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Innovation and Commercialization of Iceland Company

University: UK College of Business and Computing

  • Unit No: 19
  • Level: Undergraduate/College
  • Pages 14 / Words 3500
  • Paper Type: Assignment
  • Course Code: K/508/2646
  • Downloads: 40
Question :

CEO of Iceland company wants to develop a culture of innovation and commercialization in the organization for the upcoming 12 months.

  • Describe innovation and analyze how it is different from invention.
  • Evaluate different types of innovation that employees of Iceland company can adopt.
  • What is the procedure of commercialization innovation?
  • Explain different methods of protecting original ideas and specific their merits and demerits
Answer :
Organization Selected : Iceland company

INTRODUCTION    

Innovation is creating different and unique things so that they can maintain unique image in the market and in minds of all user (Aarikka-Stenroos  and Sandberg, 2012). Through this they can attract many users. Hence firm can increase their revenues and they can also enhance their market share. Thus they can easily maintain good and unique position  the market by grasping different opportunities. This helps the firm in attracting many customers in minimum time. Due to this they can maintain brand loyalty in firm. Project describes about the Iceland company which is supermarket chain. It was found in 1970 in U.K. Assignment describes about the innovation and determine difference between innovation and invention. It further explains about the different types of innovation and process to commercialize innovation. It also explains about the various methods so that they can protect different ideas and their advantage and disadvantages. 

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TASK 1 

P1 Innovation and importance as compared to the invention 

Innovation is the process in which company uses various methods and techniques to develop product. Different companies are innovating new and different ideas so that they can maintain unique position in the market and can attract many customers. Thus as a result they can maintain a good image in mins of all users (What is innovation, 2017). For this they have to innovate products in different manner. Sources of innovation in Iceland are:

Unexpected

Organization performs different and unique experiments  that they can attract many user's. This also helps the firm in accomplishing their objectives. For example, the company can create healthy products which are not launched by their competitors. Through this they can capture many users in minimum time. 

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Process need

In this company changes their processes and methods to create different products. Through this they change they can create unique and different products in the market. For example organization is using advanced and latest technologies which creates different retail products in minimum time. Thus as a result they can easily create various products ion less time and can deliver to various user's in less time (Bogers and West, 2012). 

Change in perception

It tries to  create that strategies  so that they can easily change the thinking and attitude of various customer's. For example they deliver very healthy products at less costs. As customers are getting items at less costs they can be satisfied and can purchase products from company. 

New knowledge

When they add some features and attributes to their products then they can directly increase the knowledge of various user's (Chun, and et. al., 2015). For example company can launch online applications so that they can launch different innovative products.  This is the first company which creates different online applications and can increase the knowledge of various user's. 

Iceland through different technologies and techniques can create different and innovative healthy products so that they can deliver good and delicious products to various user's. They can perform creaser and thus they take decision to launch their products through various online applications. Hence as a result they can easily maintain unique and distinct position in the market. They can use rewards to employees so that they be motivated and can give best results. 

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Invention

It is the process in which company can create unique and distinct products. In this method they crate new product and it is not similar to innovation. Difference between innovation and invention are described below (Difference Between Invention and Innovation, 2016) :

P2 Organizational vision, leadership, culture, and teamwork can shape innovation and commercialization 

The organization can create many changes in the firm. Through proper leadership, culture, and teamwork they can create innovation in the organization (Cui and Wu,  2016). Thus as a Iceland has created a unique vision and mission and motivates employees so that they can  perform well and thus can satisfy customers (Cunningham  and Porter, 2011). These qualities are described below:

Vision

It is called the long term goal of firm. Its main vision is to bring growth in the company and can increase the level of satisfaction of various customers. Thus as a result they can easily bring changes in firm. Through this manager motivates and can give rewards to employees so that they can perform well and can give good results. Through this they can  satisfy the customers. 

Mission

Company main mission to deliver superior quality of products at lesser cost to various customer's. . If this goal is achieved then directly they can achieve their long term objective. Through this they can sell healthy products. Through their mission all employees can give ideas so that attractive applications can be created and thus they can easily accomplish their goals.

Culture

This also impact the innovation process. Hence they can select employees  from various and religion. Through this they all can give different and unique ideas related to creation of unique applications and thus they delivers products to various user's. Hence through this culture they can bing innovation in the firm. Thus they can easily attract many consumers in minimum time. 

Leadership

Effective leader is very crucial in the firm so that they can guide and motivate all employees. Through this it can increase the zeal and enthusiasm of staff members and thus they can give unique and distinct ideas to create various applications. This directly they helps them in selling and promoting their healthy products. They are also give monetary incentives and different rewards so that they are motivated and can perform well in firm. Through these methods it can directly brings innovation in company. 

Teamwork

It is very important in the company. For example there is effective team and there are talented and trained employees then they can give unique ideas and suggestions to the company and thus they can give distinct ideas related to attractive applications which can directly capture any user's in minimum time (Drucker,  2014). Thus through creation of good and efficient team it can bring innovation in firm. Hence as a result firm can easily accomplish their vision and mission.

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