logo

(PDF) The definition and classification of innovation

   

Added on  2021-01-02

12 Pages4218 Words61 Views
INNOVATION
(PDF) The definition and classification of innovation_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Discuss Innovation and explain importance of innovation to firm with comparison withinvention. ...................................................................................................................................1P2: Discuss the leadership, vision, culture and teamwork can shape innovation andcommercialization. ....................................................................................................................2TASK 2............................................................................................................................................3P3. Discuss the 4Ps of innovation to study the innovative idea of Orange Drink. ....................3P4. Discuss frugal innovation and provide examples how it helped the organization. ..............4TASK 3............................................................................................................................................6P5. Importance of commercial funnel and application of new product development.................6P6. Innovation business case.......................................................................................................7TASK 4............................................................................................................................................8P7 Tools are used by company to retain its intellectual property...............................................8CONCLUSION ..............................................................................................................................9REFERENCES................................................................................................................................1
(PDF) The definition and classification of innovation_2
INTRODUCTIONInnovation means transforming the thoughts, ideas and creative images into a good orservice that creates value in the market and customers are willing to pay for it. Essence Drinkwas founded by Akshay Kumar, two years ago and the firm name was Mango lassi. This productwas launched in UK market. Akashy Kumar is planning to launch it's new drink in the market bythe name of Orange Lassi with orange flavour in it. This report includes meaning of innovationand also highlights on the importance of it on the firms functioning. It also focus on organisationvision, culture and 4Ps on innovation to examine and shape innovative thoughts. It also study theimportance of commercial funnel on new product development also build an innovative businesscase including ways to access funding (Bason, 2018). Firm examine different tools andknowledge and intellectual property to retain in the market. TASK 1P1. Discuss Innovation and explain importance of innovation to firm with comparison withinvention. The word Innovation can be defined as translating of creative idea into valuable productor service for which customers are are willing to pay for it. On the other hand it a application ofeffective solutions that is able to meet the new emerging requirements, existing market needs andunarticulated needs Innovation takes place through more effective products, services,technologies, business models and processes. There are various types of innovation like, radicalinnovation, incremental innovation, disruptive innovation and architectural innovation. Thishelps to generate huge opportunities and pays vital role for the survival, success and economicgrowth. Social sites like, Facebook, instagram etc. and internet are the examples of innovations.It is important to do continuous innovation in the business to retain in the market for longer timeduration and firm remain competitive in the dynamic market. The various importance ofinnovation that had affected the new product Orange Lassi of Essence Drink are as follows: Nanotechnology: Essence Drink uses nanotechnology in it's new product (Orange Lassi) it will raise the sales ratio in the current market as this technology is recently being utilised both for novelty and healthy eating solutions (Bernstein,201). It helps to control the chemical reaction taking place at the time of production which will help the firm to attract huge customers towards their product.1
(PDF) The definition and classification of innovation_3
Delicious and Nutritious: Organization is launching Orange Lassi which is rich invitamin C which help to reduce stress and also contain phosphorus, magnesium, selenium andcopper minerals which keep the customers healthy. It will directly raise the profit of theorganization as customers are more health conscious and the new innovate drink is doing justicewith the customers needs and demand. Recycle process: Essence drink is using the process of recycling the Lassi drinks as thisstep will help the organization to reduce cost and can use the funds to expand in the globalmarket. Customers are more sensitive towards environment and the step of recycling of drinkswill attract customers and firm will be competition for other business. Equipment Innovations (Flexibility and Adaptability): E- commerce websites hashelped the new product Orange Lassi to flourish in the market as this drink is available to thecustomers as and when needed (Berry and Berry, 2018). With the help of this modern technologyfirm can maintain their embracing technology with operations and prices of the production aresteady which help the business to gain huge market share as well as more profit maximizationcan be done to explore in the global village. P2: Discuss the leadership, vision, culture and teamwork can shape innovation andcommercialization. The term commercialization can be described as the process of inserting new product methodinto commerce making it accessible on the market. This is the process of pull off or runningsomething primarily for financial gain. There are certain styles like, culture, vision, leadershipand teamwork which are explained as follows:Vision: Essence drink vision is to motivate employees to be the best and provideeffective environment to work. This helps the firm to timely motivate employees to thinksomething innovative idea and figure out the plan on paper how this idea can be designed forcustomers in real time so that customers can be benefited in the long run. Orange drink is madeto provide customers healthy drink and goodwill can be increased in the eyes of the customers(Biemans, 2018.).Leadership: Effective leader in the Essence Drink firm has lead the sales ratio increasein one year by its effective strategy and firm is able to capture huge market ratio in the market.Good leader leads a firm to be successful while ineffective leader ends up with closing thebusiness. Effective leader accept the new idea of its employees and normally involve employees2
(PDF) The definition and classification of innovation_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(Doc) - Sample Assignment Innovation and commercialisation
|14
|4668
|102

Innovation and Commercialization in UK - Assignment
|15
|4666
|81

Innovation And Commercialisation in Essence drink : Assignment
|17
|4341
|301

Innovation and Commercialisation- Essence drinks
|16
|4878
|176

Innovation and Commercialization : Essence Drinks
|16
|4417
|135

Innovation and Commercialisation
|16
|5085
|438