Review other student posts before deciding what and where to structure reply posts. Student must post aminimum of two replies thatmust be uniqueto other students. Replies should build upon the...

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Review other student posts before deciding what and where to structure reply posts. Student must post aminimum of two replies thatmust be uniqueto other students. Replies should build upon the original discussion thread (and other replies posted prior) with further details on lesson concepts, additional research, business examples, etc.




Replies require short essays and must contain a minimum of 100 words each. Replies must be constructive

which means theydo not simply state agreement or disagreement re-highlighting points already made in prior posts(those words do NOT count). Replies must offer additional information or input to the discussion of the current event and lesson concepts. All statements using points that are not general knowledge should be properly cited to their source in the contents of this essay with a reference listing at the bottom.




Tara Allen







1. Provide an example on how the role of innovation can affect market differentiation?




Differentiation strategies are utilized when buyers’ needs and preferences are varied and cannot be satisfied by a standardized product or service. When a company is striving to maintain an innovative edge and advance technologically, enhancing differentiation strategies may be necessary for standing out to the target audience. There are a variety of ways that an organization can differentiate and increase its competitive advantage, which include price, design, reliability, quality, service, technology, accessibility, experience, and uniqueness (GreggU, 2018). Dyson is an example of further differentiation from the vacuum cleaner, its initial innovation. It has since developed related accessories and become more notable for its haircare tools such as the ‘Airwrap’ line.





2. What is the commercialization processes for complex innovation?




The commercialization process for complex innovation is comprised of seven steps. Step 1 is to identify the key elements of successful innovation. Key elements include leadership, people and culture of the organization, established plan and effective program management, consistent and clear purpose, and timing. Step 2 is idea generation, or the identification of a dilemma, need, or market opportunity. Market trends, horizon scans, monitoring competitors, and customer inputs are especially important in this part of the process. Step 3 includes analyzing the ideas and deciding on one to move forward with. The screening process involves evaluating business opportunity, performing a realistic assessment of organizational capabilities, approximating cost and time for developments, gauging competitors and barriers to market entry, assessing risks – political, technical, geographical, etc., and choosing the option which provides the largest return on investment (ROI) and highest competitive advantage. Step 4 is conceptualization and testing. This includes detailing out the logistics and plan for what is going to happen, in what order, how risks will be addressed, and what resources are needed. Step 5 is crossing the “valley of death”, ensuring milestones and deliverables are achieved to end up with a fully tested and operational prototype. Step 6 is test marketing, finalizing strategies and launch plan, and determining priority markets. The final step 7 is commercialization. The concept is put into production and launched into the market (EEFinsights, 2017).




References



EEFinsights. (2017, March 13).7 steps from innovation to commercialisation. YouTube. Retrieved November 3, 2022, fromhttps://www.youtube.com/watch?v=k-VtWZYFuvo






GreggU. (2018, June 13).Differentiation strategy. YouTube. Retrieved November 3, 2022, fromhttps://www.youtube.com/watch?v=NshI_qoaf7g



Angie Barbosa







Provide an example on how the role of innovation can affect market differentiation?









What is the commercialization processes for complex innovation?





Innovation does not necessarily proceed early from basic scientific research to product development; it is an iterative process of both matching market needs to technological
capabilities and conducting research to fill gaps in knowledge, whether during product conception, product design, manufacturing, marketing, or other phases of the innovation process. Commercial success depends as much on the ability of firms to establish and protect a proprietary advantage in the marketplace as it does on their ability to generate new scientific and technical advances.



The process of innovation varies dramatically across industries and product lines. In some industries, like pharmaceuticals, innovation depends heavily on scientific breakthroughs; in others, like electronics, it derives more from product and process design. In addition, innovation takes on different characteristics throughout product and industry life cycles.





Answered Same DayNov 06, 2022

Answer To: Review other student posts before deciding what and where to structure reply posts. Student must...

Shubham answered on Nov 07 2022
44 Votes
COMMERCIALIZATION PROCESSES FOR COMPLEX INNOVATION
Table of Contents
Question 1    2
Question 2    2
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eferences    3
Question 1
Innovation is required for identifying services and it provides the feature for making the service unique. Market differentiation is the tool that can be used for distinguishing products from others that are present in the same category (Na, Kang & Jeong, 2019). For example: Innovation using RFIDs can help in arranging products on shelves through the process of automation in the warehouse. This also includes arranging...
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