Division of Business Course: HNC Level 4 Business Year: 2016/2017 Student Name: UNIT 08: Innovation and Commercialisation Lecturers Name: Dr Shittu Date Issued: 6th of February 2017 Completion Date: 19th of May 2017 Fail Pass Merit Distinction P1 P2 P3 P4 P5 P6 P7 M1 M2 M3 M4 M5 D1 D2 Learning Outcomes: 1 Explain the context for innovation and determine the difference between invention and innovation. 2 Explain the different types of innovation. 3 Discuss the process required to commercialise innovation. 4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages. Comments: Assessor’s Signature:______________ Referred Date:______________ Late: Yes No Internal Verification: Yes No I declare that the work I am submitting for assessment contains no sections in copied in whole or part from any other source, unless it is explicitly identified by means of quotation mark or by means of wholly indented paragraphs. I declare that I have also acknowledged such quotations by providing detailed references in an approved format. I understand that unidentified and un-referenced copying both constitutes plagiarism which is an offence. I give my consent for my work being scanned by Turnitin formatively and summatively for the purposes of assessment. Student Signature: Received: Date: Date: Student Name Assessors Name Qualification HND Business Level 5 Awarding body EDEXCEL Unit name 08: Innovation and Commercialisation LO 1 Explain the context for innovation and determine the difference between invention and innovation. P1 Explain innovation and determine its importance to organisations in comparison with invention Comments P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation. Comments M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation. Comments D1 Critically analyse how innovation is developed, embedded and measured in an organisational context. Comments LO2 Explain the different types of innovation P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas. Comments P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context. Comment M2 Analyse and apply the innovation funnel in an organisational context. Comments M3 Evaluate the role of frugal innovation in an organisational context. Comments LO3 Discuss the process required to commercialise innovation P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. Comments P6 Build an Innovation Business Case for an organisation, including ways to access funding Comments M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve. Comments D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations. Comments LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property. Comments M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment. Comment Have all ACs been met by the learner? Yes Is Criterion based feedback given to learner? Yes Overall Assessment Decision Distinction Merit No No Pass Referral Fail Assessors Signature Dated INTRODUCTION The purpose of this assignment is to provide learners with the opportunities to acquire knowledge and understanding of innovation to an organisation and how this innovation could be commercialised. Scenario To grow their business profitably, companies must constantly review their product portfolio. Marketers and product developers must use their understanding of consumer behaviour to satisfy changing consumer needs. This is true even for industrial giants with brands that are household names. Heinz has a series of icon products that are brand leaders and with which the company is closely associated e.g. salad cream, baked beans, tomato ketchup. However, Heinz knows that it cannot afford to rely simply on the existing strength of these icon products, so the company has created an innovative culture focused upon consumer needs in order to encourage the development of new ideas. Heinz Heinz began in the USA, with an American boy, barely one third of a hectare of land, and a horse and cart. Henry J Heinz was an industrious young lad who helped his father in his Pittsburgh brickyard. Grateful for his support, his parents gave him a small garden of his own when he was ten. He soon began to sell the vegetables he grew and by the age of 15 he took the first step into convenience foods. By bottling horseradish in clear glass jars Henry Heinz was clearly different to other manufacturers who bottled their goods in coloured glass jars to hide the cheap fillers used to add to the ingredients. This was the first move to meeting consumers’ needs and underpinning Heinz values of offering quality products. However, in response to the constant changes in business environment and tough competition within the industry sector, you have been be asked to examined the business sector, its environment and advice Heinz on how to deal with the tough competition and the constant changing business environment. This advice must be presented in a report format and must address the following learning outcomes. The report should follow this format. Task 1 a). Explain innovation and determine its importance to organisations b). Define and explain invention and its importance to business and how Heinz could continuously employ the two to improve its chances in the industry sector. c).You should also explain the difference between innovation and invention. P1 Task 2 Explain how Heinz could use its organisational vision, leadership, culture and teamwork to shape innovation and commercialisation of its invention. You may need to research on Heinz’s Vision, culture, leadership as well as the way it operates its team to help you this section. P2 Task 3 Analyse different sources of innovation, and how Heinz as an organisation can foster and develop an environment and culture of innovation in order to improve and sustain it current position within the industry. M1 Task 4 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas. P3 Task 5 Explain meaning and developments in frugal innovation and provide examples of how it is used in an organisational context. Explain how Heinz could adopt this method to improve its position P4 Task 6 Analyse and how Heinz could apply the innovation funnel in its organisational context. M2 Task 7 Evaluate the role of frugal innovation in an organisational context relating your evaluation to Heinz. M3 Task 8 Critically analyse to Heinz, how innovation is developed, embedded and measured in an organisational context. Advise them the best way these could be handled by the company. D1 Task 9 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation to the company. P5 Task 10 Provide a strong case for the business to be innovative and advice the business on how it could access funding to finance it innovation. P6 Task 11 In addition to your points and arguments in task 10, provide a detailed Innovation Business Case for Heinz which should include suggestions on to measure its overall effectiveness of the innovation using appropriate techniques available to test, iterate and improve the business. M4 Task 12 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations such as Heinz can overcome challenges to develop successful innovations. D2 Task 13 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property. P7 Task 14 Present supported evidence-based evaluation of these different tools in the context of the wider business environment. Your evaluation in Task 14 must draw examples from different companies to support organisational practices of the tools identified in task 13. Resources: Read more: http://businesscasestudies.co.uk/heinz/staying-ahead-by-meeting-changing-consumer-needs/introduction.html#ixzz4VCFTpcfi Under Creative Commons License: Attribution Non-Commercial Share Alike Follow us: @BizCaseStudies on Twitter | bizcasestudies on Facebook Submission Guideline • Work should be referenced • Sources should be acknowledged fully by referenced books, journals used and URL visited • All work should be word processed, font size of 12 and font style of Times New Roman/Arial • Subtitles of the assignment should be in the font size of 14 • Pages should be numbered in the bottom right hand corner • Spell checks the document and read thoroughly for grammatical errors • 1.5 Line spacing • Reference at the end of the assignment • All paragraphs should be aligned in justified mode • The guided word limit is between 3000-4000 words