Developing Innovation Model

Developing Innovation
model

Contents
INTRODUCTION...........................................................................................................................3
SECTION 1......................................................................................................................................3
Background of the company & challenges it facing...................................................................3
Difference among innovation and invention along with its importance to Oven-fresh bakery. .4
Discussion of how organisational leadership and vision can promote group work in order to
develop innovative culture for organisation success...................................................................5
4P's of innovation along with how it supports capability & management of innovation...........6
Discussion of approaches that Oven-fresh bakery can take to create innovative ideas,
involving innovation funnel & frugal innovation.......................................................................7
SECTION 2......................................................................................................................................9
Different ways of funding...........................................................................................................9
Innovation business case.............................................................................................................9
Importance of commercial funnel in the new product development procedure to get
commercial success...................................................................................................................11
Explanation of how oven-bakery can safeguard the intellectual property rights of its new
product......................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is termed as a procedure to convert or transform an idea into an innovative and
attractive products as well as service with a view to develop value for customers and sustain in
market for longer time period. It is important for a business entity to bring innovation in its
offerings so that it can maintain performance level and also remain competitive within the
market. On the other hand, commercialisation is basically a procedure which is associated with
how manufacturing & supplying strategies can be applied in order to improve efficiency of a
company (Awni, 2019). For the present report, Oven-fresh bakery is taken into consideration. It
was founded before 5 years with offering of only one type of white bread. The report will cover
difference between innovation and invention. In addition to this, there is a discussion about how
organisational leadership and vision can promote teamwork in order to develop an innovative
culture. 4Ps of innovation and approaches to develop innovative idea along with frugal
innovation and innovation funnel will be cover. Moreover, different ways of funding, innovation
business case, intellectual property rights will be elaborated in context to respective business. In
the last, evaluation of entire procedure with challenges, risk and scope associated with the
innovation is described in a proper manner.
SECTION 1
Background of the company & challenges it facing
Oven-fresh bakery is one of the renowned bakery that provide quality product and on time
service to its customers. The company was established 5 years ago with offering of one type of
white bread. In the present time, company is facing issues because of change in customer needs
as well as preferences of consuming more healthy products. This decline the selling and business
turnover of Oven-fresh bakery as it only offers one type of white bread. In addition to this, the
company also have the pressure of retailers to expand and upgrade its product line as it help in
market retention and satisfaction of customer’s requirement.
For this, Oven-fresh bakery is decided to bring innovation and add something that is
healthy for the customer. The company is come up with offering of whole grain bread that is
made of wheat and oats. The idea of bringing such innovation is come up by conducting market
research and it is analysed that in the present time period, people are more health- conscious and
prefer to consume those product that is good for their health. This innovation help in attracting

large number of people and impact positively on the sales and profitability of Oven-fresh bakery
(Kelly and Kim, 2018). Furthermore, it also assist in dealing with retailers and overcome with
the issues facing by the company.
Difference among innovation and invention along with its importance to Oven-fresh bakery
Innovation: It is basically a way to bring something unique and new at marketplace with an
objective to develop customer’s value and to attain high success at marketplace. In addition to
this, it help in sustaining for longer time at marketplace and also enhance profitability of
company. Oven-fresh bakery is coming with an idea of offering whole grain bread that is made
of wheat and oats so that it can meet with the requirements of customers and maintain its
performance in market.
Inventions: It is basically producing something new that does not exist before in the
marketplace. It is helpful to gain success by enhancing value of the company. for example,
concept of electric vehicles is considered as an invention which is not existing before in the
market.
Importance of Innovation over Invention
Helping in growth of company: With a view point of many professionals and experts, it is
stated that innovation assist a company to attract large number of customers towards brand. In
addition to this, it also help in developing a positive and distinct image at marketplace that
directly leads to increase in sales and profitability of company in an effective manner.
Achievement of competitive advantage: Innovation plays an important role as it help in
fighting with rivals prevailing in market in an appropriate manner. Bringing of innovative idea
attract high number of people due to which an organisation have the opportunity to attain
competitive advantage at marketplace.
Difference between Invention and Innovation
Basis Invention Innovation
Meaning It is a new strategy which is
used by company with an
objective to offer completely
new in market that has never
take place before at
It is associated with the
procedure of adding something
in the existing offerings in
order to develop value for
customers and gain success at