Assignment Brief – BTEC (RQF)
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Added on 2020-10-22
Assignment Brief – BTEC (RQF)
Added on 2020-10-22
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AssignmentBrief – BTEC (RQF)HigherNationalDiplomain BusinessStudentNameIDUnitNumberandTitle08:InnovatiAcademicYear2019-20CohortSept 18Block2UnitLeaderAssessoAssignmentTitleInnovation IssueDate25.03.2019SubmissionDate (Formative)29.04.2019IVNameDeadline for assignment 13.05.2019(SumLearners Declaration:I certify that the work submitted for this unit is my own and the research sources are fully acknowledged. Date: 20-05-191
TABLE OF CONTENTSAssignment Brief – BTEC (RQF)........................................................................................................1INTRODUCTION................................................................................................................................3LO1.......................................................................................................................................................3Impact of Vision, culture, leadership on innovation and commercialisation ..................................4Types of teams are essence drinks?......................................................................................................5LO 2......................................................................................................................................................54Ps of innovation:............................................................................................................................5The 4Ps of Innovation are used by the Organizations in order to begin the innovation process, generally they are termed as innovation mix for the process. ........................................................6The 4Ps of innovation are- ..............................................................................................................6Frugal Innovation :...........................................................................................................................7LO 3......................................................................................................................................................9Commercial funnel:.........................................................................................................................9Consumer Funnel is the process of visual representation of company's activities to make the product available to the consumers to the extent of consumers buying decisions and actions(Shiu,2017)................................................................................................................................................9It is also known as sales funnel and is very important to the business in following ways- ...........9Innovation business case for Essence Drinks Company along sources to access of funds ..........11LO 4....................................................................................................................................................12Tools used by the organisation in order to protect its intellectual property and Knowledge:.......12Trade mark:.........................................................................................................................................13CONCLUSION..................................................................................................................................14REFERENCES...................................................................................................................................142
INTRODUCTIONInnovation is the process of finding new ideas to develop existing product with the intention to raise market profitability. Innovation is very important in order to enhance interest of buyers and gaining competitive advantage. Present report is based on Essence drink which offers various kinds of lassi products to consumers. Now it is planning to make changes in its product and offer something new to buyers. The report will highlight on the difference between innovation and invention process. Study will also mention the different ideas and techniques used to protect the rights of innovating a new product.LO1Innovation is the process or activities consists of some unique ideas, thoughts, methods, imaginations in order to discover new ways to do the things.Innovation aids in the development and coordination of the organisation, it is the way of adopting useful thoughts and converts them into useful outcomes, products or method of operation. Innovation is crucial for both new and existing organisations in this dynamic environment (Donate and de Pablo, 2015.). In this dynamic world where nothing is constant, new updations and improvements are taking place on a day to day basis which leads to new innovations and inventions in every one's life.Invention refers to the process of constructing new product which was not in the market earlier, it is used for the first time. whereas Innovation is the process or activity done on the existing technology, process or product by introducing new ideas or ways. Invention is used for creating new product / services, whereas innovation refers to addition of values to something that is already in existence. Invention vs Innovation:1.In invention scientific skills are required because it is used to develop new product whereas innovation requires technical skill so that existing products can be improved or modified.2.Generally, inventions are used for single product or process and innovation is applied for the combination of products and processes. Invention can be done by R & D department and innovation can be done by any individual in the organisation. 3.Invention can take place when the new idea strikes a scientist and innovation takes place when a product or existing product needs an 3
improvement. Innovation needs focus and knowledge of market so that new idea can be implemented effectually. Innovation and Essence Drinks:Innovation plays an indispensable role in an organisation. In this dynamic environment, where nothing is constant technologies and changes in products are taking place day by day according to the trend of today's scenario and the organisation who is not taking part in this innovative world islagging behind (Fraj, Matute and Melero, 2015). Essence drinks found a significant decrease in the sales of their product as no innovation had taken place from the past two years because the company introduced mango Lassi and competitors arrived with new ideas in the market. Essence drinks should introduce a new flavoured Lassi to the UK market, named as Blueberry Lassi, can be a great steps towards the innovation as its flavour is mostly liked by the people plus it has great health benefits. It can lead the company to regain its position and increasing its sales.Impact of Vision, culture, leadership on innovation and commercialisation Commercialisation:Introduction of new product in market for commercial benefit is known as commercialisation. Selling product or service for making money can be called as commercialisation.Vision and innovation:For being successful, an organisation should have a clear vision or far sightedness to see the future goals more clearly. A goal cannot be achieved when the vision is blurred, Essence drinks should have clear vision which canhelp the innovation and commercialisation to implement much easier and faster as all the goals are specified clearly to the employees. Essence drink should state its vision clearly to its employees in order to innovate a new drink.Leadership helps shape innovation and commercialisation:Leadership can influence gaol achievement and team performance by inspiring and motivating the team members. A successful leader should have ability to enhance the skills of its team members, to create better vision toward the goal, understand the organisational culture, develop the performance and encourage innovation among the team members. A successful leader can also influence its team members how they can introduce a new flavoured drink to bring about innovation and 4
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