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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(Chesbrough, 2010).
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).
Innovation has some importance in the organisation, that can be define as -
Difference between innovation and invention
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.
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 Chesbrough, 2010).
Leadership – Leadership is necessary in every business because until the employees will not get a light they will not move forward. Being the best practitioner in what is already known is good but to be excel in a field one should take risks to get the customer satisfaction. For this strategic innovation is need as customers tells the employees of firm what they expect from the firm, to accomplish there expectation they needed to get some specific direction so that they can proceed further to achieve the target. Transformational leadership is known as the best leadership style, the leaders should evaluate themselves under this kind of leadership. It has charisma, inspiration, intellectual stimulation and individual consideration of employees, causes such leaders encourages good communication network and spirit of trust, enabling transmission and sharing knowledge. Transformational leadership also used to encourage the participation of employees to bring the innovative ideas that can generate more user satisfaction(Goldberg, 2013).
Culture – The senior staff whether they are leaders or manager should show some trust on the associates workers to through assigning them challenging projects that will encourage them to stand in opposite circumstances. This will create a culture with new talent and innovation, where employees can show their skills and enhances their personality and giving them credit will among other employees will creates a positive environment in the company.
Teamwork – A team work is always lead to get successful in an assigned task,a team which has a specific direction and guild line with a particular method is responsible to reach its predetermine goals. Every employee has different strength and works so when a team will be assigned project then the project will be met to its aim. The manager of the team should be inspiration to the subordinates in order to maintain and manage all the functions and activities.
As it is known that innovation can be applied anywhere and anything can be amend with a better approach. It is a multi – disciplinary field and that's why it can be move for 360 degrees direction in a every aspect of the Dixon Schawbl. It has a broad view but sometimes it needed to be concentrated on a single field with narrow view. To narrow the point of view there is also a innovation mix similar to marketing mix (Product, Price, Place, Promotion) but in marketing mix there are 4 Ps like Product, Price, Place, Paradigm(Huizingh, 2011).
To better understand innovation mix let's take an example of, Dixon Schawbl was originated in NYC, which is a local region where the marketing services must be needed.
Product - Innovating already existing services is not an easy task to do, if would be a certain kind of product then it would be easy to present a old thing in a new dish. But there is a not particular product, it need to offers its services with a new concept and design and content which can deliver the message to the customer with a effective manner. For an illustration, there are so many firms which requires to promotes their business online but there are already numerous companies are enlisted on the Google, in that situation the content is the only thing which appeals to the users. So developing a content in the most prominent way is an innovation which appeals to the targeted customers(Kline and Rosenberg, 2010).
Process - The steps which are includes in developing a product are called processes. There are so many processes are involved in accomplishing a final product, that are a recruiting, supplying, selling, and accounting. A marketing team needed to be hired ones before the supplying product, because that marketing team will analyse the customer requirement and then communicate with production team in product development and them the stages will be followed in completing the product is known as process. These processes can research, development, design, strategies, etc.
Position - The position sounds similar to marketing mix but, it not same. Position is related to the entrepreneur own perception, it can be refer as psychological category and while promotion is just a processes in the organization which affects this aspect of innovation. Dixon Schawbl's customer has some perception about the firm, like the environment of their work. The management of the firm help the employees by changing in current process which leads the improvement in future according to the present changes in working styles. The current modifications will also show some outcome in successful development growth and business. The management aid to develop in new and creative ideas that can bring some modern value to transferring products and services. The managers needs to find out the better opportunities which can bring out the profitability through selling goods and services(Leonard and Rayport, 2011).
Paradigm – Paradigm is somewhat specific innovation category, it concerns changes as radical innovation as in some manner it can destroy or supplants an existing business model. It could be anything as in Dixon Schawbl the new projects encounters, sell of the services, new PR hiring anything. Paradigm is essential to for the firm to progress and success.
P 4 Explain developments in frugal innovation and provide examples
Frugal innovation is a referred as reverse innovation, inclusive innovation or constraints based innovation. It describes a type of innovation in which products are customized at low price and high volumes in and for emerging markets. These innovations are not confined to technological breakthrough but also includes incremental process and product innovations aimed mainly at the middle or the bottom of the income pyramid. Price is the main feature in regarding the product in which frugal innovation is required(Lundvall, 2010).
There are several steps ion frugal innovations, that are as follows -
Commercial funnel – The commercial funnel is also known as sales funnel or revenue funnel, it defines the buying process that companies offers to the customers while purchasing the products. The Dixon Schawbl can also use commercial funnel to derive customers through awareness through interaction, make the end user interesting in the new product and force them to take an action like purchasing goods and services. The sales or commercial funnel is important when a business is trying to attract customer and align them to have a conversation, this conversion is like shooting in the dark but it still has chance fire in proper direction. The business can get that customer(Stokes, 2011).
New product development – The new product development is a procedure to develop a product which begins with strategies and then organizing all the strategies in the suitable manner, third stage is concept generation in order to identify the ideas after the concept product will be developed and last but not least after executing the production phase marketing plan will be constructed and finally the preparation of the launching a product will be take place.
Applications of NPD
Here is a business case about Dixon Schawbl which is marketing and advertising firm that offers new and innovative idea to the customers that can bring the profit by meeting goals. It offers the right path from where a success of a business can be measured to get the effective results. Business case study documented various things, such as -
Executive summary – The Dixon Schawbl is a firm which provides marketing with digital media, public relations services to make a firm stand in the crowd with extinguish features. In this objectives, development and design of plan, capital and expected benefits are included.
Objectives – The core objective of a firm is to provide services to the customers with high – tech technologies that can give satisfaction to the customers in the United States of America.
Development and design of plan – To sustain in the market it is necessary for a company to develop and design the new ideas to satisfy the demands of a customer(Tebbe, 2011).
Capital and expected benefits – Capital is that fund which is required to start a business, this is the initial fund of a business. The capital amount which is invested in a product is only an initial amount after it whatever the amount will be spend in it that will expect to get the some benefit against the investment(Teece, 2010).
There are some tools which are authorised by the government to protect the innovation and inventions like art works, symbols, etc. are known as intellectual property. The rules which are established to protect these are properties are called intellectual property rights.
Trademarks – Trademarks are the design of company logo which make them different from other companies. The owner of the company put that mark on the manufacturing products that make stand alone, these symbols can be a word or phrase. The trademarks registration is applicable for only ten years after this period it can be renew.
Copyright – Copyright is applicable for original work like music composition or any other artistic work Pablo's painting. The copyright registration takes almost five and half months after filling the application.
Patents – Patents are authorised to invention and it also has legal possession that gives the authority to the people who can access the property. The patent can be give to a discovery of medicine(Chesbrough, 2010).
The above report is about innovation and commercialization, it includes the concepts of innovation and invention in a business to maximise the profit. Dixon Schawbl comprises describes the vision mission to achieve the goal, objectives, leadership, culture and teamwork. It comprises the 4 Ps of innovation mix which involves product, process, position and paradigm.
Frugal innovations requires to find out the problem areas and then solutions of the problems with the importance. The main aim of the innovation is to find out the ways that can give more solutions to reach out the desired goals. The commercialization funnel comprises the sales method and its significance in the organisation.
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