Assignment Front Sheet

Qualification Unit number and title

Unit 8: Innovation and Commercialization
Pearson BTEC Levels 4 and 5 Higher Unit code:
Nationals in Business Unit Level: 5
Credit Values:
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Date issued Completion date Submitted on

Assignment title Innovation and Commercialization

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Assignment Front Sheet

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Table of Contents
P1. Explain the different context of innovation and differentiate between invention and innovation.......3
P2. Explain how organization vision and leadership and culture shape the innovation and
commercialization.......................................................................................................................................4
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................................4
4 P’s of Innovation...................................................................................................................................4
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organizational context.................................................................................................................................5
P5. Explain the importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialization of innovation...............................................................................5
P6. Build an Innovation Business Case for an organization, including ways to access funding....................6
P7. Evaluate the different tools that organizations can use to develop, retain and protect knowledge and
intellectual property....................................................................................................................................6
Bibliography................................................................................................................................................8
Unit 8 Innovation

P1. Explain the different context of innovation and differentiate between invention
and innovation

Definition of innovation

Example of business innovation

Types of business innovation

Definition of invention

Types of business invention

Difference between innovation and invention

P2. Explain how organization vision and leadership and culture shape the innovation
and commercialization

Explain the value and importance of innovation to organizations and how this can be
embedded within the organizational vision, leadership, teamwork and culture at
Essence Drinks

Vison

Leadership

Culture and teamwork

P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to
examine and shape innovative ideas

Explain the 4Ps of innovation and how this supports capability and management of
innovation. Advise Essence Drinks which form of innovation they should engage in.

4 P’s of Innovation
Product
Price

Place

Promotion

P4. Explain developments in frugal innovation and provide examples of how it is used
in an organizational context.

Definition of Frugal Innovation

Discuss the approaches that Amazon Go can take to process innovative ideas, including
the innovation funnel and frugal innovation. Explain the steps Amazon Go should go
through to derive a new and innovative drink

P5. Explain the importance of the commercial funnel and the application of New
Product Development (NPD) processing for commercialization of innovation.
Commercialization

Importance of commercialization

How help commercial funnel in development of new product

Identify the solution to the problem using the commercial funnel to highlight strategic
capability meeting the following guidelines

Matching goals to funding resources and ways to access funding

Assessment of risk

Value analysis applying frugal innovation

P6. Build an Innovation Business Case for an organization, including ways to access
funding.
P7. Evaluate the different tools that organizations can use to develop, retain and
protect knowledge and intellectual property

Evaluate different tools Essence Drinks can use to develop, retain and protect the
knowledge and intellectual property rights of a new drink
Bibliography
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