Innovation and Commercialisation in Tesco: A Business Case

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Innovation and
Commercialisation

Introduction
The presentation is exploring some ideas which will lead to
innovation in the context of Tesco. The report includes
importance of commercialisation funnel and the factors
which affecting the NPD process of commercialisation which
leads to innovation. Furthermore, the report help in focusing
on essential components which help in protecting,
developing and retaining the intellectual property of
business.

LO3: Process required to commercialise
innovation
P5: Explain the importance of the commercial funnel and the
application of New Product Development (NPD) processing for
commercialising innovation
Commercial funnel depicting the Sales process begin from
awareness to actions.
It can be analysed as a buying process which enhances customer
awareness and increases the productivity of the company.
Helps in developing a customer retention rate of the company by
analysing the customer demand and on the basis of market
conditions.
The term commercialisation is not broadly used currently in the
market and most of the companies (Kralisch, et.al., 2018 )

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The main steps of NPD which help Tesco company in the
commercialisation of innovation are:
• Idea generation
• Idea screening
• Concept development and training
• Market strategy development
• Business analysis
• Test marketing
• Commercialisation

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P6: Build an Innovation Business Case for an organisation,
including' ways to access funding
• For effective innovation company should focus on
workforce department which helps in enhancing the
engagement of employees.
• Launching the new product in the market which can be
done through adopting various market techniques and
strategies.
• Managing funding resources in an effective manner will
help in managing operations appropriately.
• Proper funding resources will also help in managing
production and advertising activities

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M4 Build a detailed innovation Business case which includes how
to measure its overall effectiveness using appropriate techniques
available to test, iterate and improve
Company should enhance the technical system with upgrade
systems which help in developing performance by performing
operations in a timely manner.
HR manager has to develop effective training and development
programmes for enhancing employee performance.
The company should develop a working environment which can
help in developing employee engagement.
proper funding resources which help in managing task and lead
to innovation in the form of commercialisation (Imber, 2013).

LO4 Evaluate the range of methods for protecting ideas
and understand their advantages and disadvantages
P7 Evaluate the different tools that organisations-can use to
develop, retain and protect knowledge and intellectual property
There are some essential tools which help in protecting intellectual
property and develop sustainability of product in the market.
Trademarks
Copyrights
Patents
Trade secrets
IP applications

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M5 Present supported evidence-based evaluation of these
different tools in the context of the wider business
environment
Patents help in protecting inventions and develop
improvements in the existing inventions.
Copyrights help in protecting the ideas in the context of
product identification
trademark helps in developing product identification by
symbol, sign, devices or with the help of several images
(Edwards, 2018).

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D2 Critically evaluate the nature of innovation and the context in
which it is developed, providing evidence-based judgements on
how organisations can overcome challenges to develop successful
innovations
innovation can be done the new invention such as by launching
the new product and NPD (New Product Development) helps in
developing commercialisation in the form of innovation.
Innovation such as technological innovation, service innovation,
process innovation, and business model innovation helps in
enhancing the performance of employees (Fu, 2012).
Business innovation needs proper support of all the managers
through which every task can be directed in an effective manner.

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There are various challenges which are faced by the
organisation at the time of innovation, every business contains
various risk factors which can foster the performance of an
organisation.
To overcome the risk factors an organisation has to implement a
risk management strategy which can help in analysing the risk
factors and help in overcoming them.
Along with this organisation has to develop time management
at the time of performing functions. All these activities lead to
innovation in Tesco (Edwards, 2018).

Conclusion
It is concluded from the presentation that commercialisation
funnel helps in increasing the sales revenue of company. The
main objective of Tesco is to the invention of a new product
which will lead to innovation with the process of NPD. The
tools such as patents and trademarks will help in developing
and retaining the intellectual property of the business.

References
• Edwards, M., 2018. The nature and variety of innovation. International
Journal of Innovation Studies.
• Imber, A., 2013. Building a business case for innovation. [Online]
Inventium. Available at:
https://www.inventium.com.au/building-a-business-case-for-innovation/
[Accessed on 22 June 2019]
• Fu, X., 2012. How does openness affect the importance of incentives for
innovation?. Research Policy, 41(3), pp.512-523.
• Kralisch, D., Ott, D., Lapkin, A.A., Yaseneva, P., De Soete, W., Jones, M.,
Minkov, N. and Finkbeiner, M., 2018. The need for innovation
management and decision guidance in sustainable process design.
Journal of cleaner production, 172, pp.2374-2388.