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Innovation and Commercialisation - Assignment Solution

Added on - 08 Dec 2020

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Innovation andCommercialisation
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1.Define innovation and ascertain its importance to organisations and difference with invention..........................................................................................................................................................3P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation............................................................................................................................5TASK 2.................................................................................................................................................6P3.The 4Ps of innovation and explain the use of the innovation funnel to examine and shapeinnovative ideas...............................................................................................................................6P4. Frugal innovation and its use in organisation............................................................................7TASK 3.................................................................................................................................................9P5.The importance of the commercial funnel and the application of NPD processing forcommercialisation of innovation.....................................................................................................9P6 Build an Innovation Business Case for an organisation, including ways to access funding....10TASK 4...............................................................................................................................................12P7.The different tools that organisations can use to develop, retain and protect knowledge andintellectual property.......................................................................................................................12CONCLUSION.................................................................................................................................12REFERENCES...................................................................................................................................13
INTRODUCTIONInnovation is a process which is used by an individual and organisation, so that they canconvert their unique though into some products and services. As this will help them in attractingample number of customers, so that they can serve them their products and services and also cangain huge profit. Along with this, it is also known as making of new products according to needsand demands of their customers, so that they can make their customers satisfied. In present report,chosen organisation is Essence Drink, which is one of the biggest soft drink providing organisationof the world. As from last 2 years, they are providing mango Lassi to their customers and haveearned huge profit. But in third year, market share of them has been reduced and also for regainingtheir market position, it is very much important for them to make some new product, so that theycan again attract huge number of customer towards them (Aarikka-Stenroos, Sandberg andLehtimäki, 2014). In this report, a discussion will take place on 4 P's of marketing along with thisstudy will take place on terms invention and innovation. Along with this, implementation of frugalinnovation and innovation funnel will take place for Essesnce Drink. Along with this, a new productwill get prepared for them, and commercial funnel will also be discussed to commercialise theprocess of innovation. Also in the last, budget will also get designed for them, and so that they canget information about the funds required by them for making and launching an innovative product.TASK 1P1.Defineinnovation and ascertain its importance to organisations and difference with invention.Innovation refers to making of new products and services according to needs and demandsof their customers, so that they can make their customers satisfied. Also, it is said as sign of positivechange at market place. Also, in this process new and unique products get designed for customers,from some existing products, and also it use to make ample number of changes in models andoperations of an organisation. Along with this, it affect the working environment of them, so thatthey can produce more appropriate and effective products and services for their customers.Therefore, it has been recommended to Essence Drink and their manager to make make some newproducts, which have some thing unique like their taste or flavour. In this they can add some rangeof products and flavour in Lassi, like pineapple, apple, mix fruit and other. This all will help them inattracting ample number of customers which are fruit lover and also love to consume healthy fooditems (Brunswicker and Van de Vrande, 2014). As this will be beneficial for them in several waysand some of these are as follow :-1.Innovation help an organisation in finding solution of some difficult problems.2.Along with this, it help work force of an organisation in improving their productivity, so thatthey can increase their revenue and profitability.
3.Also, it help organisation in gaining information about hidden qualities of their employees,which they will use to innovate new product for some existing products.4.Along with this, innovation helps an organisation in gaining some competitive advancement.5.It also help in making improvement to brand value and brand recognition.6.Also, innovation help an organisation in making good relationships with their employeesand with their customers.Therefore, it is very much essential for Essence Drink to make innovation in their products,so that they can gain some competitive advancement and also attract huge number of customerstowards the products and services offered by them (Brusakova and Kosuhina, 2015).Comparison Chart of the Innovation and InventionAs, innovation is the process under which new products are created by an individual andorganisation from their existing products, where as invention is step taken by them so that they canmake new and unique product and service for their customers. This both are used by organisationsand individuals so that they can gain huge profitability. Therefore, in present report Essence Drinkis going to innovate a new product rather then inventing some new product. Beneath is comparisonchart between invention and innovation :-Basis of ComparisonInventionInnovationMeaningThis is the process under which newproduct has been developed which hadnever been produced by any one.This is the process of where newideas get implemented so thatthey can make a new productfrom existing one.What is it ?This is concept of making andinventing a new product.It is a process where new idea getimplemented in existing product,so that it's value get changed.Skills RequiredRequired knowledge, scientific skills,financial aid and competence.Required technical knowledge,strategic and marketing skills,financial support.ConceptNew and unique idea which ispractically possible (Carayannis,Grigoroudis and Goletsis, 2016).This is the step of implementingnew idea in existing products formaking them new.OccurrenceThis happen when new idea struck inmind.This occur when an individualand organisation feelrequirements of change at workplace.Concerned withThis is to be concerned as the SingleThis is the combination of the
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