Importance of Innovation and Commercialisation

Added on - 11 Jan 2021

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InnovationandCommercialisation
INTRODUCTIONIn today's era innovation is referred to fresh opinion which is basically utilised to createinnovative product and services. It is also used in making modification and rectification inexisting product in order to bring innovation in it (Wang, Vanhaverbeke and Roijakkers, 2012).In this report organisation chosen is Essence Drinks, now they are coming up with newinnovation in their product of Lassi in market of United Kingdom that is Kiwi kofe. This reportwill focus on importance of innovation and how an organisation vision, leadership and cultureshapes innovation. Moreover, determining different source of innovation to develop anenvironment and culture innovation as well as 4 P's of innovation to examine its shape.Furthermore, analysing how innovation can be developed, embedded and measure with essencedrinks.TASK 1Innovation and its importance to organisation in comparison with inventionIn today's context innovation plays a pivotal role within an organisation and incompetitive market place. Moreover, with the help of innovative product Drink Essence arecoming up new product in market of United Kingdom that is Kiwi Lassi. They are introducingthis product as people are more conscious towards health in today's context. For instance,invention of specific product is to bring creativity for customers in order to attract large numberof audience towards it.Innovation:Innovation is process of translating an idea or view in to product andservices that creates value in one's life (Edison and Torkar, 2013). It is changing process forcreating more effective ideas in existing or bring new product in competitive marketplace.Invention:Invention is a unique process for creation of product or introducing a newproduct for the first time in competitive marketplace.Importance of innovation within an organisationThe importance of innovation in Drink Essence is to add value for an organisation as wellas to customers . They are coming up with new product that is Kiwi Lassi in existing productline of Lassi. They are coming with this product as now a days people are concerned towardshealthy drinks. Thus, this will help them to stand up their business in competitive market place aswell as attract more customers which is one of the prime goal of particular organisation.
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