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Innovation means developing new idea and creating thought which is cost effective and unique. Moreover, Commercialisation refers to procedures of developing new products or method of products which make availability of products in marketplace. Organisation on which this assignment is based on is Marks and Spencer which is a British retail store who offer their products worldwide and it was established in year 1884 (Wang, Vanhaverbeke and Roijakkers, 2012). It's headquarter is in London, UK and they are going to launch new product that is robotic furniture at American market. Topics covered in this assignment is concept of innovation, importance, difference between invention and innovation. Along with this, it explain 4 P's of innovation and evolution of funnel innovation.
It refers to procedure by which a company translate a new idea in goods and services which attract customers and create values for which customers invest their money. An innovation is seem to be effective when it is cost effective and satisfies need and demand of customers in appropriate manner (Chun, Chung and Bang, 2015). In context of Marks and Spencer, they are planning to launch new innovative product which is robotic furniture in American market. It is a space saving furniture which make an individual life easier.
Importance of Innovation
It refers to new ideas, creative thinking or unique imagination and which can be represent in form of method. It is both procedure as well as result or outcomes. Such as Marks and Spencer plan to launch robotic furniture which make folding cloth easy and appropriate. For develop this they do market evaluation in which they analysis customers and their employees face problems in folding cloths again again so as a solution they plan to introduce this particular product at their store.
Importance of Invention
·It refers to developing a new products, services or process (Theyel, 2013).
·It refers to launching new products and services or process within a marketplace.
·It may be or may not be commercialized.
·It is result in a commercialization.
·Invention can be in both form autonomous and induced.
·Whereas innovation is generally in induced form.
It refers to company's picture or image which can be develop in future. In other word it means something which inspire and develop framework for strategies or objective which a company want to achieve in their future (Edison, Bin and Torkar, 2013). It develop a guidelines for employees as well which help them in conducting their work in effective style through which they attain their goal and objective in appropriate manner. Vision statement of Marks and Spencer is to develop products and services which is of high quality and value. They want to offer quality services and products with innovation which develop trust and loyalty among customers and employees. The vision statement of a company help in completion of innovation and commercialisation because a company plan their strategy according to vision statement which they develop.
It refers to research area as well as particular skills of an individual or organisation which help a company in achieving their objective in appropriate manner (Polzinvon, Flotow and Klerkx, 2016). It involves various activities such as shared vision with employees and other so that they accomplish their work in appropriate manner, provide informations or data to staffs, and many others. The leadership quality of Marks and Spencer employer is very effective which help them in attaining goal and objective in appropriate manner. The leaders of respective company involve their employees in decision making process by which they feel connected toward employer and company and they give their full efforts in attaining goals and in developing unique products.
It refers to way of conducting and completing a work of an individual in appropriate manner. Different group of people or an individual have different culture. A good and appropriate culture is passed on to the future generation as a learning. Culture is also known as social behaviour and norms of an individual or human being. It is characteristics and knowledge of a particular group or an individual. Marks and Spencer develop culture through which employees feel motivated and achieve future goal in proper manner. If there is proper culture in an organization it will help in innovation and commercialisation. If there is effective culture employees feel happy and satisfy with their work which enhance their productivity and thinking. By which company able to achieve innovation objective in appropriate manner.
It refers to conducting work or activities in a group of peoples in purpose to attain goal and objective in appropriate ways. An organisation can achieve their goal and objective in effective manner by delegating work within a team according to individual skills and ability (Maritz and Donovan, 2015). Through this, a company leader can get variety and various type of innovative idea form different members of team. When employees of respective company work in team, they provide various unique ideas which help company in attaining goal in appropriate manner.
Their are various source of innovation which help company in identifying new products according to need and demand of customers. Some major of them which is use by Marks and Spencer are:-
Marks and Spencer adopt innovation and changes in their working culture or environment by following ways like they can hire person who is experience and creative so that he/ she introduce innovate in organization. Along with this they can provide training to their employees so that they can feel motivated and encouraged to adopt innovation at respective workplace.
Their are 4 P's of innovation which a company can use for evaluating its market and production process. Marks and Spencer use innovation 4 P's model which is describe below:-
Product Innovation- It refers to innovative and unique products and services which is offer by an organization to attract customers (Hemphill, 2014). In context of Marks and Spencer they develop product which is robotic furniture. It is a innovated furniture in which if a person kept their unfold cloth on its bottom, its internal robotic system will organize and hand cloth in proper manner. This innovative product of respective company attract many customers of American market because people of respective area are more attracted to innovation and type of product that make their life easy.
Process Innovation- It is considered as essential portion of every organized firm. It refers to ways and changes through which a products and services will deliver or create. In respect of Marks and Spencer, they develop new and innovative marketing strategy which attract customers on high basis. Such as they are also using robotic furniture at their store which help in attracting customers and by this, customers are able to get demo of respective product. That they are also using robotic furniture for folding and handing cloths.
Position Innovation- It is related to steps or strategy company develop to promote their products and services so that they attract customers in appropriate manner and encourage them to purchase it. Marks and Spencer use appropriate positioning or promotion strategies in which they place robotic furniture at their store for use which help them in providing demo to customers.
Paradigm Innovation- It is last part of innovation model in this an organization conduct evaluation whether their product satisfy need and demand of their target customers or not (Abdul Razak, Murray and Roberts, 2014). For this Marks and Spencer conduct market evaluation before launching the products so that they are able to identify accurate need of customers. They also conduct analysis after launching the product for identifying whether robotic furniture fulfill their need or not. This would help in achieving long term sustainability after launching the robotic furniture.
It refers to path or steps which is develop by an organisation for designing or creating a new innovative products, service or process (Barbaroux, 2014). The main reason of innovation is to develop products, service or processes which fulfil need and demand of market in appropriate manner. This help Marks and Spencer in conducting market analysis which help them in identifying need of customers and market so that they can design or develop products accordingly. When they conduct evaluation they identify that customer and their employees feel laziness and problems during folding cloths. So they decide something which make their work easy for this they develop robotic furniture.
Frugal innovation refers to process through which a company can reduce its production cost, product cost and also complexity of products which they are going to manufacture according to need of customers (AhnMinshall and Mortara, 2015). Generally in this process, there is reduction or removing of features which is useless from products. Through it, a company can reduce its cost and able to attract more customers and investors. By manufacturing products through this process a company also able to launch their products in marketplace which is less expensive. For conducting respective process an organization first conduct market analysis so that they able to know demand and need of audiences at target marketplace. For example Germany created low cost house for those people who belong to moderate income families.
In context of Marks and Spencer, by using frugal innovation method they are able to maximize their rate of interest. Respective company use this method for identifying its products which help them in developing Robotic furniture which is little bit expensive but it is considered as long term investment. For this, they are focusing on all peoples specially on young population who are living alone and also old age people because both face problems in folding and hanging cloth. The respective product is easy to use and required small space for keeping it which attract more customers based in American market. This will help respective company in enhancing their rate of interest by launching robotic furniture.
Marks and Spencer develop innovation funnel by conducting market analysis and evaluation. By evaluation they identify need of customer and develop a innovative product which is unique and make life of customers easy. They identify that customer and their employees feel problem in folding cloth and hanging it. So they introduce robotic furniture which make folding and hanging cloth easier.
Frugal innovation help respective organization in developing products, method and services in appropriate manner which help in reducing operational cost, production cost and cost of product (Mc Manus, 2012). By this Marks and Spencer able to get high rate of interest on the product which they are offering. It help in removing useless element or features from production process which reduce cost of manufacturing and by this cost of offering will also reduce.
According to view point of Ismail Nor and Sidek (2015), it has evaluated that innovation is essential for every organization because through this a company can attract more and more customers. When a company decide to adopt innovation they have to conduct market analysis and evaluation by which they are able to identify need of customer. It also leads to change in company's vision, culture, leadership style as well as teamwork. A company can develop innovation funnel for identifying and analyzing market. For production process they can use frugal innovation by which they able to reduce manufacturing cost, cost of product and many others.
Form the above report, it can be conclude that innovation and commercialization is very essential for an organization. Innovation and invention both are different but both are important for an organization. When an organization adopt innovation and commercialization there is change occur in organization vision, leadership style, culture and teamwork. There are different types of innovation which an organization adopt according to the situation. For analyzing market need and demand of product an organization can use funnel innovation and frugal innovation.
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