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Introduction

The importance of innovation within the sector of commercialization has gained immense importance. Thus, the assignment aims to understand the importance of invention with respect to innovation in regards to 99p Stores as a chosen organization. 99p Stores is a medium sized retail organization that operates over the UK. The organization mainly deals with delivery of consumer goods with low-cost delivery to all parts of UK. The organization aims to emerge out as one of the major online pound shops. However, it should also be taken into consideration that lower price does not mean degraded service quality. The company promises to deliver the purchased goods at a stated address within the mentioned time. Hence, the assignment works on explaining the difference between innovation and invention with the factors that work on supporting innovation and commercialization of business processes. Finally, the innovation funnel with New Development of Products has been outlined in order to ensure innovation in business processes.

LO1 Define innovation and determine the difference between innovation and invention

P1 Explain the importance of innovation to 99p Stores and its comparison with the invention

The report shed lights on the commercialisation and innovation of 99p stores and in addition to this, organisation culture has been evaluated for next 12 months. Innovation decides about company’s culture, vision and also helps in commercialisation. This has been discussed in this report in details. 4Ps of the innovation has been explained in details for shaping the innovative ideas. All the frugal innovation has been explained with the help of various examples. This helps in making the organisational culture more innovative. Innovation needs to commercialise and hence, for this, commercial funnel and NPD have been explained significantly. This is highly important for the employees of 99p stores. This helps in overcoming the challenges faced in the organisation. Different tools have been used by the company to retain develop and protect knowledge. The major tools that have been used are copyrights, trademarks, patents and design rights.

Innovation may be termed as a new idea with creative thoughts. However, as opined by Bashmakov et al. (2014), innovation is often viewed as an application of better solutions that work on meeting the needs of competitive markets, customer demands or even unarticulated needs. Thus, the importance of innovation is imperative in the operational management of the business. Hence, as per perspective of marketing, in regards to increasing competition in online retail stores, it is important to stay competitive. As influenced by Fang et al. (2017), an important part of innovation is creativity, a business that fosters and implements creativity has high chances of implementing creativity and thus more likely to be innovative. Moreover, as mentioned by Donate and de Pablo (2015), the benefit associated with innovation is generally tangible. Thus, the following are the sources of innovation in the chosen retail organization:

The Unexpected Market Trend: The retail sector is basically customer-centric that is subjected to change in consumer purchase behaviour. In order to meet the demand of the customer, 99p Stores needs to make changes in business operations that can help in gaining a competitive advantage in the market. As per Curtis and Sweeney (2017), in order to gain competitive advantage innovation is an integral part.

Changes in Perception: Population and people change over time. The lifestyle of individual changes, thus companies should work on implementing innovation and must pay attention in order to be remembered in the market. For example, people these days rely on online shopping in order to ensure timely delivery and avoid time constraints. Taking advantage of this situation 99p Stores can work on making use of innovative techniques to strengthen their online presence.

Process need: The need for processing works on identifying weak spots of the chosen organization. As influenced by Eesley et al. (2014), the process need is not limited to the identification of weak spots; it works on correcting them too. Thus, the task-oriented solution acts as a source of innovation that comes from existing capabilities of 99p Stores with ways of doing business and not the market.

The concept of innovation is made clear; however, the difference between innovation and invention can be stated as follows:

BASIS FOR COMPARISON

INVENTION