something like if a team worker is doing wrong thing then
he must be respond positively and elaborate them about the work, as if he does not know about
the work. A good teamwork help in running the business in next level of success such as change
in gift wrapping will help to attract more customers. A team create more new ideas and will
solve the problems of customers.
Encouraging to the employees and ask them to take a risk even they are fail to achieve is
a positive sign of good leadership. Always reward the employees whenever it is necessary.
Satisfaction of the employees is must as it helps in giving positive way to help in growth of the
company. Innovation is done by good teamwork and with the help of experts as it is going to
create new ideas and help to demonstrate in market. For having a good teamwork it is necessary
to guide them and to help them wherever necessary (Kolychev and Prokhorov, 2015). A good
leader is one who always ready to help others and always motivating them just giving them
positive vibes with their notes. The vision and culture of the company should be clear and
transparent as it will be affect in future goals. For example, in the case of Apple, it is not possible
to launch such product without teamwork, the best coordination will help to launch the product
and to attract more customers they always try to add some more features to their product.
Innovation will definitely affect the income earning as it also maximizes the profit and
expands its business in all over the world. By vision, leadership, culture and good teamwork
performance of the organization and goodwill will be enhanced, a business must do innovation
in their running business. As innovation accept many challenges and help them to make better
decision too, Differentiation's path which help to accept bigger opportunities and crack all the

challenges and obstacles will help in making good relation with the richer company as this is the
vision of the Studer group as well.
TASK 2
P3. Explanation of different innovation of P's and use of frugal innovation
For innovation also, the owner of Studer Group use 4 different types of P's.
They are as mentioned below:
 Product : first step comes in innovation is Product, as the above case Apple chooses to
add more features in their product i.e. I-pads and same in the case of Studer Group, they
reform their product i.e. clay items, cards. In this step, product which they are going to
sell should be fresh and the way that they are wrapping them is also innovated and for
this they use extra technology like surfing through internet, there are lot of ideas available
in reform old products into new one(Xiaoand et.al.2016). As new product should also be
advertised in social sites so that people come to know about the availability of product
into market.
 Process: Under this, innovating new process can help to change the process of existing
ones. Like start doing online selling because almost ¾ of the population is based on
online surfing and through online social sites people come to know the variety of thing
available in the market. For innovating in the business one must be managed the entire
thing with reference of time.
 Position: position means simply promoting things, in Studer group all the innovations are
done then it’s time to promote them in order to get know about the article available in the
store. To make the business profitable, once must add good services and product in their
business. For promoting things, social sites are the best example where can post anything
and let the people know about your brands and products.
 Paradigm: it is forth type of innovation category where changes are done in order to get
more profit for the organization. It means the ways which help to make innovation in best
ways. There should be radical change if the shop is in rural areas and people are not
afford to purchase the gifts so it is complete wastage of time and money because of
choosing wrong locations. As it enhance the leadership quality and ownership of the
organization (Bogers, and West, 2012). Innovation is completely based on creation of
thoughts and then executes them in your own views just to publish yourself in the market.

In the case of Apple company, initially it is selling I pads but as in the flow of time they
just try to innovate new ideas and make them possible for people to achieve targets. Apple has
now become the biggest brand in the world as they try to increase their sales by applying new
innovations in their products.
In case of Virgin group, initially they are small venture but now they are one of the big
venture firms who constitute many big firms. This is just because of the new innovations and
ideas which execute into the market.
P4. Frugal innovation in an organization
Frugal innovation is a method by which cost of production is reduced and it helps in
selling the product in market initially to attract customers. Actually it removes unwanted and non
essential features which harms the flexibility of product (Inauen, and Schenker-Wicki, 2012). In
Studer Group, they also follow frugal innovation techniques as it is based on new innovations
and technologies too. The way of presenting item in Studer group is different from others which
in turn helps ingaining new ideas too. For example, studer group, offer many product but create
ideas to renovate their shop and to attract more customers they offer discount price like buy 2
gift items one game is free, on purchasing of above $50 there is one gift voucher, these are
different ways to attract customers and encourages tham to buy items from this shop only.
In case of Apple company, earlier it provides i-pads with high cost and low features but
as the change in time they just felt the need and consumption power of the customers, after that
they are going to exploit their ideas in better way and present new phones with better features
Illustration 2: 4 P's of innovation
Text 1: innovation. 2018

and affordable price. Earlier I-phone provides only digital music player which carry almost 1000
songs only and weight is also so low as compared with other phones. But now over 1.4 million
phones are sold with having much space in such small weighted gadget .As in whole over world,
Apple counts in the big leading producer of I-phones and i-pads. This is all done with using the
right strategy in right place with having a good teamwork and leaders.
In next case of Virgin Group, which is a now, a leading venture company comprising big
firms and Richard Branson, a big business tycoon is a founder of the company. This is all done
with the creative and entrepreneurial mind of the founder. This is a big example of consistent and
constant growth of company and evident of having good teamwork
In virgin group, there are not so many team members but now almost 500 people working there
which show good example of teamwork.
In Studer Group also frugal innovation help in many ways, as innovation is done in gifts
and cards, they change the place of things so that when customer enter to the shop he feel some
change and this change is done regularly as the rotation help to sell those items which are not
sold from last many days (Inauen and Schenker-Wicki, 2012). They hire some extra employees
to attend customers and the way they wrap the gifts is totally unique. Stuger Group also start
selling their product online form make their business wider and their aim is to get the business to
further level and everyone knew about their product and want to earn profit as well as fame. The
owner of the firm also make help in allotting different types of work and keep them motivating
just to do more work and gain extra profit.
P5. Importance of Commercial Funnel and Application Of New Product Development.
It is a journey of a product through which it can reach customers. Or simply it is a
marketing of the product. In Studer Group also, they use this strategy to make their product
popular. For gaining attention of others one must be attract first and this is the basic rule of
commercial funnel.
It consists of 4 stages such as follows
Attract: If a company makes necessary changes to attract visitors use marketing funds
like make website to show product and give them proper information related to the product.
Convert : After attraction convert the website into an account and make changes where
this can convert into proper email and sign up and they are subscribe too so that they get the
latest information regarding the product (Inauen, and Schenker-Wicki, 2012).

Close: after promotion encourages people to use that website to know more detail related
to that product. And come close and know more about it.
Delight: offer them good quality service so that they come again and again to purchase
from that shop only and always try to keep the customers happy.
These are the 4 important stages of the product through which owner can easily get the
information and reach the product directly.
New Product Development is the process of creating new product which is never done
before in the business, there will be many obstacle and hurdles during production but it’s not
mean that there is no need to produce this, accepting challenges and take risk is the part of
business. But before generating new product, the owners or the directors of the company must
know that is there any need to produce new product in market and if yes then the idea of
generalization should be conceptualization (Bogers, and West, 2012). In case of Studer group,
they also produce new product in their business like with gift item they start selling frames,
Illustration 3: commercial funnel
source: commercial funnel. 2018

couples and many more just adding new item in their stock help in attracting different types of
customers.
In new product development, there are many products which are used by customers as
this is the basic need, when first the product is firstly tested by the market and then it is reached
to the consumers. All stage of product is necessary to be solved and then it is going to be
launched in market, after launching it into the market the customers are going to feedback
according to the taste of their need (Bogers, and West, 2012). Once the product is boost in the
market then the profit is also maximizes and the utilization of the product depends on the selling
of the product. If selling is more than the product is going to boost on market.
P6 Innovation Business Case for an organisation, including ways to access funding
Innovation in business increase organizations working capabilities and their profits.
Innovation in business changing processes or creating more effective processes, ideas and
products. It I is simply means implementing new things, new ideas, creating dynamic products or
improving existing services. Is also increase success of business. Innovation is developed
business work life also affects going to employees life. They also help to understand innovation
in business and also take advantage. Innovation in business understand the point of existing
customers and competitors it also helps to understand the customers needs and their demands in
business. In organizations innovation is crucial part of any business and it helps to understand
actual needs of business (Johnston and Marshall, 2016). It gives opportunity to developed cost
in business. In the Studer group they involve to make innovation for increasing their ales and
their customers popularity. They also increasing employees. Studer is mainly provided their
customers for gifts items or other services which is benefited to customers. Studer group try to
innovation in their products to changes their gifts wrapper. They mainly used plastics wrapper
for wrapping gifts so they are harm full environment and also humans. So studer group try to
innovation in their wrapper they used paper wrapper for gift packing. They also give attractive
packing for the customers. Innovation in products helps for customers using styles. In studer
group they always try innovation in their business. So customer aware for their gifts. For those
innovations organizations access many funds and many categories products. In market customers
always want new variety products or innovative products (Kuratko and Hoskinson, 2016). For
those innovations their most impact goes to products cost. For the better products organizations
increase cost of the products. They also present variety of products in the market. Studer group

innovation is helps for corporate industry. And this wrapper innovation is environment friendly
they provide their customer to environments friendly products. Innovation in business not on
products it also needed in workplace. In studer group they also want innovation in their
procedure they try to used advanced features procedure to make more attractive toys and gifts of
the customer's os customers can attract with their products and purchase instantly. Innovation in
business always gives benefits for their customer and also gives benefits for their employees as
well. Because they all are discussion about the innovation and think what innovation they want
in products and what quality needed customers. In studer group they always try new gifts
formation in organization and also gives opportunity for their customers (Shatokha and
Polushenko, 2014.). Innovation helps to increasing funding in business also helps to understand
customers needs and their demands.
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property:
In small business their owner developed to protect for their competitors. They also
research for this topic and find the methods which helps to protect products form the other
organizations. In studer group they trying to protect their business to other organizations. They
give trademark, patents or copyright label to the product's and they look like unique. Because
each company have one trademark and no other organization can steal them. It helps understand
the needs and what company brand and which company products are Through trademarks and
patents customers can identifying products of the organization. Now days each organizations
have their brand name so customers can identifying those companies products. Most of the
customers have loves branded products they only use those products which they like mostly.
Those tools are helps to understand companies brands and each of customer helps to understand
companies working style and their working performance as well (Union, 2014. ). Organizational
tools in business helps to retain customers and increasing products sales. For example- if
organizations provide brands products customers mostly used them products because customers
always want quality products. And brands products always costly but their quality was always
good. Following organizational tools which defines the intellectual property of organizations-
Patents- Patents are defines form the design or plant which protect inventions and improvements
to existing inventions. Patents defines the products details and also help to identify the
organization products quality and their expiry and invention date. In Studer group they have

own patent which define the design of their gifts products and also helps to understand each
products quality (Veselovsky, and et.al., 2015). In studer group present helps their customers
to purchase quality products. Mainly studer gives online services to their customers. So
customers order their products online.
Trademarks- Trademarks are refers to names, symbols, devices, words, and images that are
applied to products or used to connection with goods or service to identify their source. It
defines products identify which organizations develop them and also helps to understand the
cost of the products. In Studer group they have trademarks their own organization. This is
symbol like small toys which is identified organizations products. Studer group always
present brands items to the customer for this quality retain their customer's to long times.
Copyrights- Copyright helps to identify that those products is copy of those brands it also helps
to define the quality of products which obviously low to original products. Studer group is
small enterprise but that have many copyright who selling similar products of their
organization they try present same products quality identify which product is original which
is copy (Wolin, 2016.).
Organizational tools Advantages Disadvantages
Trademarks Trademark help to identified
organizational products and
customers simple knows that
which organizational products.
The main disadvantage of the
trade marks is to identify the
all the products and some time
people are misused that label
of the organisation.
Copyrights Copy right advantages many
organization selling their
products to other organizations
names those are only copy but
organisation say that its
originals and make lit money.
This main disadvantages is
copyright uses originals
company products and selling
with their names
Patents Patent identified which symbol
of the quality product and also
help to define which quality is
The patents disadvantage is
define the each products
quality is not bad.