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The report will provide the understanding about commercialisation and also develop the knowledge for the innovation and commercialisation importance for business in market. The report will provide the information related to the commercial funnel and also the innovation business case and their funding ways.
Commercial funnel and its importance
Working on the necessary development on the performance, it is vital for them to work on the commercial funnel to develop the change and working in market (Dierks, 2017). The commercial funnel is known as the sales or the marketing funnel which help the companies in getting better results in market to work in. this is vital for the business as it led to development in market by increasing the necessary change and development in services from organization. Developing the necessary change in marketing and sales funnel can help the business in providing the development in business market. The funnel provides new strategy to work in to develop the performance and find new alternative ways to increase the unique innovation for the business performance (Van der Bend and Lissner, 2019).
Here are some of the importance of the funnel for organizations:
Working on marketing Plan
The importance of the commercial funnel is that it provides the necessary process of planning in the workplace for development in the marketing of product and services. The commercial funnel works as the increase of creating a better process of marketing plan with the understanding of market knowledge to work on. This also drive the fast way process to reach a better plan for the business in increasing the necessary change of action. The funnel helps the Ascension ventures in getting the best of their investment in the product and services to make a plan to provide better marketing in global market to reach the target outcomes and audience.
Working on the consumer needs fulfilment
When the company works on the marketing funnel and increasing the marketing process, it is vital for them to develop a necessary working of fulfilling the customers expectation in market where they are developing the necessary change in process of development. Commercial funnels aid in expanding a company's market, which is critical for them to create a shift in market and expand a bigger market for both the crowd in order to achieve better financial accounts for the goal of growing profit and creating outcomes. Funnel provide them information to work on so that the venture can create better performance in market (Peng and et.al.,2019).
Increase in sales ration
Ascension venture are working on the necessary change of workplace to develop their market ration and profits in business market of UK. They are developing the necessary changes in workplace so that they can lead to increase in performance for business and develop necessary working for the organizational objectives (Fan and et.al., 2019). The commercial funnel helps in making a market awareness which can lead to better sales for the company. This help in getting better market profits and productivity for the business so that the company can get better sales ration and increase in work performance.
Model AIDA
AIDA works as development in the market awareness and increase the strategy of marketing to provide better results to the company. The company use this in ways to develop the knowledge and awareness in market for the people about company product and services so that they get better respace (Poetra and Christantyawati, 2017). It is vital for the company to work on the marketing strategy to develop better results in performance to grow:
Attention: the venture needs to be active when they are working on the strategy and development. The attention process provides the focus and development in the performance for business.
Interest: When the people working in the business shows the interest this help in getting the better results and provide the increase in process of development for the market.
Desire: Desire focuses on performance motivation and aids in achieving the highest level of organizational innovation.
Action: action is vital to get the results and it is essential to make the changes in performance by increasing the action for the performance.
The model provides different advantages for the business as it led to development and motivation to the workplace as the people are working on the strategy tend to increase their performance to develop results. Working on factors to make the use of Model so that they can lead to development in business (SUGGETT, 2018).
NPD (New Product Development)
Step 1: Generating: It is the first stage in the process, during which the leadership generates value proposition ideas.
Step 2: Screening the Idea: The ideas must next be screened and double-checked to determine their value to the company's performance.
Step 3: Testing the Concept: It is critical to put the concept to the test in order to improve workplace performance. For a business initiative to grow, the concept must be tested.
Step 4: Business Analytics: To improve overall innovation success, Ascension Ventures must develop its analytical process. To help the business with better understanding and creating liability to increase results.
Step 5: Beta/Marketability Tests: the changes need to be tested and development according to the market scenario to increase presentation.
Step 6: Technicalities + Product Development: Technology is being used to give better business growth. This aids in the growth of a company.
Step 7: Commercialize: boost commercialization in order provide assistance to prospective employees in the business and enhance productivity in order to test new products in the market
Step 8: Post Launch Review and Perfect Pricing: Finding the optimal pricing is critical, it can have a major effect on development performance, therefore the pricing should be accordingly.
Innovation business case and ways to access funding
Working on the necessary factors of the innovation and development of invention into innovation. It is vital for the business to make the changes and create opportunity for the workplace. This is vital for the change in workplace and create a liability of develop performance. Funding is major factor which required a good amount and connection to get the right sources of funds in business and enhance working in development. Ascension venture working in the market and investing in different strategy need to have good resources of finance which they need to follow in workplace. This is critical for the workplace as to enhance the overall factor of development.
Innovation Case Business
Working on the innovation it is vital for the management to works on the necessary changes and increasing the development in workplace to perform better. Working on the business case the company need rights steps to provide a great impact on performance for the Ascension venture. This can lead to increase in work performance. Developing the different steps to get better understanding of the business as a case.
Opportunity:
Ascension Ventures focusing on the change and existing opportunity to work on to develop performance according to knowledge
Shortlist option:
finding the right opportunity need the steps of shortlisting the data and creating a way to develop process in workplace.
Evaluateoption:
Developing the aspect of opportunity and creating a way to get the best factor of opportunity and work on them to develop the result of the Ascension venture in market for the process of SEIS scheme.
ImplementationStrategy
Implications of the activities to be taken in order to ensure a positive outcome throughout the procedure of market penetration and market development.
Recommendation:
They must work on the necessary choice and identify the problems of potential development goods & services that can assist them while working with their creative transformation.
Funding Sources
There are different sources of funds in the market which the company needs to work on so that they can lead to development in better business for the market because every business need finance for growth and investment. The investment is critical and the funding is essential to grow the services offering to audience (Mamat, Jaaman. and Ahmad, 2018).
Investors: there are different companies and investors working in the market to help the company with the sources of finance in workplace so that they can lead to development in business. This is vital of them to increase the chances of getting the resources in workplace.
Loan: the venture can take the funding from the loans from banks as one of the best ways as this is secure and have a trust working process to increase the results in market.
Saving: saving is vital for the business and the venture are working from long period to develop the increase should have the necessary funding of saving with them to increase working process (Nikitenko and Kuzmenko, 2017).
Different tools for intellectual property
It is critical for businesses to ensure that they are working on company development as well as intellectual property protection. It aids in the creation of a distinct identity for the organisation, as well as the development of ideas and the safeguarding of data and knowledge (Davoudi and et.al., 2018).
Patent
Patents are a common instrument used by a variety of businesses and organisations to create, maintain, and defend their proprietary information or expertise. The benefit of a patent is that it protects the company name and product; however, the negative would be that it takes a long time and requires a lot of paperwork.
Trademark
The benefit of a property would be that it promotes the validity of manufacturing and advertising; however, the downside is that it requires constant renewal and expenditure. Companies use trademarks as the third most essential tool for developing, maintaining, and protecting their proprietary knowledge and skills (Campi and Dueñas, 2019).
CONCLUSION
The report concluded that it is essential for the company to work with the commercialisation and also provide a support to their intellectual property to increase the privacy and security in workplace.
References
Books and Journals
Campi, M. and Dueñas, M., 2019. Intellectual property rights, trade agreements, and international trade. Research Policy, 48(3), pp.531-545.
Davoudi and et.al., 2018. Testing the Mediating Role of Open Innovation on the Relationship between Intellectual Property Rights and Organizational Performance: A Case of Science and Technology Park. Eurasia Journal of Mathematics, Science and Technology Education, 14(4), pp.1359-1369.
Dierks, A., 2017. Re-modeling the brand purchase funnel. Wiesbaden: Springer Gabler.
Fan and et.al., 2019, July. MOBIUS: towards the next generation of query-ad matching in baidu's sponsored search. In Proceedings of the 25th ACM SIGKDD International Conference on Knowledge Discovery & Data Mining (pp. 2509-2517).
Mamat, N.J.Z., Jaaman, S.H. and Ahmad, R.R., 2018, June. Comparisons of investment fund allocation–Capacitated vehicle routing problem results: Investment fund allocation for different time units. In AIP Conference Proceedings (Vol. 1974, No. 1, p. 020059). AIP Publishing LLC.
Nikitenko, T.V. and Kuzmenko, I.P., 2017. SOURCES OF FORMATION AND DIRECTIONS INVESTMENT OF DEPOSIT INSURANCE FUND.
Peng and et.al.,2019. Synthesis and application of modified commercial sponges for oil-water separation. Chemical Engineering Journal, 373, pp.213-226.
Poetra, R.R. and Christantyawati, N., 2017. Model AIDA: Pola penggunaan media sosial dalam meningkatkan kepuasan penjualan di Toko Online Goldies Hijab. Jurnal Komunikasi Profesional, 1(1).
SUGGETT, P., 2018. The AIDA Model and How to Use It. The balance careers.
van der Bend, D.L. and Lissner, L., 2019. Differences and similarities between front-of-pack nutrition labels in Europe: A comparison of functional and visual aspects. Nutrients, 11(3), p.626.
