Reference no: EM132233678 , Length: 4500 Words

Project Context and Scenario:

A UK-based organisation of your choice wants to introduce new products into its existing market due increasing demand. The Innovation Manager has studied the market for growth and potential profitability and is convinced that the organisation should certainly develop new products. Your chosen organisation's competitors are currently engaged in developing new products, so developing new products is a must in this industry. In fact, the UK market is increasingly becoming competitive.

You have been hired as an innovation consultant to evaluate the situation and present recommendations on how the company should move forward with developing new products. Your answer should be in form of a business report format to be presented to the Innovation Manager.

The business report will address the following:

1. Explanation of the difference between invention and innovation.

2. The value and importance of innovation to organisations and how this can be embedded within the organisational leadership and culture.

3. The different forms of innovation and the four directions of change an organisation can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise the Innovation Manager which form of innovation he should engage in.

4. Discuss the approaches that the Innovation Manager can take to process innovative ideas, including the innovation funnel and frugal innovation.

5. Explain the steps the Innovation Manager should go through to derive a new and innovative product.

What you must do

The following issues are required to be carried out:

LO1 Explain the context for innovation and determine the difference between invention and innovation.

LO2 Explain the different types of innovation.

LO3 Discuss the process required to commercialise innovation.

LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.

Analyse: Identify separate factors, say how they are related and how each one contribute to the topic.

Assess: to determine the importance, size and value of something. Or give careful consideration to all the factors or events that apply or identify which are the most important or relevant.

Build a case: Answers the question, "What happens if ?" For example, Does the investment in new phone technology justify the cost? A business case is an argument, usually documented, that is intended to convince a decision maker to approve some kind of action. The strength of the business case is every bit as important as the value inherent in the project.

Critically evaluate: Point out differences which are particularly significant.

Evaluate: review the information then bring it together to form a conclusion. Give evidence of each of your views or statement.

Explain: Set out in detail the meaning of something, with reasons. More difficult than describe or list; it can help to give an example to show what you mean. Start by introducing the topic then give the ‘how' and ‘why' OR provide details and give reasons and/or evidence to clearly support the argument you are making.

Explore: Inquire into or research about any factors pertinent to a particular issue. Examine: When you evaluate you look at the arguments for and against an issue. Identify: Point out or choose the right one/ give a list of main features.
Illustrate: Include examples or a diagram to show what you mean.

Determine: Ascertain or establish exactly by research.

Attachment:- Innovation and Commercialisation.rar