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MC4F16 Innovation And Commercialization Level 4

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Innovation and Commercialization in an Organization

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INTRODUCTION

In order to define innovation and commercialization in an organization, first is required to understand what is the meaning of both these words in the context of business. There are different sources and methods are available of innovation and developing the commercialism in the structure (Chun and et.al., 2015). Furthermore, leadership, networking, vision, mission and team working approaches are necessary to create innovative culture within the organization. According to case study of virgin group of industry, it is stated that the achievement of success of its company is based on the developing 4Ps of innovation in its structure. Apart from these, there are different tools and techniques exist which can develop the knowledge and intellectual property (Tanev, Rasmussen and Zijdemans, 2015).

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LO 1

P1 Importance of innovation in organization compare to invention

Innovation is a process of creating new ideas or devices which are valuable for customers. There are number of reasons to use innovation in its structure which can be understand by following points :

  • Market : innovation helps a company in to survive adverse changes in operating circumstances. It also helps the customers in making their life easier. Company can achieve more and reliable outcomes through innovation process (Dutta and Folta, 2016). To protect market share and in raising the market profile of a company.
  • External forces : innovations helps in to comply with actual or anticipated legislations and reduce the rivalry from the market. It also helps a company to influence their competitors exist in the market. External forces are the main factors which should be considered while making decision process (Eberhardt, Tillman and Sherrod, 2017).
  • People and organisation : creativity is a process to do something new or interesting. It also helps in increase the work efficiency of employees. It encourages the employees by giving good ideas and approaches.
  • making better quality of products and services by attracting extra funding and raising the profitability margin (Tanev, Rasmussen and Zijdemans, 2015.).

Difference between invention and innovation :

Basis

Invention

Innovation

meaning

It is a process of generating new ideas which are never been made.

It is the process of implementation of thoughts for the first time.

Concept

It is an original idea

Applicable execution of new idea.

skills

Technological skills

Set of marketing, technological and strategic skills.

Occurs

Fresh idea onslaught a scientist (Ge and et.al., 2017).

A requirement is felt for a commodity or betterment in existing good.

Concerned

Individual process or product.

Collection of different products and process.

Activities

Constricted to Research and development department.

Extended across the structure.

P2 Evaluate how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

In order to work in the luxury hotel, it can be stated that there are different kinds of luxury services has been provided that assists to consider several types of goods and services. In this consideration, services increases effective results in the business to focus on the product development as well (Ge and et.al., 2016). Beside this, it is also important to regulate effective management skills and style that help to make creative business performances. Furthermore, in respect to meet with the customers need and demand, it is important to look towards the innovative working environment that help to make creativity at workplace. In addition to this, there are different kinds of leadership style has been adopted which includes goals, culture team building, etc. Therefore, it assists to create innovations and inventions in the company with systematic activities and tasks (Hora, 2016). In this regard, Qbic hotel has mission to increase their revenue and profits with consider innovations in new places. Further, they also want to get better position in hotel sector through make highest growth. Vision assists to set the specific goals and objectives through they are able to attain desired results in the business. They want to satisfy their customers so that innovative products and services must be sold in the market. Beside this, there are different types of stakeholders also take position to make successful results in the company (Ke and et.al., 2016.). Therefore, it has advantage to the business to take market leader position. For example, customers, shareholders, directors, government, distributors, etc. Without stakeholders, the company cannot take their effective results in the business. As results, it is important to focus on the desired results and outcomes (Koirala and et.al., 2016).

In order to maintain approach of customer centric, it is essential to focus on the working pattern that is needed to perform several functions and operations. Effective process of working help to give productive work and fulfil organisational objectives as well. On the other hand, leaders of the business need to play important role to motivate their employees towards the increasing sales and profits as well (Loya and Rawani, 2016). It is invention procedure that help to reach towards the target market. Plan has been taken on the basis of effective management skills so that it assists to give better services at workplace. Effective market share lead with the market growth so that innovation and commercialisation important elements to meet with desired results. Along with this, main objective of business is to meet with profitability in the market which assists to perform several activities as well (Do, Mazzarol and Reboud, 2018). Innovation require new idea and experience in customer satisfaction approach. As results, it assists to look towards the creative results that undertaken on the basis of creativity and attain more desired results as well. As per the current competition in the market, Qbic hotel need to adopt new products and services in the market so that they are able to introduce more profits and revenue as well. New expansion helps to take decision and accomplish their mission as well so that they are able to develop effective results in the market. Decision making approach of the chosen business creates efficient planning to make it best and attain overall targets and goals as well (Brooks, Gherhes and Williams, 2017).

M1 Different source of innovations and how it foster and develop environment and innovation culture

Innovation is important process which help to adopt new culture and unique style in the products and services. Therefore, it assists to attract several customers and people with effective consideration. Innovation requires to consider effective results with ascertain customer responsibility to sustain company profile and existence in the market (Simula, Valiauga and Lehtimäki, 2014). There are several kinds of sources available through innovation could be carry such as changing industry, market structure, implement new ideas and knowledge, etc. All these aspects assists to make innovation process that help to make effective process and working with develop new ideas.

D1 Critically analysis innovation development which embedded and measure in organisational context

Innovation is important aspect that assists to create long term sustainability in the market. In this regard, three steps have been implemented to identify goals and explore different activities with short term delivery. There is no requirement to make new product development process (Shih and Waluszewski, 2017). Only consideration of customer needs and requirement, effective process of working could be implemented at workplace. It assists to attract new customers and create network to match with new and advance skills as well.

LO 2

P3 Explain the 4Ps of innovation and use of the innovation funnel to analyse and shape progressive ideas

In order to work with the objectives and goals, it can be stated that every business need to adopt innovation of 4p’s so that they are able to attain desired results at workplace. In this way, ideas and commercialisation activities will be evaluated that help to implement process of innovation. In respect to look towards the Qbic hotel, there are following 4ps included:

Paradigm: It is first element to make innovation in the business. In this regard, business performances will be improved so that effectiveness generated through focus on the desired results and outcomes (Gbadegeshin and Heinonen, 2016). In the first step, the chosen organisation needs to set model and image to make innovative and creative process for product and services. These kinds of changes assist to leverage profitability and attain positive results in the market. For instance, the chosen company take online delivery of products and services with bookings.

Product: It is another important p in 4p’s of innovation. In this aspect of innovation, the company need to focus on the needs measurement to attain desired results. In this regard, innovative skills and make effective impression towards the organisation behaviour. It assists to consider executive effective results (Ugonna and Onwualu, 2016). In this way, perfect and innovative results changes are needed to provide additional services in systematic manner. Therefore, the chosen business need to develop products and services in systematic manner.

Process: In order to deliver systematic process, it is important to consider next p that is process. In this regard, Qbic hotel need to improve their outcomes and results with make more profits in the company. With the help of this tool, innovative skills and effective impression could be consider in the organisation behaviour of the business. Therefore, new and creative ideas implemented at workplace to attain more desired results in the business (Arthur, 2017). Furthermore, there are several factors exist that help to implement process in the business with systematic consideration. It involves supplying, hiring, provide training, etc. All these consideration help to increase profits and revenue at workplace in systematic manner at workplace. Furthermore, this is also consider as the best approach which help to meet with needs of customers and provide them best and effective approach at workplace to target new people (Calá, Arauzo-Carod and Manjón-Antolín, 2015).

Position: It is the last element that consider to make effective process and determines things that are need to be done systematically. With the help of making changes, it can be stated that best effective process of working develop at workplace. It assists to measure response of customers in the innovations to react towards the innovation process. All changes are take place to maintain effectiveness and attain creativity at workplace (Hang Do, Mazzarol and Reboud, 2014).

In order to implement the above process, it can be stated that objectives develop with clear and improve ideas. It is the best way to focus on the clear consideration which help to maintain and analysis results in systematic manner. Overall process help to find and fulfil needs and requirement of customer with implement innovative results at workplace (Mohd-Azmi, Jesse and Hambali, 2016).

Innovation funnels to examine shape of innovation

Innovation funnel used to determines several steps which take place to attain more desired results at workplace. It is necessary requirements for the business which help to attract several customers in the business with different processes. In this regard, company able to make sustainable growth and development program in competitive market. Therefore, it will help to Qbic hotel to attain desired result. It assist to give innovative style and management development process to consider effective approach to manager of Qbic hotel. It respect to explain innovation, it can be stated that business ideas could be shape in the company.

P4 Explain developments in frugal creation and example to use

Frugal innovation consider innovative role and effective functioning to focus on the desired results and operations as well. With the help of functional activities, it can be stated that chosen business able to deliver effective functioning. In the present research of business, it has been analysis that Qbic hotel need to implement new product and services through they will able to maintain their effectiveness in the country (Brooks, Gherhes and Williams, 2017). As results, new services will be launched in the markets that are undertaken to easy purchase products and services of the chosen business. In this regard, frugal development program assists to create positive impact on the specific market research. With this activity, the chosen business able to know about the market demand and requirements. It assists to gather effective results in the process and develop target market as well. New development growth assists to consider frugal development which termed as the customer satisfaction approach among the different people. In order to implement transmission of pattern, it can be stated that development activity help to take effective results at workplace.

M2 Application of innovation funnel

In respect to implement effective results, it can be stated that Qbic hotel can implement several advantages to meet with more aims and objectives. In this regard, innovations helps to maintain new process at workplace that assists to maintain effective relationship at workplace. They can take long term process which help to make expansion of the company in significant manner.

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M3 Role of frugal innovation

Frugal innovation help to make new product and services in the company to get several aims and objectives at workplace. In this regard, employees efficiencies increases with developing process and attain more creative results at workplace. Another aim also assists to meet with the desired results and outcomes at workplace.

LO 3

P5 Explain the value of the commercial funnel and the application of New Product Development processing for commercialisation of innovation

Product development process is important aspect that help to make effective and efficient process at workplace. In this regard, expansion strategies must be involve at workplace that assists to meet with goals and objectives as well. In order to give process of working, the company will able to develop several advantages at workplace. New product development process assists to meet with desired outcomes in systematic manner that assists to increase business efficiency as well. This process assists to Qbic hotel to measure actual business position and share their profitability in the market. In order to make new product, it is essential to implement huge importance in the enterprise. It is time consuming process but need to consider more effective results in the business. It assists to compete with the other large enterprise to make high growth and profitability as well. Innovation needs to make rapid changes in customers needs and demand (Eberhardt, Tillman and Sherrod, 2017). Therefore, it considers effective process to provide proper and effective products and services in the business. With the help of organisation enhancement, it can be stated that innovation and commercialisation develop more creative results at workplace.

With this regard, it is essential to focus on provide new services and advance results so that company able to produce more creative results at workplace. With the help of provide advance services, it can be stated that business able to develop more relevant information in the company (Do, Mazzarol and Reboud, 2018). With the development of business effectiveness, it can be stated that commercialisation in Qbic hotel assists to make more relevant results at workplace.

P6 Build an Innovation Business Case in an organisation, including ways to access funding

In the chosen business, it is important to focus on the invention and innovations as well. With the help of innovation, the company able to produce new ideas and creativity at workplace. It is technical aspect that assists to focus on new activities and services in the business environment. There are different kinds of new and effective services develop that focus on desired results.

  • In this process, business able to improve their efficiency and innovation capabilities to attract customers in systematic manner. It is the best way in which quality of products and services maintained to accomplish customer satisfaction. It also extends to manage quality of existing products and services in systematic manner (Eberhardt, Tillman and Sherrod, 2017).
  • Developed new product and services for customers assists to make rapid changes in the company that help to make innovative results at workplace.
  • Innovation commercialization activities adding values of the goods and services in Qbic hotel to increase their advantages and maintain promotional activities as well. Therefore, target market also getting more creative functions at workplace.

Innovation in the business consider improvement in the systematic results with consider following advantages:

  • Increase productivity among people who are working in the Qbic hotel.
  • Operational cost need to reduce so that high and advanced services will be developed to attain more creativity at workplace.
  • More competitive and challenging business environment considered maintain business effectiveness.
  • It helps to add and build valuable services in the company. It increases turnover and profitability among the market.
  • The Best effective process also deliver advantages to develop significant results at workplace (Do, Mazzarol and Reboud, 2018).
  • It assists to adopt new services that are very effective and attain potential advantages.

Frugal innovation

In respect to attain more significant results, it is essential to focus on the best and effective process. It is important element that assists to focus on the organisation objectives and goals as well. In the business, innovation strategies help to consider proper fund and external funding help to develop more significant advantages at workplace. With the help of the innovative characteristics, the company can describe their business in systematic consideration (Tanev, Rasmussen and Zijdemans, 2015.).

M4 Detailed innovation to measure overall effectiveness

In respect to measure effectiveness with innovation, it is important for chosen enterprise to consider actual business performances. In this regard, manager of Qbic hotel need to monitor their activities that help to perform innovative results at workplace. Furthermore, it also provides best and effective process which help to look towards the measurement of effectiveness at workplace. With the innovative characteristics, it can be depict that the chosen business able to maintain their effective consideration at workplace easily.

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D2 Nature of innovation and methods to overcome it

In this regard, Qbic hotel need to take corrective actions that are helpful to maintain risk and challenges at workplace. In this way, market uncertainties and changing in the demand important consideration that assists to prepare plans in the company in systematic manner. Business also able to overcome their challenged which create negative impact on the company (Eberhardt, Tillman and Sherrod, 2017).

LO 4

P7 Evaluate the various tools that the organisations can use to develop, retain and protect knowledge and intellectual property.

In the selected business, there are several consideration included that assist to protect with implement more creativity and ascertained several advantages as well. In this regard, Qbic hotel need to maintain safety and security with consider intellectual property of the enterprise. They need to focus on their plans and techniques that make sure safety and precautions as well (Do, Mazzarol and Reboud, 2018). In order to fulfil organisation needs, it can be stated that different tools and techniques must be implemented at workplace which are explained under here:

  • Trademarks: This element help to maintain more systematic results and outcomes at workplace with consider name, sound, symbol, etc. In this regard, the chosen business need to maintain business values which different from the other enterprise. In this consideration, it is important to consider proper security and take advantages to protect the legal actions as well. With the help of proper security, it can be stated that Qbic hotel able to maintain their effectiveness easily. Trademarks assists to maintain security so that other company unable to copy symbol, name, etc. with legal actions (Brooks, Gherhes and Williams, 2017).
  • Copyright: Copyright is also important element that assists to maintain intellectual property for another. In this regard, void and illegal terms in the law also need to maintained in systematic consideration. Copyright protects expression of the enterprise with the ideas. In this way, Qbic hotel need to take registration that hold infringement from the market consideration.
  • Patent: Patent also need to grant legal right that assists to protect unique and tangible features in the business. With the help of provide proper and best possible outcomes, the company also able to consider proper support to the enterprise operations. In addition to this, the chosen business take advantages in the business which help to maintain more creativity at workplace (Tanev, Rasmussen and Zijdemans, 2015.).

CONCLUSION

From the above report, it can be concluded that innovation and commercialisation consider important role in the business success. In this regard, several activities and functions has been developed that assists to meet with the creative and effectiveness. In this way, process of development also consider attain more desired results at workplace. In this regard, regard, report summarised about the difference between invention and innovation. In this way, there are development process consider to focus on the desired results and maintain systematic work performances in Qbic hotel. Moreover, 4ps of innovation has been developed to consider different aims and objectives at workplace. It is the best way to attain more creative results at workplace. It assists to maintain creative results and attain more profitability results at workplace.

REFERENCES

  • Arthur, K.N.A., 2017. Financial innovation and its governance: Cases of two major innovations in the financial sector. Financial Innovation, 3(1), p.10.
  • Brooks, C., Gherhes, C. and Williams, N., 2017. The nature of publicly funded innovation and implications for regional growth: Reflections from the Sheffield City Region. Competitiveness Review: An International Business Journal, (just-accepted), pp.00-00.
  • Calá, C.D., Arauzo-Carod, J.M. and Manjón-Antolín, M., 2015. The determinants of exit in a developing country: core and peripheral regions. The Annals of Regional Science, 54(3), pp.927-944.
  • Chun, D. and et.al., 2015. Labor union effects on innovation and commercialization productivity: An integrated propensity score matching and two-stage data envelopment analysis.Sustainability.7(5). pp.5120-5138.
  • Chun, D., and et.al.,2015. Labor union effects on innovation and commercialization productivity: An integrated propensity score matching and two-stage data envelopment analysis.Sustainability,7(5), pp.5120-5138.
  • Do, H., Mazzarol, T. and Reboud, S., 2018. Organisational factors, anticipated rents and commercialisation in SMEs. International Journal of Innovation Management, 22(02), p.1850018.
  • Dutta, S. and Folta, T. B., 2016. A comparison of the effect of angels and venture capitalists on innovation and value creation.Journal of business venturing.31(1). pp.39-54.
  • Eberhardt, A.W., Tillman, S. and Sherrod, B., 2017. A Project Course Sequence in Innovation and Commercialization of Medical Devices.Journal of Biomechanical Engineering,139(7), p.071003.
  • Gbadegeshin, S.A. and Heinonen, L., 2016. Application of the Lean Start–up technique in commercialisation of business ideas and innovations. International Journal Of Business Management and Research, 43(1), pp.1270-1285.
  • Ge, J. and et.al., 2016. Improved Performance of Electroplated CZTS Thin‐Film Solar Cells with Bifacial Configuration.ChemSusChem,9(16), pp.2149-2158.
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