Innovation And Commercialization: Assignment Sample
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Added on 2020-11-23
Innovation And Commercialization: Assignment Sample
Added on 2020-11-23
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 ...........................................................................................................................................3P2............................................................................................................................................4TASK 2............................................................................................................................................5P3............................................................................................................................................5P4 ...........................................................................................................................................7TASK 3............................................................................................................................................9P5 ...........................................................................................................................................9P6 .........................................................................................................................................10TASK 4..........................................................................................................................................11P7 .........................................................................................................................................11CONCLUSION..............................................................................................................................13........................................................................................................................................................14.......................................................................................................................................................15
INTRODUCTIONInnovation is the process of translating something new within products as well as serviceswhich creates values for customer amount paid(Ahmadi and O'Cass, 2016). To be known asinnovation it is necessary that idea should satisfy needs of existing and potential customers. Thisassignment is based on Essence Drinks which was founded two years ago and the founder offirm is Akshay Kumar. The company is serving healthy mango lassi in the market of UnitedKingdom but after three years, the sales starts to decrease. So, Akshar Kumar thing to bringsomething innovative in the market of United Kingdom within the range of Lassi. Thus,respective report will going to discuss various aspects of innovation which utilise for bringingnew range of lassi in market of United Kingdom. Such as importance of innovation for EssenceDrink and comparison of innovation with invention. Along with this, vision, leadership, cultureand teamwork how will shape innovation of lassi. Most important is 4P's of innovation andinnovation funnel will be discussed for examine innovative ideas. In the end development offrugal innovation highlighted as well as commercial funnel and implementation of new productdevelopment for innovation in market. Apart from this, business case of company andintellectual properties for protecting innovative product. TASK 1P1 Innovation is the process that mainly focus on emerging something new or creative in themarket for long term success of business. Essence Drink is small scale organisation offeringhealthy mango lassi in the market of United Kingdom (Amponsah and Adams, 2017). But aftersome time, its sales has been significantly decrease so founder Akshay Kumar think to come upwith some innovation in the same lassi. So brand strategy innovator suggest them to bring lassipowder which can be use by individual while travelling. Respective innovation have variousimportance for organisation are as follows :- Innovation result in increasing sale of Essence Drink as well as also help in generatingrevenue. Along with this, new range of offering as per customers need as well as demandresult in their increasing satisfaction and loyalty.
It also support in building goodwill within market area which is necessary for grabbingattention of large number of customers. Along with this, innovation assist inaccomplishing goals and objectives of Essence Drink within required time duration. Apart from this, innovation is important for entire organisation including staff membersalso because it act as an developmental as well as growth tool for business. Thus, Essence Drinkis coming with lassi powder in the market for satisfying customers needs and wants also forenhancing sales. Moreover, innovation and invention both are different from each other(Difference Between Invention and Innovation, 2019). For Essence Drink, lassi is their USPtherefore the owner of the organisation wants to implement innovation in their existing productsrather than its replacement from another invention. Through this they can invention is notapplying by Essence Drink because if they will move from their USP lassi then sales willautomatically decrease. Explanation of this are as follows :- Basis of comparisonInnovationInventionMeaningInnovation is related to theapplying of thoughts or ideasfor existing goods as well asprocess for very first time. Invention is related occurrenceof any idea for goods orprocess which has been nevermade before.What is itAdding value to the product orprocess which already exist. Entirely new product will becreatedConceptNew ideas are implementedpractically.An original idea as well as itsworking in theory.Skills requiredSeveral skills are required suchas marketing, technical andstrategic.Scientific skills are requiredOccurs whenWhen requirement is feel for aproduct or enhancement in theexisting. Invention occurs when Newidea strikes Concern withCombination of severalproducts as well as procedure.Invention is concern withparticular process or process.ActivitiesSpread in the entire company.Limited to research &development department.
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