Difference Between Invention and Innovation
Added on 2020-10-22
15 Pages4780 Words304 Views
Leadership ManagementHigher Education
|
|
|
INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and importance in comparison with invention. ..............................................3P2 How organisational vision, leadership, culture and teamwork shape innovation andCommercialisation..................................................................................................................5TASK 2............................................................................................................................................6P3 Explain 4 Ps of innovation and use of innovation funnel to examine and shape innovativeideas. ......................................................................................................................................6P4 Frugal innovation and examples of using in Essence Drinks............................................7TASK 3............................................................................................................................................8P5 Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation.........................................................8P6 An innovation business case for Essence Drinks and includes ways to access funding.11TASK 4..........................................................................................................................................12P7 Different tools used by Essence Drinks to protect knowledge and intellectual property12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONInnovation refers to a creative idea, new method or a new way of doing things. Innovationrefers to developing an innovative solution to meet out the demands of existing and potentialcustomers. Innovation occurs through development of a new product, advanced technology ornew business model etc. The innovation includes generation or renewal of product and service.Commercialisation refers to a detail procedure of launching a new service or a new product inthe market. It includes different stages for success of the innovative product or service. Itinvolves extensive market research and using strong marketing tools and techniques.The Report is based on Essence drinks company in U.K. and the strategy being adopted for thesuccess of the company in the future. The Report will describe importance of innovation ascompared to invention, 4 P's of innovation, process of commercialisation of a new product, theways of protecting a innovative product.TASK 1P1 Innovation and importance in comparison with invention. Innovation- Innovation does not only mean developing new methods or introducing new ideas. Innovationrefers to a process of generating new ways of performing things. Innovative ideas involves use ofcreativity in creating a new product or to provide new service to customers. Innovation can beuse at various levels of an organization of different size(Chun, Chung, Y. and Bang, 2015).Innovation of a new product should be on the basis of trends prevailing in the market. Innovationprovides an opportunity for development of economy and for growth and success of theorganization. It helps in finding new solutions for complex problems. There are various theoriesthat promote and support innovation.Invention- Invention refers to inventing a new process, device, or a new method of doing things. It mayinvolve improvement in features of a product, or creating a new process etc. The inventor canpatent the invention so that, other peoples cannot use the innovative idea. It is a process ofcreating unique things that does not exist before. It is an important process of designing thefeatures of an innovative product (Kergroach, 2018).Difference between invention and innovation-3
HeadingInventionInnovationMeaningInvention involves happeningof an idea for developing newprocess or new product.It refers to implementation of aconcept for developing processor product.SkillsIt requires scientificskills(Tsai, S.2015)It requires skills related withmarketing, strategic etc.What it involvesIt involves development of anew product.It involves adding more valueto the existing product orprocess.When it occursIt occurs when new ideacomes.It occurs when there is a needof improving the features ofexisting product or process.Importance of innovation as compared with invention in “Essence Drink”-Innovation refers to the process of practically implementing a new idea into action. Whereas, theterm invention refers to generation of new ideas. “Essence Drinks” has invented healthy mangolassi at the time of establishing the company in U.K. During the first year of launching theproduct sales was very high. Later on, in the third year of operations of Essence Drinks the saleof mango lassi start declining. Due to the intense competition from competitors in the market,increase in consciousness of consumers towards healthy and organic drink, company will belaunching new range of drinks like “Chocolate Lassi with Toasted Almonds ”. Innovation in theproduct will help to increase the sales of Lassi. This will be beneficial for the company indifferent ways such as-The innovative product will provide competitive advantage over the competitors to the company.It will help Essence Drinks to strengthen its market share. The company will be able todifferentiate its product with the existing product of the competitors. More and more customers4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercialisation Assignment Solution - Essence Drinkslg...
|17
|4949
|384
Innovation and commercialisation - mango lassi Assignmentlg...
|14
|4768
|336
Innovation and Commercialisation in Essence Drinks : Assignmentlg...
|15
|4617
|146
Innovation and Commercialisation- Essence drinkslg...
|16
|4878
|176
Innovation and Commercialisationlg...
|17
|4754
|76
Innovation and Commercialisationlg...
|15
|5168
|127