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INNOVATION AND COMMERCIALISATION - INTEL

University: university of Technology Sydney

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 15 / Words 3678
  • Paper Type: Assignment
  • Course Code: 22573
  • Downloads: 31
Organization Selected : Intel

INTRODUCTION.

In general innovation is the process of transferring of useful data and new ideas for the purpose of introducing a new change in any format. In business term it may be defined as the ability of manager to think in a creative manner or bring a new ideas for the production of goods or delivering services to predefined customer (Bain and Kleinknecht, 2016). In a common an idea is consider to be innovate if it is economical and must satisfy a specify need in whichever filed it is implemented. To understand the innovation Intel is selected to determine the impact of innovation of their performance.

In this report, comparison of innovation with invention as well as the creativity of vision, culture, teamwork and leadership is discussed. Report also focus 4ps of of creation and commercial funnel and various analysis tools that company may develop to protect knowledge and retain intellectual property.

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TASK 1

P1 Innovation and its importance and its comparison with invention.

Intel, is one of the second largest supermarket chain in UK and they sell their product through online also. Company run its business in various parts of country and at national level. They provide various household commodity for daily use and gives services that fulfil customer needs. An innovation is defines as the introduction in the old process and bringing new things or fresh methods, approaches, techniques for performing a particular task. Company requires new innovative ideas for doing and completing business process so that product are produced well and sold well. IN Intel, manager always tries to innovate their ideas for selling particular product and this creativity helps them to increase brand name, value at market place. Importance of Innovation in Intel that are described below:

  • It help to overcome various problem that arises while doing business activity.
  • By new creativity, entity are able to become multinational that assist in improving the profitability (Bason, 2018).
  • As innovation means introduction of new technology, it aid company to gain competitive benefit at existing market. With the help of this Intel, will be able to increase its market-share and customer base.

On the other side invention is defined as the process of inventing something new that are not introduced by any other companies in market before. This is consider to be the fresh process that have been introduces by Intel, to increase the productivity and keeping in mind that this process is never ever applied by any other organisation. Innovation and invention are two different thing that is compared on the basis of some ground that is discussed below:

Basis

Innovation

Invention

Meaning

It is an activity of adjustment in old ideas of thoughts in order to bring effectiveness or some value in present product.

Company applies fresh ideas to create entirely new goods that fulfil customer needs and desire.

Objective

This process is helpful to bring some improver value in primary commodity.

With the help of this process it provide something fresh that form life effortless.

Skills

Manager and other Worker of the company must be skilled and specialized.

High professional knowledge and understanding of market as well as creative in nature is must in employees (Champagne and et.al., 2015).

Concept

Its is related to innovate when new contented are come into knowledge.

Foremost, manager of the firm analysis customer needs and wants consequently germinate product.

Creators

Entire team work together to variety alteration In product.

There may be individual or full division like R&D section create advanced product and services.

There are various sources of innovation that help companies like Intel, to grow and develop new product that will assist them to attract more customer. Some of the common sources of innovation are the unexpected, incongruities, process change, industry and market structure, demographics condition etc. In Intel, manager makes certain plans to examine the current status of their product and determine weather goods are consider in market or not.

P2 Organisational vision, culture and teamwork can shape innovation and commercialisation.

Commercialisation is defined as the process of introducing a totally new commodity or introducing a new and effective method of manufacturing different product into commerce. This stage is ideation stage and also consider to be mouth of funnel. In business world, it is very important for every company to make a clear objective and managements must also tries to set a clear vision for the future performance. So this is they responsibility of manage to formulate strategies and policies in order to increase the performance and attain vision aims in an appropriate ways that increase the performance of worker (Cheng and Huizingh, 2014). Manager must keep in mind that objectives set but be SMART and easily feasible and achievable that bring effectiveness in labour behaviour and attitude. It is observed that culture may have and impact on innovating activity in an organisation that could result in betterment of their performance. Consequence of vision, teamwork, culture on innovation with in Intel, are discus below:

Vision: Management of companies create strategy to attain vision that help them to grow in future and improve the business process and methods. So HR manager of Intel, organise various training seminars and programs in the offices that help employees and other worker to increase professional knowledge. For example vision statements of Intel is to get to a billion connected computer at global level, provide million of server and trillion of dollars of e-commerce.

Leadership: It is defined as the way of managing and controlling other worker of company to perform a specific task. Leader are consider to be the most those individuals that plays an important role in planning, organising, managing and controlling group member. They applies various innovate ideas in their functioning and thus increase the productivity of company aids to increase performance of employees and organisation as whole. Leaders manage and control group members to implemented or executive creativity at working place. In Intel, leader develop and innovate new methods to train worker and bring effectiveness to perform business task. The leadership style applies in Intel is path goal theory of leadership that help to bound employees and make them motivate so they work with full efficiency in order to attain the targeted goals. The CEO of company perform the primary function that is to work subordinate work to make valued and desired rewards that are available in Intel.

Culture: It is consider to be one of the important internal environment factor within company that could effect the productivity and performance during a time phase. In the case of Intel the corporate culture is applied as a manner of ensuring the organisation competencies despite competition and other challenges within the same industry. For instance it promote human resource support for the production of high quality product which aid to fulfil Intel's mission statements and vision statements.

Teamwork: It is observed that team work in group to create a innovate idea as an individual is not capable to manage and execute creative work in company. It is the responsibility of team member in Intel to develop new ideas to have a better sales for their existing product that help company to generate high revenue. There has been effective and efficient team working for Intel that makes company powerful and profitable in this competitive world. Thus the employees at Intel are great people, very intelligent and passionate (Chesbrough, Vanhaverbeke and West, 2014.).

TASK2

P3 4P's of innovation and use of invention funnel in company.

In general innovation is referred to the act of developing new and innovate product that will be responsible to fulfil demands of clients and make them satisfy in effective manner. So, proper innovation mix is consider to be an crucial tool that will improve the quality of different product produce by Intel. This mix involves 4Ps that are product, process, position and paradigm that assist in implementing policies with in an organisation. In Intel, manager uses the 4Ps of innovation mix to ascertain the demand in industry and generate more profit this is describe below:

Product: This means that alteration and adding new features in the existing product and services. Manager of Intel create a plan to bring effectiveness changes in their product and it is consider to be the most crucial elements that will generate profit. As once the modification is done then they wait for the response of customer if they are satisfied or not with these alteration. It help company to grow its goodwill in market to their competitions.

Process: It is related to the act of completing and performing a business activity. Management of Intel form plans to change the manner of producing product and improve the process of delivering those finished goods to customer so that they feel comfortable. They make fresh process affiliated to manufacturing, operations, selling, merchandising, branding, promoting and other activity.

Press: It is related to those factor that is related to the environmental condition and climate of the place where company operate its business operations. This involves faithful atmosphere of surrounding such as organisational culture, sufficient amount of resource and creativity in the workplace and workforce. So in Intel, manager requires to reframe their company operation system and create a proper effective press factor at workplace.

People: Every business requires a sufficient amount of workforce to run their daily business activities in a proper manner. In includes internal stakeholder within company such as employers, worker, investor, clients and other individuals (Chrisman and et.al., 2015). In Intel, workforce plays an important role for growth as they use their mind, abilities skill to bring innovation and effectiveness in producing goods and bringing satisfaction level in services.

Innovation funnel is defines as the cater of new ideas in company that help in attaining of companies goals and objective in a predefined period. In Intel it is a process in which all collected information for external sources are analyse and execute and at last the with the help pod precessed information management could make effective decision with appropriate methods. There are basically three steps that are explained below:

  • Management of Intel gather relevant important information from different sources according to the clients at market place.
  • Then small section of market is included or examined so that company can arrange these resources to formulate strategies and plans for growth and development.
  • At last, the management of Intel provide final result with the help of processed information that helps to improve the customer satisfaction (De Medeiros, Ribeiro and Cortimiglia, 2014).

Thus it is very important for the manager of Intel to reshape the innovation funnel at the right cost in order to make more profit and increase to market share.

P4 Improvement and development in frugal innovation.

In business world frugal innovation is referred to a process of decreasing cost complexity and the total cost involved in production process. This help companies to cut their expenditure and save more amount to overcome any other issues of company if required in future. With the help of this, management of organization may withdraw unneeded features of product and services that automaticity trim prices of that goods. Frugal innovation is an useful tool for every organisation as it aids in maintaining a suitable profit and competitive advantage in market. In Intel manager adopt new innovate low pricing strategies that help them to attain economic of scale. In state to create frugal innovation in company management follows some step, those are explain below:

  • Determine improvement area: This is related to ascertain the basic improvement place or points for company product and service. In Intel, manager prepare necessary list of all those point that needs to be improved.
  • Make alternative solution: This is related to the making employees opinion about all relevant issue so that option of solution are made.
  • Selection most suitable: As once the list are prepared about certain issues and solution, then most appropriate solution is chosen according to needs and wants.
  • Sustainable solution: Manager of company, determine sustainability of answer to recognize that it may work for longer time or not. If not then choose another one.
  • Clients behaviours: This process is helpful for business firm as they are able provide quality of goods accordingly to the demands of customer. This will be helpful in increasing the brand name and increase the profitability.
  • Engage and repeat: Many times customer start liking a product so they do not wants any modification and changes in these product otherwise they may move to other company product.

So manager of Intel, apply the frugal innovation that help them to reduce the cost of manufacturing new product. It also support to determine product that do not require any innovation in long run and gives the more benefit to company. Thus they keeps on producing the similar product that is more in demand and provide more customer satisfaction (Kleinknecht, 2016).

TASK3

P5 Importance of the commercial funnel.

Commercial funnel is introducing an ideas that bring focus of large number of customer but result in smaller number of clients those are actually interested to buy product and services. It consider different step to increase high profitability are knowing, interest, assessment, purchasing decision, re-evaluation and acquisition form. In Intel manager applies the application of commercial funnel so that promotion of product in done in effective manner, so of the importance is discussed below:

  • Management is responsible to measure all information and collected data in a proper mode to draw a effectual conclusion. These all are very crucial for the firm to make high consumer satisfaction.
  • With the help of commercial funnel, company is able to create quality product and services are provide to large number of customer. This method help Intel to gain long term sustainability and make it capable enough to attain predefined goals and objective.
  • It aid to appoint positive and advanced measure goodwill which implanted powerful brand image in customer's mind and they are attracted more towards their product and services offered by them (Mahr, Lievens and Blazevic, 2014).

New product development process: In order to increase the total sale and generate more amount company process effective plans to create or develop new product. For this development manager of companies like in Intel guide their employees and workforce in formation of new product. The management focus to apply the application of commercialisation funnel that support to produce highly effective and innovative product to meet the generation requirement. Some basic step are discussed below:

New product strategy: The role of management id to create effective strategies that helps in forming new product. With the proper research by marketing department they determine the needs and wants of customer and makes product.

Idea generation and screening: Management of company make alternative ideas that support in creating new goods and services. They make a suitable choice from the various available option so that only those product are formed that are needy by customer.

Business analysis: Manager investigation business growth expectation at industry place, that improve their orientation in approaching period (Malerba and Adams, 2014.). They find out the all accessible chance for company are form strategies accordingly.

Commercialisation: This step is related to the process of selling product and services that are applied by companies in market. One of the important part for companies as unless and until their product is not displayed they are not going to be sold.

New product: The last step is related to the product development as the main motive of companies is to develop suitable product that satisfy customer wants and needs.

P6 Make an Innovation Business Case

In business world every company wants to create a business case that help in determining goals and objectives. So these companies make a definite approach that help in attaining predefined goals and objective in an effective ways in a specific period of time. Manager of Intel, manage all relevant project that helps them to cop up with growing competition in market. The basic steps to make an innovative business case that are discussed below:

Step 1: Confirm the opportunity: In this step the manager of Intel describe the situation and the upcoming business opportunity that will impact the pe

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