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Unit 3 Innovation And Commercialisation Level 5

Introduction

Innovation can be refers as a process of translating an idea or invention into a goods or services that creates a value for a customers for which they are paying. An innovation can be called as replication of an idea to at an economical cost to satisfy the needs. It involves application of information, imagination and initiatives in deriving greater or different values from the existing resources and it includes all the process which generates new ideas change them to the useful products.   As innovation is applied on the existing ideas and products to convert them in a new products to satisfy the needs of customer whereas commercialisation refers to introduce the new products and services in the market. To make a product successful in commercial way it includes production, distribution, marketing, sales and customer support. The Dixon Schawbl came in inception in the year 1987 and one of the best 25 small medium enterprise  in America which is situated in New York City, USA. It offers marketing, advertising, public relations, social and digital media, research, interactive and media placement services. It needs to innovate its existing work practices or it can be introduce or development of new products, processes, technology, service or improving the existing design that can deliver the satisfaction in current market situation(Chesbrou

Task 1

P 1 Innovation and determine its importance to organisations in comparison with invention

Dixon Schawbl  is providing various kinds of services from many years but now as the time is changing it needs to put some efforts to get more benefit for the user contentment which has a financial value for the both the side, user and business. As the business is already established but to satisfy the end user requirements it needs to comprise the new ideas so that user can come to get desired service and they would feel satisfy in terms of money against the consumption of its services. The company is a marketing and advertisement firm but when it established at that there was only few sources to introduce the a product and service in the marketplace. But now it works with internet there are several website where a product can be advertised on social media to make a product and service popular among people(Dahlander and Gann, 2010).

Importance

Innovation has some importance in the organisation, that can be define as -

  • Creates a competitive advantage – In present time it is crucial for a business to acces the best ideas and capabilities in order of demonstrate a true commercial advantage. Many customers measures a company on innovation value through introducing fresh, bespoke and unique concepts that can drive a successful business because innovation aid to stay in long run.
  • Establishes a best method for a business – It is very essential to know the current resources that can drive a business at prosperous state because if any business is not able to identify its resources and opportunities then it can go to at risk state. So it would be better that business can drive its successful resources with new concepts(Drucker, 2014).
  • Be different from competitors – If a company has something specific that is different from another company with effective products then the firm is more efficient in capturing the more customers. For an example, there are many other companies which are offering marketing but Dixon Schawbl is providing marketing with digital media then the clients will be more attractive towards this.

Difference between innovation and invention

Invention

Innovation

An idea for a product or service that has never been made, is known as invention. For example, Google.

Implementing an idea for a product or process for the very time is called innovation. For example, Facebook.

Invention is a relation of a product or service through generating an idea for the first time.

On the other hand, innovation means to adding value or modifying the existing things.

Invention requires scientific skills like Larry page found Google(Edquist, 2010).

Innovation requires a broad set of marketing, technical and strategic skills.

An invention refers to idea striking in a mind and the process begins to show the imagination in real world.

Innovations defines to improvising in old things that can give a new shape and value.

Invention occurs with a focus on single product or service.

Against the invention, innovation focused on the combination of various products and services.

P 2 How organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

Dixon Schawbl is a marketing and advertisement firm which helps to encourage other business through promoting its own business as well. But for this it needed to expand its marketing that can raise its sales. Every business is conducted with some of its ethics that can bring profitability in terms of money and fame both. The company has a vision and  mission that executes its plan with strategies to meet its objectives and predetermine aim to retain success. An organization is based on vision, leadership, culture and teamwork which shapes innovation and commercialization and these things are also included  in growth of a company.

Vision – A vision is set by the manager and that must be share with the subordinates so that employees will also participant in the activities to attain the higher objectives and goals. A clear perception states the target and objectives of the firm to encourage production team to produce new and innovative goods and services with effective plans and policies to maximize the profits.  The vision can be set for short term and long term to reach out attain a desired position in the marketplace. Dixon Schawbl is offering the public relation services to the clients who are seeking for the best PR service with innovative ideas, they are used brainstorming which produces new ideas to get the customers(Gassmann, Enkel and Chesbrou

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