1

Written Assignment – Week 4

BUS 5112 – AY2022-T3

Marketing Management

Dr. Santhosh Kumar

University of The People

February, 2022
 2

According to Brands (2013), establishing new product processes consists of eight steps, which
are: creating ideas (ideologies), screening the concept, testing the hypothesis, evaluating
business, testing the market, establishing procedures and goods, commercializing them, post-
launch evaluation, and correct pricing. In this portfolio activity, I will explore a few phases of
developing a new product by studying its invention and innovation principles. Then, I will assist
project managers in efficiently utilizing new product procedures.

1. Distinguishing between the two terms

According to Surbhi (2017), invention is defined as producing a completely new product

or device, whereas innovation is defined as making improvements to an existing product
or process by launching new ideas or approaches. The following are some important
distinctions between the two concepts:

- In terms of definition, invention refers to a previously undeveloped product or

technique, whereas innovation refers to adding value to an already existing product.
According to Surbhi (2017), invention is frequently used for a single product,
whereas innovation may involve many items.
- While invention activities remain inside Research & Development Department,
innovation activities can expand throughout the organization.
- Inventions can be patented to protect the inventor's intellectual property rights and
offer financial stability. In contrast, innovation is the transition of an idea into reality.
It provides answers to current market demands and meets the expectations of clients
by giving better products and services. Thus, there is no patent.
- According to Triple-A Learning (n.d.), invention can be challenging because it
involves experiments with uncertain outcomes and frequently has more failures than
successes. On the other hand, innovation adds method, ideas, as well as value to an
existing product, which are normally at the mature stage of CPL, making them less
risky than the others. In the industrial industry, innovation can result in decreased
costs and prices.
- The internet, the computer, the airplane, the x-ray machine, the electric car, the
automobile, and motion pictures are just a few examples of the greatest innovations
(Schlenoff, 2013). Some instances of innovation are the iPhone series, which was
 3

built on the first iPhone, the LG flexible screen, which was based on an existing flat-
screen TV, the Uber technology service, which adds value to the present taxi service,
and so on (Barr, 2020).
2. How to efficiently utilize new product procedures

According to Playford (2016), it is essential to understand the difference between the two
concepts because it impacts business strategy.

- In terms of growth strategy, both inventions or innovations have an influence on a

company's growth.
- In terms of intellectual property strategy, if a corporation has an innovation, it should
consider whether it is prudent to protect it through patents in order to avoid
competition. Similarly, open innovation may occasionally improve cooperation, much
as Tesla is giving out patents to everyone in order to broaden the market in general
(Playford, 2016).
3. Author’s question.
This week's reading materials are intriguing. I like reading the textbook since it gives so
many amazing examples of product innovation from many areas. When working on this
week's homework, I inquired as to which of the two notions, innovation and invention, is
now receiving the most attention. What pushes scientists to keep creating despite several
failures, since I sometimes give up very fast when confronted with a succession of
problems. It astounds me that innovation can be applied not only to goods but also to
processes, services, and even strategy. I'm also surprised to see that Tesla is giving away
its patent as a market expansion strategy.

Understanding the distinctions between innovation and invention allows a corporation to

concentrate on building an appropriate new development strategy and method. Because
innovation and invention may affect one another, the corporation may project a vision to support
one or both innovation and invention, depending on the demands of markets and consumers
(Playford, 2016).
 4

References

Barr, E. (2020, October 20). 7 Examples of Innovation & Key Takeaways. SpriggHR.

https://sprigghr.com/blog/hr-technology/7-examples-of-innovation-key-takeaways/

Brands, R. (2013, May 21). 8 Step Process Perfects New Product Development. Innovation

Coach. https://www.innovationcoach.com/2013/05/8-step-process-perfects-product-

development/

Playford, B. (2016, March 10). Why the Difference Between Invention and Innovation Matters.

Decipher. https://www.innovation-asset.com/blog/why-the-difference-between-invention-

and-innovation-matters

Schlenoff, D. C. (2013, November 1). What Are the 10 Greatest Inventions of Our Time?

Scientific American. https://www.scientificamerican.com/article/inventions-what-are-the-

10-greatest-of-our-time/?error=cookies_not_supported&code=7ae6c9df-fa3e-4e05-a650-

5c82abda8cb1

Surbhi, S. (2017, October 28). Difference Between Invention and Innovation (with Comparison

Chart). Key Differences. https://keydifferences.com/difference-between-invention-and-

innovation.html

Triple A Learning. (n.d.). New Product Development: Invention and Innovation.

http://www.sanandres.esc.edu.ar/secondary/marketing/page_105.htm