P1 Concept of the Innovation And Its Comparison With An Invention
Added on 2020-10-22
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Innovation andCommercialisation1
ContentsINTRODUCTION...........................................................................................................................4P1 Concept of the innovation and its comparison with an invention..........................................4P2 Vision, leadership, teamwork and culture that shapes innovation as well ascommercialisation........................................................................................................................5P3 4P's of innovation and its usage within innovation funnel.....................................................7P4 Developments in Frugal Innovation and their use within organisation..................................9P5 Importance of commercial funnel and application of new product development ofinnovation..................................................................................................................................10P6 Building innovative case for an organization.......................................................................12P7 Different tools an organisation can develop retain and protect knowledge and intellectualproperty......................................................................................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................162
INTRODUCTIONInnovation and commercialisation are two major process of a business firm whichinvolves developing any new product along with a process of business strategies, idea or actionplan (Sengoku, 2015). Hence, in that situation, this is important to generate idea or developmentin order to bring consistency in the business operation. In this report, an idea of new productwhich is Banana Lassi will be cover, after the business analysis of the Essence drink at a largerscale. Apart from this, report will cover concept of an innovative and its importance incomparison with an invention. Along with this, report will also put on how teamwork, culture orleadership helps in shaping an innovation long with creation of business case studies. Lastly,report will also include discussion on commercial funnel and new product development alongwith frugal innovation and also 4 P’s of the innovation. P1 Concept of the innovation and its comparison with an invention. Innovation is a process of translating an idea or kind of an invention into any goods orservice that is taken into consideration for creation of value or which customer will have to bepay. For the purpose of an innovation, an idea must be their which needs to be applicable at aneconomical cost and must be made with a kind of a specific needs (Sengoku, 2015). Innovationin reality comes from a kind of an imagination, information or initiative with rising of a valuegeneration. This is different from invention, because an invention is making of any new productsor services which never exists in past or present. For Essence drink, which is a leading drinkbased firm is facing lack of an innovation either in taste or process of the products such asmarketing, sales or aspects of an operation. Innovation is important to build brand image of anyproduct either with help of making a small change or complete transformation of a products in aproductive manner. Mango Lassi which is an existing product of the Essence drink has foreseendecline in sales for a third year. Product innovation will be a best option for Essence drink tocome up with an innovative drink such as Banana Lassi. Here, innovation can be made in taste orflavour of a Banana Lassi. This is what completely different from invention, Banana Lassicannot be recognised as invention, as it can be made previously by other business organisation. Importance of the innovation is structuring of a product or any tangible item which hascapability to products line of the Essence drink at a larger context. This will assist Essence drinkto change in their product image which is a company strength in bigger period of time. A major3
benefits of an innovation is its ability to make any product differentiates from each-other alongwith making a brand popular world-wide and also feasible to make a proper growth & image of aBanana Lassi into the market structure. Here, business entities have a scope to bring businessactivities with a proper understanding of an innovation strategies or action plan. It will be highlysuitable to do comparison of innovation with invention in order to realise importance of the both.Basis Innovation Invention Meaning Innovationimpliestheimplementation of idea for productor process for the very first time.It implies an implementations of anidea for a product or kind of servicesthat never been made before. Concepts Practical implementation of newideaAn original idea and its working intheoryConcerned withCombination of various productsand processSingle product or processP2 Vision, leadership, teamwork and culture that shapes innovation as well as commercialisationInnovation can be referred to as the most important aspect of an entity as this providesassistance to a company to improve its uniqueness, creativity and thereby, ensure businessgrowth within market place. It can be said to be the process through which new things areformed (Sterckx and Cockbain, 2014). It will help Essence drinks to render unique and creativeofferings to customers in market and consequently, enhance the benefit through which they willbe able to deliver effective customer service. Essence Drinks possesses the potential to bringabout innovations such as administrative, technical and/or within processes. ED has the scope totap advantage of several types of innovations such as sale of their beverages via online channels.For this, company is required to alter its operational activities so as to develop a good innovativeworking environment. The vision, teamwork, leadership and culture have a significant influenceand they shape innovation and commercialisation in the below mentioned ways:- Innovation and vision:When an entity has a strong vision, it is usually seen that they effectively incur effortsand money upon innovation as well as energy. It can be said that a strong vision is theprerequisite to come up with innovation within organisational premises. Innovation can provideassistance to the organisation and enhance its overall creativity level when leader of the entity4
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