Innovation and Commercialisation Report: Unicorn Retail Analysis

This report examines the significance of innovation and commercialization for Unicorn Retail Limited, a UK-based retail company. It explores the importance of innovation for organizational growth, including its impact on teamwork, culture, vision, and leadership. The report analyzes the 4 P's of innovation (Process, Product, Position, and Paradigm) and their application in shaping innovative ideas. It also discusses frugal innovation and its role in new product development, using examples like Apple and Virgin Group. Furthermore, the report evaluates strategies for protecting knowledge and intellectual property, providing a comprehensive overview of innovation management within a business context.

Innovation and
Commercialisation

TABLE OF CONTENTS

INTRODUCTION
In today's changing world, every organisation needs innovation in business process or
methods to survive in the market. Business continuously develops new products or make changes
in existing products to attract new customers. It helps in increasing sales and profits. Innovation
also helps in transforming the entire business operations (Johnston and Marshall 2016).
Moreover, it brings changes in leadership style, vision, goals and objectives, etc. of enterprise. It
is beneficial for organisation as it creates opportunities for growth. This report will show
importance of innovation and how its shapes teamwork, culture within organisation. Moreover,
the 4 P's of innovation is discussed. Besides this, importance of new product development is
described. At last how knowledge and intellectual property can be protected by using different
tools is evaluated.
For this assignment organisation selected is Unicorn Retail Limited. The cited firm
belongs to retail sector and operates within UK (Christensen, Raynor and McDonald, 2016).
The existence of the company on such a small level requires frequent innovations in business
activities to survive. Thus, this report will help in developing a relevant one for the cited
establishment.
LO 1
P1 Explain innovation and its importance to organisation
Innovation is a process through which an organisation is able to grow and develop. It
creates a platform to become successful. Through innovation opportunities are created by
business to bring changes in products or services. It is useful for sustaining in the market.
Innovation can occur in several ways such as in process, methods, products, etc.
There are many benefits of innovation in organisation. It does not bring changes but also
helps in business to develop something new and unique (Amabile and Pratt 2016). Besides this,
innovation helps employees to increase their efficiency and creating a creative environment.
Also,
There are several strategies that can be followed by Unicorn to build better organisation
culture. These are as follows:-
1

Building a diversified and team work place- It means creating teams of diversified people to
promote creative working. Different people will contribute by giving various ideas. Also,
innovation will bring these people together. This will allow people to communicate and help
each other in completing their task.
Providing modern tools to workers- Innovation brings in new equipments and tools to work
with. Employees are given training on how to use these tools. This increases their ability and
capability to work that leads to improving their performance (Lee, Kao and Yang 2014).
Business is benefited from this as task is completed on time. It creates an environment that
motivates employees to think outside the box. New methods and processes are implemented in
Unicorn enabling employees to use that.
Looking to the future- Innovation helps business to look forward into the future. It means that
business can prepare itself for future demands and needs of consumers. Besides this, innovating
products helps in determining what people demands can be in the future. It also provides shape
to business to focus on innovation so that they can compete in the market.
By utilization of advancement in the item and administrations of organization, it can
build up a successful and unmistakable brand picture in the market. Administrator who advance
an inventive domain can see an incentive through expanded representative inspiration,
inventiveness and self-governance. Then again workers are to a great extent useful by utilization
of advancement in the firm since they have chance to discover some new information and build
up their demonstrable skill and identity particle the business field.
Innovation Invention
It refers to the implementation of process or
idea for the first time. Also, it means adding
value to a thing that already exists. For
example- implementing idea to improve
quality of service.
It refers to idea or product that has never
been made before. It means complete
creation of new product. For example –
developing of new products for different
customers in Unicorn Retail Limited
2

For example- Apple launched Ipod as their new product. This helped them to focus on future.
With this they were able to make changes in products by identifying customer needs. It helped
Apple to grow at very rapidly. As a result today Apple is known as innovative company.
P2 How organisational vision, leadership, culture and teamwork shape innovation and
commercialisation
Innovation brings various changes along with it. These changes are related to employees,
leadership style, organisation culture, etc. it also modifies mission, vision and goals of firm.
They key element that helps in defining innovation in vision. It opens wide areas for enterprise
to grow and develop. The organisation culture is highly affected by innovation as the whole
working and operations are changed.
Teamwork is increased due to working together. It helps in shaping Innovation and
commercialisation in the association. Subsequently, a few levels of all the association conveys
the possibility to advance in the assortment of thought portrayed by various subject in an
association. Pioneers are in charge of collecting groups and guide or lead them for their ideal
execution results. Advancement starts with those individuals who are differentiated in every one
of the capacities and divisions of the business. Advancement and commercialisation assume an
extremely essential part in the business association. By receive this adjustment in the business
venture, it can give the extensive measure of gainfulness and profitability to business. Client,
representatives are generally misguided by this advancement and commercialisation. Keeping in
mind the end goal to create and shape this development and commercialisation in the Tate
association, all part like, staff part, workers, director need to facilitate with each other.
Pioneer position is clearly a common obligation, it isn't determining the part and duty of a
solitary senior official. While Apple's Steve Jobs is a case of a fruitful business person, who is
developed with claim self at that point accomplish the position. Thus extends the business
universally with profitable brand picture or diverse representative at the worldwide level.
Culture and team work helps in achieving goals effectively. There are different people in
a team, they belong to different caste creed, etc. so they communicate with customers and
3

helping them. Also, they find out new ways of completing task by bringing different ideas. In
this way it can lead to innovation.
In an organisation a team consists of different person. They all work together in order to
achieve organisational vision. Different type of people interact with each other. They respect
and help each other in achieving goals and objectives. An effective team work will result n
creating a better working environment thus leading to commercialisation
LO 2
P3 The 4 P's Of innovation and its use in shaping innovative ideas
Every innovation in business requires 4 P's that helps in changing functions. Innovation
consists of two aspects that is radical and incremental (Lusch and Nambisan 2015). Radical
changes the way of thinking and using products. It is usually related to developing new products.
Whereas incremental is change in day to day operations. It is related to improving product
quality and productivity. These innovations are interrelated to each other. In this the 4 P's is used.
It consists of process, product, position and paradigm that is further described below:-
Process- It is related to process of methods or procedures in equipments or machines. This helps
in producing products in new ways thus reducing cost and increasing profits. It also involves
creating or delivering products or services in new ways. For this business implements new
methods or machinery. New roles and task are assigned to employees for performing different
activities. Moreover, change management is implemented in organisation. Employees way of
working and performing task is renewed. Unicorn can innovate its process of producing goods.
This will help them to reduce cost and increase profits. It will help them to
Position- It is related to developing new markets or areas. It is done to attract new customers for
new products or services. This helps business to expand its customer base and gain market share.
This innovation allows business to research on what are the needs of people in different area. In
is done by market segmentation (Bain and Kleinknecht 2016). For this unicorn can make its
presence stronger in UK and other countries it can be done by changing their marketing
techniques. They can utilise social media to promote their products.
Product- It is an innovation that is done to offer new products to consumer. This is done due to
constantly changing customer demands. It helps business to keep its customer advance in the
market. For this business must identify customer needs so that accordingly products can be
4

developed. Also, effective resources are required for making new products. It helps in shaping
business activities. Leaders and employees develop new ideas on how new product will be
created. Unicorn can develop products by segmenting the markets. For example different
products can be high, middle and low class people.
Paradigm- It is related to developing framework of how new markets or products will be
expanded. It involves creating a blueprint or roadmap that will help in achieving goals and
objectives. Also, in this the entire process of how innovation will be implemented in activities is
determined. Besides this, paradigm involved defining employees roles and responsibilities of
what task have to be performed by them (Anderson, Potočnik and Zhou 2014). Unicorn can
innovate it by changing their business model. It can create short term goals so that it becomes
easy for them to achieve.
P4 Developments in frugal innovation and how it is used in organisation
Innovation often leads to success of business in short term. It can be helpful in creating a
base of innovating new ideas and strategies. These can be used in developing new products or
markets. With continuous innovation business can grow at slow rate but for longer time period.
It makes the business habitual of innovating new products to meet the demands of consumers.
Frugal innovation main purpose is to create new products for poor and middle class people. It
consists of six principles frugality, flexibility, keep it simple, intuition, opportunities and margin.
It aims at fulfilling their needs by providing product at low cost. These innovations basically
happens in production process so that product cost can be cut down. Business do not aim at
earning profits but increasing their customer base. Market strategies are developed on how
products will be delivered to poor people. Funnels development helps in lessening cost ,
unpredictability and its generation and make imaginative thoughts of items and administrations.
It causes those Virgin media to achieving targets and objectives who are with restricted assets. It
re-building and re-creating the current items and administrations to give high profitable items
and administrations. It chiefly center around to overhaul the item that convey significant item to
its last shoppers. It helps in receive showcasing system that assistance in accomplish
The countries having low or developing economies are focused in this. It helps them to
improve their economic condition and living standard of people. Unicorn Retail can develop new
markets like India and other developing countries where they can provide their goods. They can
5

innovate production process to reduce cost per unit (DiMasi, Grabowski and Hansen 2016).
Moreover, for this firm can develop strategies for marketing and delivering goods.
Example-
Apple Inc.- the best example of Apple is taken because of its frugal innovation. They introduced
Ipod in 2001. This was launched to attract middle and high class people in developing and
developed countries. This created a boom in the market as many people were highly attracted
towards it. The basic idea of this product was to provide a product to people for enjoyment. The
CEO of Apple Steve Jobs was praised by employees for this. Due to this Apple was able to grow
in the market and was named as innovative company.
Virgin group- A group that us UK based that was founded by Richard Branson. This group
expanded their business in many areas like tour and travel, finance, etc. they used frugal
innovation by coming into mobile industry (Vargo, Wieland and Akaka 2015). This helped them
to grow and develop in the market quickly. Employees and managers integrated their efforts to
develop a new product mobile. It was useful for them as middle class people were highly
attracted towards it.
Therefore, from the above examples it can be concluded that both these companies used
frugal innovation to develop new product. This innovating was very successful for them as
covered a huge market share and customers. They earned large amounts of profits.. It helped
them to grow in the market at very high rate.
LO 3
P5 Importance of commercial funnel and application of new product development (NPD) of
innovation
New product developed (NPD) helps business to attract new customers and markets. It
provides a platform on which business can earn huge profits. Also, with this it becomes easy to
increase customer base. For developing products the whole product development process is
applied. This allows business to successfully develop new product. It consists of various steps
that has to be followed (West and Bogers, 2017). These steps ensure that everything is going in
right manner. The steps are as follows: idea generation, idea screening, concept development and
6

testing, marketing strategy development, business analysis, product development and test
marketing.
Commercialization: It is a process through which a new product is launched or developed for a
particular area or region. It helps in providing tools by which new product can be promoted in
that area or region.
Business analysis- It is an overall analysis that is done by top management to identify what will
be the cost of product, profit margin , etc. also, employees investigates how it will satisfy
customer needs.
Generally there are three importance of developing new products:-
New value for customers- It is the first reason for developing new product. Customer is the base
for which new products are created (Parker and Van Alstyne 2017) It offers extra value to
customers with some added features. This attracts them to buy ans use that product.
Improved society- Usually, new products are developed to meet the changing needs of people.
New goods are produced so that it can provide extra benefits to people. This leads to increase
their lifestyle and they start demanding more. With this other people are also encouraged to use
that product. This overall leads to raising the standard of society. Furthermore,
Continued existence of company- New product development is very essential for continuous
growth and survival of company. It is because people taste and preference changes due to change
in their needs (Camisón and Villar-López 2014) Therefore, company has to develop product to
fulfil their needs. Also, people requires new products to improve their lifestyle. Moreover,
Unicorn retail development is dependent on innovation. Company will not be able to survive if
they do not create or develop new products or markets.
For example- Unicorn can develop new products by segmenting the markets. They can identify
needs of people and then develop products for them. It will help Unicorn to increase sales and
attract new customers. In this way Unicorn can grow themselves through innovation.
New item improvement is the procedure under which singular personality get the new
thought and inventiveness for grow new item. With regards to Tate association, new item
improvement is essential through which it can get advancement and commercialisation the
business. Business pipe is as pipe of extensive mouth.
7

P6 Building case for an organisation
Business requires funds to promote and develop products. This is done so that business
do not utilise its own resources for product development. Funding is very significance aspect
within the organisation at the time of new product development. In the absence of sufficient
fund, company can not carry out its functioning and activities in effective manner.While any
organisation develop the new product and service then funding helps them in purchasing several
kinds of raw material and carry out the working in effective and efficient manner. There are
several kids of source of fund which can used by organisation. Bank credits tend not to be
offered to new companies or organizations with a reputation of poor productivity and income.
Venture capital generally comes from the investment bank. Cited organisation can use these
fund for borrow the finance in its business activities and function (Aarikka-Stenroos and
Sandberg, 2012). Such organizations are seen as being high-chance by banks that, because of the
credit crunch, are more careful about the sort of loaning they offer. The cited organisation is
going to launch the new product through which it will attract the new customers in effective and
efficient manner. This thought of advancement can help to the referred to wander in gaining huge
measure of client and improve its piece of the overall industry. So as to lunch this inventive item
in the market, organization need to sort out different sorts of business exercises, for example,
generation, task, showcasing, advancement, bundling, dissemination, publicizing and so forth
(Amit and Zott, 2012). In this way, it can be said with a specific end goal to direct different
business exercises and task, organization required a powerful measure of store. In the current
business case, Unicorn will use the effective strategy and tactics for handling the several
business activities through which it can achieve its determined objective
Budget for innovation
Expenses Cost (Rs)
Development of the business analysis and
case
20000
New product development 10000
Manufacturing and production 9000
Advertisement and promotion 8000
8

LO 4
P7 Different tools organisation can develop to protect knowledge and intellectual property
It is very important to protect what innovation has been done in products. This helps in
ensuring that competitors will not use the same innovation in their products. Also, it protects the
methods and procedures that are used in developing product (Chesbrough, Vanhaverbeke and
West 2014). Moreover, business must develop different tools to protect their intellectual
property. It is useful in protecting their formulas. There are many tools that can be used in this.
IP consists of four rights that is patents, copyrights , trademarks and trade secrets.
First of all protecting the IP in database. This can be done by installing effective secured
systems within the organisation. Moreover, they can provide training to employees on how to use
the systems. It will be beneficial for Unicorn to keep the IP within enterprise.
Policies must be made to protect the IP. This will ensure that
Example- Unicorn can use different IP rights to protect their innovation. This will ensure that no
other company can use that formula, process or methods for producing products. Also, they can
install certain security measures in systems to protect it (Gawer, and Cusumano 2014). Besides
this, training can be given to employees for keeping the IP confidential.
The different tools that can be used in protecting intellectual property are as follows :-
Patents – It is an invention that allows patent holder to exclude others from making, selling , etc.
of invention.
Trademarks- It is a word, symbol, design, etc. that distinguishes products or service of one
business from another.
Copyrights- It helps in protecting works related to music, paintings, art work, etc. the holder has
right to create, copy, work under copyright protection.
CONCLUSION:
From this report it is concluded that innovation brings changes in overall business goals
and objectives. It is a process through which an organisation is able to grow and develop It helps
9

in shaping team work, culture, leadership, etc. Innovation brings various changes along with it.
These changes are related to employees, leadership style, organisation culture, etc. Every
innovation in business requires 4 P's that helps in changing functions. Innovation consists of two
aspects that is radical and incremental. Moreover, innovation often leads to success of business
in short term. It can be helpful in creating a base of innovating new ideas and strategies. New
product developed (NPD) helps business to attract new customers and markets. It provides a
platform on which business can earn huge profits. It is very important to protect what innovation
has been done in products.
10

REFERENCES:
Books and Journals:
11

12