This sample will let you know about :-
- What is the Innovation and Commercialisation ?
- Discuss about the comparison between innovation and invention.
- Discuss about the Innovation and and its importance in organisation.
Innovation stands for developing any any new idea as a device or a method. Applying some better procedures to meet new market needs and requirements can be termed as innovation. Commercialisation is a process in which new product or service is brought into market. Commercialisation includes all the steps from producing, distributing, marketing, sales, customer support and other functions which are necessary to achieve profits from new product or service introduced (Clayton, Feldman and Lowe, 2017). The company considered for completing this report is Bentley Motors Limited. Bentley is a British marketer and manufacturer of cars , specifically luxury cars and SUV's. Bentley is a subsidiary company of Volkswagen group. This report includes explanation of innovation and difference between invention and innovation, organisational leadership culture and vision, 4 P's of innovation, Innovation funnel and innovation used by Bentley motors.
P1. Innovation and and its importance in organisation
Innovation in a company helps attracting new customers, beating competitors and increasing profits for the firm. Innovation can be defined as being not just an idea but its execution as well. Innovation consists of three key concepts such as idea, execution and its value creation.
Bentley Motors was founded in 1919 by W. O. Bentley after which it was first acquired by Rolls-Royce Limited in 1931, then by Vickers plc in year 1980 and at last Volkswagen acquired it in 1998. In context of Bentley Motors Limited a number of innovations were undertaken by company in need to face its competitors. Example can be its latest model Bentley Bentayga which has eight driver modes to choose from (Dutta and Hora, 2017). It is also incorporated with some driver aids such as warning system which detects crossing traffic. It can detect parking spaces on its own and park itself. Importance of innovation with respect to a company are mentioned below:
Solution of a problem: Innovation also takes place in order to solve an already existing problem in product or service. Taking Bentley into consideration, back massager which is incorporated in every seat was innovated to solve problem of restlessness while long journeys.
Responding to competitors: Another important reason to do innovation is fighting market competitors. In case of Bentley Motors its automated parking system was innovated to beat its competitor Mercedes PRE-SAFE or pre detection system which detects impending collisions.
Reinforcing the Brand: After a while in business the brand name which a company have created over a period of time starts fading. It becomes important for the business to develop new innovations and regain its goodwill in market. Bentley Motors over a period of time associated with different parent companies (Gaddy and et. al., 2017). It was a part of Rolls Royce, Vickers plc and now it is a subsidiary of Volkswagen. With continuous innovations and media presence Bentley have sustained at a good position amongst car manufacturers worldwide.
Attaining a unique point for sales: Innovation is also helpful in obtaining a unique point of sales for a business. Unique point of sales refers to a feature that no other company is providing to their customers. Due to technological advancements unique point of sales cannot be maintained for a long period of time by any company. Bentley Motors have a unique selling point being the only car manufacturer providing luxury and heritage cars along with sportiness.
Creative development: Being creative helps a business to achieve growth . Creativity brings more value to the product and services of a company. This skill opens up many new market potential and opportunities for a business and also helps to keep up with changing trends in the market (Goble, Bercovitz and Feldman, 2017). Bentley Motors won an award of most creative booth at Geneva Motor Show Jury in year 2016. They offer personalisation and inspirator app which allowed a customer to get a custom made car for them. It gave customer to choose from huge range of paints, leather and veneer samples. It also had a luminary section where a customers could select various light effects they want in their car. Get Assignment Examples.Talk to our Experts!
Comparison between innovation and invention
Innovation is making important contributions or improving an already existing product , services, processes or procedures in a business.
Invention does not work on something which already exists. It is creating a new commodity with a new process for first time.
Innovations are important in order to gain an edge over the competing companies and increase hold over market (Henttonen and et. al., 2017).
Invention is very important for a firm as it shapes the working and also helps to lead in competing market situations.
In Relation With
Innovation relates to bringing together a number of processes, elements and methods.
Invention usually relates to a single service, product or process.
P2. Ways in which organisational culture, vision, teamwork along with leadership helps to shape innovation as well as commercialisation.
Innovation and commercialisation in today's era are shaped by organisational, culture, vision, leadership and teamwork. Innovation and commercialisation helps a company in achieving its aims and goals.
Organisational Vision- Every organisation begins with a vision and a mission. vision statement explains the future position which a company desires. Vision focuses on future and what exactly company wants to become ultimately. These vision and mission helps organisation to plan its strategic moves (Khan and et. al., 2017). Vision of Bentley Motors states that its mission is to manufacture extraordinary cars for its extraordinary customers and its vision is to become most successful and sustainable car manufacturer worldwide . In order to sustain in market company needs
Leadership- Leadership includes skills of an individual to guide or lead other individuals, group or a team. It is the duty of a leader to guide, direct and influence behaviour of others towards work and goals of organisation. There are a number of leadership styles followed in different organisations. Bentley Motors follows Democratic Leadership. In this kind of leadership , the leader takes every required decision according to inputs provided by each team member. Bentley Motors is a huge company due to which it becomes essential for leaders to keep a regular check on its employees. Dispersing powers amongst subordinates is not efficient for it, therefore it follows democratic leadership style. This leadership style supports innovation as leader encourages employees to come up with new ideas.
Culture- Culture is a set of assumptions, beliefs and values which dictates the behaviour of human resource in an organisation. It also helps in determining an organization's experiences, philosophy, expectations and values which help in guiding individuals self-image, interactions and future expectations. In context to Bentley Motors, Culture of organisation is positive and flexible. Employees are allowed freedom of flexible working hours which helps them in creating a suitable work-life balance (Lim and et. al., 2017). They follow a culture which involves promoting people development and joint-learning. In Bentley Motors employees get many global career opportunities, recognition from international peers, funding for product development from different groups which enhances the quality or organisational culture. Company also provide its employees with a number of perks such as car schemes, health scheme, ride to work scheme etc. which helps boost morale of the employees. In order to get recognition and benefits employees take interest in their work and come up with new and innovative ideas.
Teamwork-Teamwork refers to joint efforts of a number of people or group in order to attain a certain goal or finish a task in an effective and efficient manner. Teamwork is an important part in an organisation as it results in efficient working, helps a person to self-monitor, helps in faster innovations, promotes strong working relationships, encourages learning from teammates and also creates healthy competition. In context with Bentley motors, promotes teamwork. A single person is never assigned to a job in company. A team is created for all the specific tasks (Mamo and et. al., 2017). Also they believe in healthy competition, so competitions between various teams are regularly conducted in order to motivate employees to put all their efforts into work. Team members supports each other and bring innovative ideas. In this way teamwork in an organisation supports innovation.Want to get Assignment help? Talk Our Expert Now!
P3. Ways in which 4P's of Innovation and innovation funnel helps with shaping innovative ideas
A successful innovation in an organisation can be analysed with help of a model of 4P's of innovation. This model was invented by John Bessant and Joe Tidd which classifies innovation on the basis of four broad categories. These four categories used for classification of innovation are as follows:
Product Innovation: This is an approach as innovation which is either launching a new product or finding an alternative while using an already existing one. This approach entirely disturbs processes and functioning of a current market scenario. Bentley Motors deals with manufacturing of car. So applying new and creative idea in it will bring some new features in every new product it launches. Incorporating creativity in its products will help company to address problems arising to customers.
Process Innovation: Process innovation refers to focus on ways in which services or products are delivered to end consumers. Process is an important part which helps in changing the ways in which a customer receives services. Bentley Motors have been emphasizing on self-customization of cars in which consumers can custom their car according to their needs.
Position Innovation:The innovation of position helps an organisation to change a position they hold in mind of consumers. Position here refers to perception which consumers hold of any product in their minds. In context of Bentley, cars were first considered to be old heritage cars (Perry and et. al., 2017). Then its position was innovated to luxury cars. At present Bentley is known for being heritage luxury cars with sportiness.
Paradigm Innovation:Paradigm innovation means mental model of businesses. The changing phase of technologies have often redefined these models which is related to use of internet portals. This is related to complete change in technology. No matter how old a business is traditional ways of carrying on a business are never followed for long. Bentley Motors also uses social media, and internet in order to promote their cars. They have been a part of various exhibitions as well. These measures have benefited Bentley Motors on many grounds.
Concept of innovation funnel consists of steps which are undertaken in process of development of a product or service. In this a number of innovative ideas are taken from employees, ,managers and executives. Innovation of funnel is a kind of refinery system from which all these ideas passes through and in the end only most suitable idea amongst all of it is implemented. The steps which are included in this process of innovative funnel are as follows:
- In the first step all focus is on widest area of the funnel. Where widest area of funnel is its mouth in which as many ideas possible are considered. It is basic step which revolves around collection of information from different sources such as competitors, employees, market , consumers or research undertaken by any of them.
- The second step starts when wide mouth of tunnel starts narrowing down. Screening of ideas is a part of this step. All ideas which are most unfit are eliminated at beginning. This helps to limit number of ideas from which one is to be selected at last.
- The final stage consists of further narrowing down funnel (Schmitz and et. al., 2017). In this the funnel is narrowed up to a limit where it only consists ideas which are potentially capable of completing objectives of business. At the end from the leftover options only ideas which are most feasible and and viable are implemented on working of organisation.
P4. Developments in frugal innovation along with the ways in which it is used in company
Frugal Innovation is a modern-day conception which responds to the inadequacy of resources in term of manlike and financial resources. It refers to the process of diminishing the complexness and reducing its production cost. In this concept, the goods and services offered to consumer which are minimum in quantity and also successful in satisfying the needs and wants of consumer. The term Frugal innovation is essential for small organisation as they do not have isolated R& D department and they want to provide innovative activities with scarce resources. These companies provide innovative production services at low price and purpose is to provide economic value to its customer. Bentley Motor limited is one of the most popular organisation for providing luxurious car to its customer at larger level. By using this frugal innovation approach, this company starts offering services to new start-up at minimum price. This is essential for small enterprise to build their presence on digital marketing platform for future success and development of the business. This company offer luxurious car services which have basic functions and accessories to satisfy the need and want of new business venture in an appropriate manner .The main purpose of company is to provide good quality services to its customer for satisfying their needs and wants. The brand image and goodwill of company is enhanced due to providing economic value to the customer in desired manner. Bentley Motor limited provides innovative services to its customer that helps increasing profit of the company. They provide the limited resources that provide value to the customer in order to achieve goal and objective of the company. With the help of reducing the use of resources in production or by investing them in a innovative way results in minimise the production cost. For example, Bentley Motor Limited providing luxurious car at affordable price to customer in order to satisfy them. The high authority of this company provides superior quality cars to the new small ventures at low cost for increasing revenue of company. The Frugal approach achieved momentum in providing innovative services to its customer. Apart from this, the supervisor of this company emphasised on using the limited resources for production of superior car at minimal price that offer economic value to its customer. Development of Frugal innovation of Bentley Motor limited company which is mentioned below:
- Frugal innovation adopted by Bentley Motor Limited helps in enhancing brand image and goodwill of the company by providing good economic value to its customer.
- The manager of this company emphasised on production of resources at minimal cost that helps in increasing market share of the company.
- The Frugal innovation is mostly used by small organisation because they do not have separate R&D Department and they want to offer new and innovative services to its customer.
- Bentley Motor Limited company focuses on providing luxurious car to its customer at affordable price.
The product and services which provided by this innovative concept helps in fulfilling need and wants of consumer by offering limited resources. Take Marketing Assignment Help from professional experts!
From the above report it can be concluded that innovation and commercialisation are an important part of a business because they bring in solutions for various problems related to product, services or their processes. Innovation and invention are different from each other as organisations with very limited resources can also carry on innovation. When considering innovation, company can influence a large number of population towards them. Leadership style, vision, teamwork, and culture also helps managers to run the business appropriately. This organisation comes up with numerous innovations in all the products it launches in order to stay in competition and grow simultaneously.