Unit 08: Innovation and Commercialisation Assignment
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Added on 2020-10-05
Unit 08: Innovation and Commercialisation Assignment
Added on 2020-10-05
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IDHE06794UnitNumberandTitle08:Innovation and CommercialisationAcademicYearUnitLeaderAssignmentTitleIssueDateSubmissionDate (Formative)IVNameDeadline for assignmentsubmissionLearners Declaration:I certify that the work submitted for this unit is my own and the research sources arefully acknowledged. Learners Signature:
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1Ascertaining the importance of innovation and its comparison with invention.....................1Organisational vision, leadership, culture and teamwork of the company Essence drinks canshape innovation and commercialisation................................................................................2LO2..................................................................................................................................................3Frugal innovation....................................................................................................................5For example-.........................................................................................................................5LO 3.................................................................................................................................................6commercial funnel:.................................................................................................................6Innovation business case for essence drink and ways of funding....................................9LO 4...............................................................................................................................................11Analysing the techniques which must be used by company for developing, retaining andprotecting the intellectual property.......................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation is a procedure stated for discovering and formulating strategies based on newideas and reforms to develop existing product better and the introducing of the new product. Theinnovations and inventions in the company are important for the achievement of theorganisational goals and targets. This report will study the case of a company Essence drinkswhich have introduced the new product that is mint lassi which is a new innovation of thecompany. The report will highlight the difference between the inventions and innovations.Further it focuses on the innovation funnel and the frugal innovation in the company Essencedrinks. Thereafter the report will study the new product development process of the product mintlassi and the similar techniques that can be used by company to protect its innovations. . LO1Ascertaining the importance of innovation and its comparison with inventionInnovation-Innovation is referred as the process of creating and implementing new ideasin the manufacturing of products, providing services and methods of operation. Innovation isalso a changes which can positively effect the companies in achieving and increasing the profitof the company. Innovation involves creativity which is the very essence of innovation. In thecompany Essence drinks there is need of the new innovation to increase the sale of its products. Importance of Innovation- as the companies are growing at the high rates there isconstant need for the companies to develop new ideas and innovation which is very important tosurvive in the industry (Zhu and et.al., 2017). The importance of innovation are as follows-To stand out from competitors- innovation is important for the companies in order topstand out from thee other companies in the market. As there are close competitionbetween the companies in the industry. The companies uses many new innovations tomake there product different and interesting for the customers. The company Essencedrinks involves the innovative drinks that is mint lassi to fight with there competitors.To meet high customer needs- as there are many products available in the market fir thecustomers the customers have many choices regarding the purchase of the products. Thecustomers have very high needs from the companies and the products sold in the market.So the company Essence drinks can be innovative to fulfil the needs of there customer(Michaelis and Markham, 2017). 1
To combine best talent- the innovators and the talented personnel are mostly attractive tothe innovative organization. So in order to bring more innovation and ideas to thecompany the Essence drinks have to be innovative. To minimize cost- the innovation of new ideas brings with it the various ways in whichthe products can be manufactured at low cost and there is increased amount of profit inthe company Essence drinks. For overall development-through innovation companies can achieve there overalldevelopment with the help of new ideas. Sources of innovation: Innovation can be discover internally or externally. The mangers andleaders can innovate the new ideas and techniques in the company. Externally the innovation canbe brought by experts and technical persons.Comparison with invention and innovation- as there is need to grow and propagate in thefast moving world it has become prime necessity to the companies to come with new innovationsand inventions. Invention is the creation of brand new product and device or the inclusion of any newservice. Whereas the innovation is referred as the process of making changes to theexisting product or services by introducing new ways or ideas (Wonglimpiyarat andKhaemasunun, 2015). Inventions is change is policies and procedures for one company whereas innovation canbe development in the whole industry. Organisational vision, leadership, culture and teamwork of the company Essence drinks canshape innovation and commercialisation.The main purpose of the innovation is the creation of the ideas, the main goal of anyinvention is to commercialize the product and services. Commercialisation is the process ofsumming up of all the products ideas, inventions, innovations and the marketing techniques andcommunicating it to the customers. Commercialisation involves the launching of the newproduct in the market. For commercialisation there are different factors which effect the launch of a new product. Organizational vision is one of these which determines the future goals and objectivesof the organization. In the company Essence drinks the launch of new product is under theorganisational vision of developing in future(Presenza and et.al., 2017).Through the innovation2
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