Developing Innovation Model

Developing Innovation
Model

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Section 1...........................................................................................................................................3
1. Background of the company and challenges .........................................................................3
2. Explain the differences between innovation and invention and their significance to Oven-
fresh Bakery ................................................................................................................................4
3 Role of organizational vision and leadership to develop an innovative culture in the company
for the commercial benefits ........................................................................................................5
4 Explain the 4P’s of innovation .................................................................................................6
5. Approaches that Oven-fresh Bakery can take to develop innovative ideas ............................7
6. Process of innovation ..............................................................................................................8
Section 2...........................................................................................................................................9
Scout new idea for innovation.....................................................................................................9
Innovation business case............................................................................................................10
Importance of commercial funnel..............................................................................................10
Protection of intellectual property right.....................................................................................11
Critical evaluation of process.....................................................................................................11
CONCLUSION ............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is defined as channelizing new idea or working practice to achieve the overall
goals and objectives of organisation. This report is based on the case study of Oven fresh bakery
in respect to innovation practices. Mr. Wilbur is the founder of the organisation. This project is
all about evaluation in respect to company’s approaches in respect to innovation. Henceforth,
report will emphasis over background in regards to the challenges company is facing for
innovation. Difference between innovation and its significance for the organisation. Vision and
leadership of organisation will also discuss for assessing the innovation in the company. On the
basis of the 4 P analyses in respect to innovation proper evaluation will be conducted.
Approaches Company can use to develop and grow innovative idea will also discuss in this
project. Furthermore, this project will discuss about the new idea in respect to product
development for the organisation. Planning will be conducted in respect to innovation.
Significance of commercial funnel in the new product development will also define in this
project. What are the ways to protect the intellectual property right will also define in this
project. Critical evaluation will also do at the end to analysis the entire process.
Section 1
1. Background of the company and challenges
Oven-fresh bakery limited is a UK-based small scale private limited type organization. It posses’
wide product line i.e. cakes, chocolates, greeting cards, macrons, smoothie, gift boxes and
flowers. It has great specialization for the cakes because it posses’ wide category in the particular
product segments like anniversary cakes, birthday cakes, festivals cakes, couple cakes along with
wide variety of flavours & tastes at different sizes. The company is manufactured bread i.e.
manufactures fresh cakes and pastry (Anwar, 2018). The main goal of the company is to serve
unique product and services to the customer so that they get values of their money. This
company was established five year ago with only one type of white bread. It offers online and
offline home delivery services to the customers. But currently organization is facing big
challenges in the context of diversify product line because people has become more health
concern so that they want to buy only those products which improves their health wellbeing and