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Explain the importance of the commercial funnel and the application of new product development processing for commercialization of innovation

Post Date: 18 - Jul - 2023

Unit Number and Title: 8 Innovation and Commercialization

Assignment Title: Presentation on An Innovative Business Case

Learning Outcome:

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

Assignment Brief

Department of Trade and Industry: Case Scenario (Adapted)

To adapt to the changing concepts of customer service, companies need to develop new manufacturing and management processes in order to develop new products and services. This would help give them a cutting edge over their competitors. Innovative companies are those which have a sharp customer focus. The consider the needs and preferences of their customers as essential elements for success. The most successful companies are those which are best able to adapt to changing needs of business.

Innovation is not another word for invention, inventions are very important because they are part of the creative process which helps to develop new ideas and products. But relatively few inventions become products, invention is about developing new ideas, about how to do things, but is not necessarily about actually doing them. Invention may be part of the process of innovation but innovation is much broader. Innovation a s a concept embraces the whole spectrum of ideas, attitudes and structures within an organization. It is a framework within which continuous improvement in products, services and processes can be made. Innovation is the successful exploitation of new ideas; a total process of developing a new concept into a new product or process which adds value to the business, this process has to be recognized and managed.

As a member o an organization, never think innovation does not involve me. Innovation embraces all, people, their jobs, the systems, technology they use and is an essential part of good management. It applies as much to the choo; or college which you attend, the family group in which you live and any company you work for or establish yourself. Innovation is a part of all business functions research, design, development, production, purchasing, personnel, marketing, sales, distribution, servicing, training, finance and administration. It is a dynamic process which is as much a part of long-term strategy as it is a part of everybody practice. Innovation is the process of taking new ideas effectively and profitably through to satisfied customers. It is a process of continuous renewal involving the whole company, and is an essential part of business strategy and everyday practice.

Innovative organizations see all their employees as a key resource. Such organizations provide every individual with an opportunity for training and continuous personal and professional development, and have a culture which enables all employees to make a contribution to the success of the company and to achieve personal fulfilment.

Leaders who are enthusiastic champions of change are an essential component of a successful, innovative organization. Such leaders are able to communicate their vison and their objective throughout the organization and to cascade it downwards, so that everybody within the organization welcomes the change. Such leaders must be able to motivate all employees, take risks, be prepared to see others take risks and if necessary, fail. They are responsible for creating innovative culture throughout the company. Customers are the focal point of an innovative organization. Organizations today realize that they cannot compete on the basis of their products and prices alone. Satisfying customer needs has become the major tool used by innovative organizations to compete in the rapidly changing markets of 21stcentury.

Assignment Brief:

As a manager in-charge of product development, you are mandated to prepare a presentation which will be submitted to the Director, new product development. The PowerPoint Presentation slides with notes should cover the following topics:

  1. Explain the importance of the commercial funnel and the application of new product development processing for commercialization of innovation
  2. Using an organization, build a detailed innovation case, ways of accessing funding and how to measure its overall effectiveness using appropriate techniques available to test and improve.
  3. Evaluate the different tools that organizations can use to develop, retain and protect knowledge and intellectual property
  4. Also, present supported evidence-based evaluation of these different tolls in the context of wider business environment
  5. Finally, critically evaluate the nature of innovation and the context in which it is developed, and provide evidence-based judgement on how challenges to develop successful innovation could be overcome by organization.

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