Unit 8 Innovation and Commercialisation
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Table of Content
Description
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Acknowledgement
Aims and Objective
Research Methodology
Introduction
P1
Explain innovation and determine its importance to organisations in
comparison with invention
P2
Explain how organisational vision, leadership, culture and teamwork can
shape innovation and commercialisation
M1
Analyse different sources of innovation, and how organisations can foster
and develop an environment and culture of innovation?
D1
Critically analyse how innovation is developed, embedded and measured
in an organisational context?
P3
Explain the 4Ps of innovation and explain the use of the innovation funnel
to examine and shape innovative ideas.
P4
Explain developments in frugal innovation and provide examples of how
it is used in an organisational context.
P5
Explain the importance of the commercial funnel and the application of
NPD processing for commercialisation of innovation.
P6
Build an Innovation Business Case for an organisation, including ways to
access funding
M4
Build a detailed Innovation Business Case which includes how to measure
its overall effectiveness using appropriate techniques available to test,
iterate and improve.
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 innovation
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 innovation
16 M5
Present supported evidence-based evaluation of these different tools in
the context of the wider business environment?
Page No.
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07-08
09-10
10-11
12-13
13-14
14
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15-16
16-18
18-19
19
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17 Reference List
18 Conclusion
20-21
21
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Acknowledgement
I would like to thank Mr. Waheed for introducing me to the topic as well for the
support on the way. Also, I like to thank the participants in my survey, who have
willingly shared their precious time during the process of interviewing. I would like to
thank my loved ones, who have supported me throughout entire process, both by
keeping me harmonious and helping me putting pieces together. I will be grateful
forever for your love.
Aims and Objectives
Aims and objectives of Innovation are goals to improve things by an order of
magnitude. Innovation typically requires experimentation, risk taking and creativity.
As such, innovation objectives may involve greater levels of uncertainty than a typical
business objective that aims for predictable and quickly obtainable improvements.
Aims and objectives of commercialization Commercialisation aims to achieve value
for money in the consumption and delivery of Government services by applying
commercial principles.
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Research Methodology
For the successful completion of this report, I have utilized different available
resources, from which we have obtained required data. I have researched in depth
and have used a wide range of sources in this assignment, Textbooks, Articles,
Journals, Teacher notes, videos, guidance from mentors and the internet. I have also
used the information and data from the international federation of accountants and
financial reporting council. My research method is secondary.
Introduction
Innovation is an iterative process of doing both matching the needs and desires of
the clients to the technological competencies so that they could fill the gaps of the
knowledge about the product conception, design, marketing and several other
processes. The commercialization has been depending on the abilities of the firms
such as of KFC in the project so that they could establish and protect the development
and along with it protect the propitiatory benefits in the marketplace.
The recommendations will also be provided so that KFC can take the sips of
innovation for is innovative and high-end products that would be ruling the market
for their uniqueness.
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P1 Explain innovation and determine its importance to
organisations in comparison with invention?
Innovation means coming up with new ways of doing things. Bringing innovation into
your business can help you save time and money, and give you the competitive
advantage to grow and adapt your business in the marketplace (Australian
Government, 2018). Innovation generally refers to changing processes or creating
more effective processes, products and ideas.
However, inventions can be patented, as it provides security to the inventor, for
intellectual property rights, and also identifies it as an actual invention. It can be a
new process of producing a product or may be an improvement upon a product or a
new product (S, 2017).
Innovation is vital to any organization, as it is important to stand out from their
competitors. When a new product is innovated by the company, the people become
conscious about it and at the same time an organization will have an edge over its
competitors in the market and tries to balance their image, role, vision by innovating
the product by a month, or a year. Through the innovation an organization will have
a better market share and will be able to make better profit due to their new
innovation of product (Reiss, 2015). Innovation will also give a recognition to the
brand name of KFC as more and more people will be attracted to the brand.
But innovation alone isn’t enough. Too often, companies focus on a technology
instead of the customer’s problem. But in order to truly turn a great idea into a worldchanging innovation, other factors must be taken into account (Grasty, 2017).
So, it can be said that innovation is not the same thing as invention, as these are two
different concepts. Both the activities require huge capital investment in the research
process. Further, the invention is when something new or novel to the world is
discovered, while innovation is about introducing an effective way of using, producing
or distributing something.
P2 Explain how organisational vision, leadership, culture
and teamwork can shape innovation and commercialisation
For most organisations, the big challenge is implementing the plans as people are
always the major challenge in every transformation and introducing change. Consider
training people to be more creative, developing their skills and confidence in creative
thinking, while working on real challenges and opportunities, so that they learn about
creativity while the company has the benefit of new ideas.
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The main purpose of innovation is crating of the new idea. An invention helps to
actualise this innovation and to decode these new thinking. The main goal of these
innovation and invention is to commercialise the product and services.
Commercialising is the process of aggregate to all the innovation and invention,
marketing and communication to the customers. For commercialising a product in
the market, different factors affect the process of innovation and commercialisation
and in terms of KFC it is not different (Osterwalder, 2010).
Organisational culture encompasses on all the area of future objectives and goals of
an organisation. For example, KFC vision is to provide best food service to its
customer. For this, it needs to innovate new idea and thinking about the existing
product or new product, then invent the idea and finally commercialise the product
in the market. This is the way to enter in the market by launching the new product.
So, vision of any company has great impact on the invention and innovation process.
Leadership is the method of organising a company according to the organisational
goals and objectives and then becoming success and predetermined norms and
behaviour of that company (Scott, 2015). There are different types of leadership’s
method, autocratic, democratic and participative and laisses-faire. KFC is adopted
autocratic leadership style for its organisation, because the organisation leaders are
the agile and aggressive to obtain qualities, so using this leadership process KFC
might be successful.
Organisation culture aggregate values, norms and attitudes of the employee. Culture
might be shaped by the countries values and attitudes. However, organisational
culture opted may be valid for one country and void for another. So, the cultural
differences have an impact on the process of innovation and commercialisation of a
product and services. KFC is aggressive and agile to meet its goals and objectives,
so culture can help to shape the process of innovation and commercialisation.
Team is a dynamic concept in problem solving and to complete a specified task
according to the plan (Wheatley, 2011). KFC has different teams to perform different
task to innovate and commercialise the product. If these team acts according to the
organisational goals and objectives by providing new ideas and best services to the
customers, the KFC can able to achieve its goals easily and in efficient manner.
Therefore, team work helps to formulate the process of an organisational innovation
and commercialisation.
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M1 Analyse different sources of innovation, and how
organisations can foster and develop an environment and
culture of innovation?
Innovation has become the buzzword of the industry in the 21st century. Several
emerging businesses have proved that innovation can be the way to the top. From
Amazon to Google and Facebook, all have proved it. Many times people use the terms
innovation and improvement interchangeably (Drucker, 2017).
Peter F Drucker’s seven sources of innovation provides us with a purposeful way to
search for opportunities as well as mitigate risks. The first four sources of innovation
are symptoms of something that has already occurred, or can easily be implemented
with little effort. They offer us evidence that make them reliable indicators that there
is a great opportunity to innovate. The last three sources of innovation are not so
clear and cut as the first four; therefore, they pose a greater risk of failure; however,
promises greater rewards (Slaughter, 2017).
According to Peter F Drucker, there are seven sources of innovation.
a)
b)
c)
d)
e)
f)
g)
The Unexpected
Incongruities
Process Change
Industry and Market Structures
Demographics
Changes in Perception
New Knowledge
A) The Unexpected
When something unexpected happens to us we are hardwired to rule out it out. It's
a learned behaviour. However, if we were to analyse The Unexpected, we may find
an opportunity to innovate. Both, unexpected success and unexpected failures,
shouldn’t stay unnoticed and shouldn’t be overlooked as opportunities for a change.
B) Incongruities
When the need is incongruent with the supply, innovation might be born. This is an
indicator there may be a case of incongruity there, because they are operating in a
way that is the status quo instead of asking is there a better way to do a particular
function. In an attempt to resolve the existing incongruities people might innovate.
C) Process Change
This source of innovation is more task-focused rather than situation-focused. Here
the source of opportunity for innovation comes after looking closely at the processes
of the company and identifying clearly the weak spots and the ways they can be
improved. Knowing what the weak links are after a detailed evaluation of the
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company’s capabilities, the teams will be able to create more effective and innovative
solutions.
D) Industry and Market Structures
Industry and market structures can be stable for years, yet with the technology
development, many industries are disrupted almost overnight. A change in and
industry or market opens up ample opportunity to innovate. The leaders need to keep
an eye on these changes and to treat these changes not as threats but more like
opportunities.
E) Demographics
Companies are affected in one way or another by the change of demographics. These
changes affect the markets as they determine the demand for products, who is buying
these products and what quantities of the product are bought. The demographic
changes in age, education, employment, affect the direction that the business takes
and can open new horizons to the company if it manages to appropriately identify
the opportunity.
F) Changes in Perception
With the years, there are significant changes in the way people perceive the world.
Perception changes over time, and, nowadays, due to the involvement of technology
and the power of social networks, these changes happen faster than ever. People can
change their perception about certain product, brand or industry overnight. The
changes of perception open a road for businesses to innovate, to develop new
products and services that align with the new perspective of the customers.
G) New Knowledge
New knowledge can also be a source of innovation. Whether it is Nano-technology,
biotechnology or even artificial intelligence, new knowledge in any area is a source
of innovation. New knowledge, however, can be applied in every aspect of the
company, from learning more about the customers through analytics to improving
the supply chain to hiring the best employees (Pratap, 2018).
D1 Critically analyse how innovation is developed,
embedded and measured in an organisational context?
Innovation could be said as the process that has been managed from the long-haul
perspectives that can’t be measured for the competitive goals of an organisation. The
first step to measuring innovation is to agree internally on which activities represent
innovation in the KFC and select key performance indicators to use as leading
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indicators. There are several areas that lead to innovative approaches, some of which
can be translated into leading indicators for innovation.
The second step to measuring innovation is to agree internally on which technologies,
approaches and types of initiatives will meet the KFC’s definition of “innovation.”
When searching for innovative technologies on the Internet, there are several
technologies, sometimes referred to as “disruptive technologies” because they
disrupt business.
The best way to approach this, in subject to KFC, would be to gather executives from
business units and technology services, review the technologies thought of as
innovative, and discuss how they might benefit KFC. The goal of the discussion is to
create a list of technologies that are considered innovative and initiatives they would
support. Later, when chartering projects, KFC will have an opportunity to indicate if
the technology used for the initiative is standard technology currently in use or a
new, innovative technology (Drucker, 2018).
The third step to measuring innovation is to agree internally on which areas of the
business are not effective in today’s market and could use innovation to transform
how business is done.
Innovation does not always involve new technology; it can just as often involve a
new approach to doing business. Thus, after reviewing new ways of doing business
that involve new technology, a review of KFC’s current business processes should be
performed, looking at how process transformation and/or new technology could
improve the area. Similar to building a list of new technologies considered innovative,
projects that transform these areas should be considered innovative or
transformative.
Finally, KFC will have a list of objective measures that can be used as leading
indicators. The indicators selected should then be tracked, along with the revenue
produced by the initiatives undertaken. The result becomes the ability to track the
revenue produced through innovation, whether technical or transformational
process-driven, which was the lagging indicator selected.
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P3 Explain the 4Ps of innovation and explain the use of the
innovation funnel to examine and shape innovative ideas.
Innovation deals with the process by which an organisation creates new ideas and
thinking, "new product and services’’. The 4Ps of innovation is the innovation mix
which is much used by the organisation" this is developed by John Bessant and Joe
Tidd. The 4Ps are:
Paradigm:
It is the planned process by which an organisation faces the changes of being taken
innovative ideas and thinking and the process of how the organisation do all the jobs,
in terms of doing the jobs by facing new challenges and threats (Bryson, 2018).
The change could be radical, but not all changes are always positive. This includes
changes in your business model, such as, changing your published products from
print to online platforms (David, 2016).
Product:
It is the main item which is offered to the customer, this will be valuable to the
organisation, if it is able to add value to the organisation (Aaker,2012). The ways to
improve the product is known as ‘incremental change’. Secondly, a product be made
completely different from scratch. It is also known as ‘radical change’.
Process:
It is the way by which a product is provided to the customer. This doesn’t only include
the preparation processes of your product or service. It includes all the steps, such
as supplying, workflow, hiring people, and training (Amin, 2019).
Process is anything we can do to improve processes in our organization, so they are
quicker, more efficient, or cheaper. It is any new ideas that applied to the existing
processes result in increased profitability. It also means innovating new processes to
add to, or replace, the existing ones (Kostic, 2003).
Position:
Position is related to our own perception. It is a psychological category, and
promotion is just one of the processes in the organization that affects this aspect of
the innovation (Egypt Innovate, 2015).
Innovation Funnel
It is a mechanism that allows a constant stream of ideas that can be screened for
viability. It is also Known as Funnel Management Process. The Innovation Funnel is
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a popular approach for innovation that is used by many companies to create an
innovative and realistic action plan (Janse, 2019).
The idea of the Innovation Funnel was that it takes lots of potential customers to
qualify for making a deal as a company, and that it takes lots of ideas and
brainstorming sessions to evaluate whether a new product or service will be
profitable. Henry Chesbrough subsequently changed the concept by making the
funnel permeable. He came up with the term ‘open innovation’ and proposed that
ideas can and must come from individuals within the organisation, but also from
external customers and partners (Chesbrough, 2006).
P4 Explain developments in frugal innovation and provide
examples of how it is used in an organisational context.
As a process frugal innovation discovers new business models, reconfigures value
chains, and redesigns products to serve users who face extreme affordability
constraints, in a scalable and sustainable manner. It involves either overcoming or
tapping institutional voids and resource constraints to create more inclusive markets
(Bhatti, 2011).
Frugal innovation is important because of the following reasons (Schorecker, 2017);





Lacklustre growth and cutting funds to reduce debt in developed economies
will increase demands for frugal products and services and frugal innovation
processes.
Environmental constraints around climate, energy, water and other
resources will increase demand for more frugal models of production and
consumption.
New technology platforms are drastically reducing the cost of some forms of
innovation, creating huge, new opportunities for frugal innovators.
Caring for rapidly ageing societies will require completely new approaches to
health and social care, including radically rethinking business models and value
chains that are apparent in some examples of successful frugal innovation.
Fast Growing Markets are in developing and emerging economies where
demand for frugal products and services is high.
Example
Samsung produce different smart phone for its customer of India and Pakistan. This
is a process of frugal innovation because the customers of these countries are
different by their preferences, demands and choices (Radjou, 2012). Since the
customers of Pakistan are sophisticated and knowledgeable about the latest trends,
Samsung launches phone by featuring new and complex functions and these
customers are also willing to pay more as compare to the customers of India.
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In case of India, the customers are poorer as compare to the customers of Pakistan.
So frugal innovation is best for doing business, by producing products with less
complex functions and easily accessible to the usage rules and guidelines for the
Indian market. Therefore, frugal innovation helps Samsung to enter into vast market
of India.
P5 Explain the importance of the commercial funnel and the
application of New Product Development (NPD) processing
for commercialisation of innovation.
Another name for commercial funnel is sales funnel. The commercial funnel
demonstrates the journey of the consumer towards the purchase of a service or
product (Zhang, 2012). There are five steps of the commercial funnel are;





awareness,
opinion,
consideration,
preference
purchase.
Commercial funnels are responsible to visually represent the customer's
journey thereby depicting their sales process, which starts from awareness to action.
The main importance that lies with the commercial funnel includes awareness of the
customers and identifying their problems thoroughly (Lazzarotti, 2016). They are
further involved in finding respective solutions to those problems by the use of an
email campaigning and social media marketing. Furthermore, efforts are made to
increase the interests of the customers to ensure that even with a decrease in the
customer prospects, the sales increase. This led to a close understanding of the
process of innovation and commercialisation thereby ensuring a competitive
advantage in the market.
The multimedia platforms have been widened carrying a successful promotion and
distribution process (Berendsen, 2015). This has made the easy access to funding
and resources thereby commercialising the entire process effectively. Some of the
important steps of NPD include generation of ideas, screening of ideas and such which
further help to develop the concepts and marketing strategies effectively.
Furthermore, with the development of the product and an effective business analysis,
the products are fully tested by the employees before being launched in the market.
With the adoption of the New Product Development (NPD) and commercialisation
funnel, the organisation will be able to drive products into the market thereby building
the Innovation Business case. Furthermore, the market testing and the iteration
routes to market are given due importance in the process thereby leading to a
successful market launch.
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P6 Build an Innovation Business Case for an organisation,
including ways to access funding
One of the toughest aspects within Innovation is making the Business Case. A good
business case for innovation concepts needs to show the areas of clear discussion,
not just ‘brushing over’ the unknowns but attempting to quantify and qualify them
as best as you can with the (imperfect) information to hand. It needs to ensure
conclusions do reduce down the more ‘emotive’ parts, so as to allow the ‘idea or
concept’ to firm up, stand tall and be seen for their real merits.
To work easily into the organization could enlist some of their requirements that can
make an innovative business case. Through this way company’s beings enable to
measure their performance and also deliver an idea of their future tasks. An
innovative business case the organization should include their product development
process, pricing strategy, customer awareness program and market emergence.



Firstly, develop a product offering. This can modify the products by adding
more effective features in its next batches.
To earn huge revenue, the organization should set a reasonable price to the
targeted customers.
Promotional activity is a main aspect. The organization can create their own
brand image and also to lead the generation who works with this organization.
M4 Build a detailed Innovation Business Case which
includes how to measure its overall effectiveness using
appropriate techniques available to test, iterate and
improve.
Building the Innovation Business Case offers a unique approach to tackle one of the
real problem areas within innovation- making the case compelling.
Knowing the issues, reducing often the 'noise and distractions’ and making the
professional case is what we need to do to attract commitment to the projects we
are working upon.
A systematic model that you go through, that takes the business case through a
structured step-by-step approach, enabling arguments based on facts to build and
grow, to lay out challenges and uncertainties, so everyone involved can see the same
steps of approach in making the case (Innovation Agility, 2019).
The business evaluation obtained provides a consistency of approach to all cases
irrespective across the organization to build a compelling comprehensive case
building technique that provides all stakeholders their essential information through
a clear transparent process (Yu, 2016).
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 Offering different creativity tools to start the process, structuring project
information on a comparable basis, clarifying often different definitions of
success, providing suggested guidelines to individuals making the case,
exploring different aspects of 'getting ready' to make the case and what that
means and points to where to go to resolve these.
 Then we move into building the business case preparation, cost and benefit
analysis, clarifying opportunity need, factor analysis, assessing stakeholder
interests, clarifying uncertainties.
 The next group of factors to consider is making the clear assessments of
competition, outlining the tactical moves to be considered market
attractiveness, the ability to execute and what business model does the
business case take to provide the fit and attract the commitment.
 Lastly to go back through the Business Case elements check-list to present a
format that builds up and breaks down the case logically with the best available
inputs, the unique selling proposition and the future resources needed to
translate this case into a winning commercial prospect, with clear time lines
and milestones and the projected financial and commercial value it would
provide.
 Moving an idea into a mainstream activity is one of the hardest aspects to
achieve. Making the innovation business case a winning one is not down to
luck, it is down to a systematic approach to building up the compelling case
for this. Making the innovation case in a well-structured process gives greater
opportunity for identification and realization.
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 innovation
Innovation is fast becoming one of the most important factors for an organization’s
success and growth. As such, cultivating innovation in KFC should be a critical
organizational initiative. Despite that, many organizations face internal challenges
which hinder the progress of innovation (Playford, 2016). Here are nine of these
common challenges and how to solve them:
1. Employees aren’t Empowered to Innovate
Managers at KFC fear that innovation will distract employees from their day-to-day
roles. As a result, around one-third of the employees do not feel empowered to take
risks or try new ideas. Internal innovation requires the support of leadership and
managers to take hold across the organization.
2. Employees aren't Motivated to Innovate
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Once employees are empowered, they must also feel motivation to innovate.
Motivation initiatives like inventor incentive programs, contests, or even unstructured
time can help encourage employees to spend time innovating.
3. An innovation strategy Missing
Like any organizational initiative, developing a concise innovation strategy is crucial.
An innovation strategy dictates the direction of innovation and its operational
implementation. Without one, innovation efforts risk misalignment.
4. Innovation is Centralized to One Functional Group
In many organizations, innovation is the responsibility of solely one innovation
challenge functional group, like R&D or product development. The myth that one
functional group is more suited to innovate than others is a severe hindrance to the
pace of innovation. Each department provides a unique perspective on the problems
of customers which can be critical for driving successful innovation.
5. Lack of Collaboration
Collaboration is the key to innovation. While many organizations understand the
importance of collaboration internally, collaboration externally can be equally
important. Innovation ecosystems bring together industry partners, customers, and
even competitors to drive innovation in the industry forward.
6. Lack of diversity
Hiring for innovation and subsequently building diverse teams can provide the
organization’s innovation initiatives with a wealth of ideas generated from different
perspectives.
7. Current product offerings are successful
KFC faces a risk complacency once their current product offerings have reached
success. The fear of pulling investment, resources or customer attention from existing
offerings can be one of the biggest hindrances to future innovation. However,
constant innovation is the key to sustained success long-term.
8. Bad Customers Connection
Deep customer empathy is the key to understanding changes in demand and staying
abreast of future trends; it provides the organization with a roadmap for what
problems to solve next. Utilizing customer feedback sessions regularly can help keep
your organization tuned in to the needs of your customers.
9. Incorrectly Innovation Measured
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Measuring and benchmarking innovation is core to constantly improving its success.
However, traditional KPIs, like sales volume or revenue, may not give your
organization the best insight into success. Instead, try measuring on the amount of
new ideas generated, percent of time spent on innovation, or the investment value
of innovation-related initiatives.
Innovation is crucial initiative for driving success in KFC long-term. When beginning
innovation initiatives, it’s important to be aware of and plan for these challenges.
Building a strong innovation culture in your organization not only helps to avoid these
challenges, but also to ensure that innovation is a strategic focus for every employee.
P7 Evaluate the different tools that organisations can use to
develop, retain and protect knowledge and intellectual
property.
The main purpose of innovation is about presenting new product or service to the
market. In order to keep up in today’s competitive market, innovation is necessary
for business organizations. If the innovators are competent enough to satisfy
customer needs, customers will remember the firm to be a marked and trustworthy
one. This is such a resource which is very much necessary to be existing in business
world. Customer satisfaction is therefore, a key tool for attaining success in business.
Some tools that can be used to develop, retain, and protect knowledge and
intellectual property are listed below: Developing knowledge and intellectual
property: By developing knowledge it is understood that improvement of knowledge
inside an organization is discussed.
In order to compete and exist in market. For stable and smooth running of any
business organization, this is a prerequisite. Reckitt Benckiser can also develop its
existing knowledge through various sessions and trainings. Retaining knowledge and
intellectual property: Any idea or knowledge is valueless if it cannot be preserved
properly and implemented in times of need. In order to cope up with ever changing
market, application of previously eared knowledge can be a handy tool for survival.
As for instance, patents, when applied within the workforce, help the firm to stay
protected from their innovative services. The manager of the organisation should
design their services through legal patents. The company generates their logo that
would make the firm differ from the others (Preenen, 2017).
However, by establishing a patent, trademark or copyright makes an organisation to
use the legal systems for protecting their intellectual property. Similarly, search the
patent and trademark databases to make a good start for determining the very fact
of invention, name, and symbol that has already been patented or trademarked.
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However, by presenting the gained information to a patent and trademark attorney
for review and further searching helps the firm to generate a legal awareness among
companies working in the similar industry.
M5 Present supported evidence-based evaluation of these
different tools in the context of the wider business
environment?
There are different tools that could be utilised by the various businesses so that they
could develop the knowledge and protect the privacy of the business and their
products. For saving the products there are certain tools such as;
Patents
Patents are utilised for the purpose of protecting the inventions and the
improvements that have been taken place in the products of the business. In this
case, KFC can safeguard the products of their business (Ke, 2016).
Trademarks
Trademarks are used for protecting the rights over the names, symbols and the
images that are utilised by the business owners for making their products and
company’s unique and an image so that the clients could easily identify them. This
could be utilised to protect the logo of the healthy business of KFC.
Copyright
Copyrights are utilised for the purpose of protecting the expression of the ideas in
literary, artistic and other musical works. In this case, KFC could protect the
advertisement that is made for the business from getting copied.
Before adopting any of these mentioned service or tools, company needs to follow
some legal requirement and formalities. By maintaining these formalities and legal
requirements company can use desired trademark, patent and copyright options for
the company.
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References
Amin, R., 2019. Innovation and Commercialisation. [Online]
Available at: https://www.academia.edu/36074876/Innovation_and_Commercialisation
Australian Government, 2018. Innovation. [Online]
Available at: https://www.business.gov.au/change-and-growth/innovation
Berendsen, G. M. R. P. I. A. F. a. H., 2015. International Journal of TechnologyIntelligence and Planning.
Social media withinsustainable product development: an exploratory multiple case study on the
perception of socialmedia usability in the new product development process., Volume 10(3-4), pp. 273293.
Bryson, 2018. s.l.:s.n.
Chesbrough, H. W., 2006. Open Innovation: The New Imperative for Creating and Profiting from
Technology. In: Open Innovation: . s.l.:Harvard Business Review Press, p. 227 pages.
David, 2016. Innovation Space 4P’s. [Online]
Available at: https://pla55106group4.wordpress.com/im-innovation-space-4ps/innovation-space-4ps/
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Conclusion
From the above task, it can be concluded that there are various requirements of the
business tool and ideas for the development of a successful business. There are also
certain barriers explained in a task that is needed to be avoided for the purpose of
developing a successful business. The above task develops learnings regarding the
approaches that KFC can take in the process of the innovative processes. The 4p’s of
innovation have also been explained in the task so that they could understand the
requirements of the market and work towards it. The procedure of the innovation
has been varying dramatically through the market and also the product lines.
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