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Innovation and Commercialisation Assignment Solved (Essence Drinks)

   

Added on  2020-10-22

15 Pages5067 Words69 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Justification of innovation and its significance to organisation in comparison withinvention.................................................................................................................................1P2. Justification how organisational vision, leadership, culture and teamwork can shape theinnovation and commercialisation..........................................................................................2TASK 2............................................................................................................................................3P3. Determination the 4Ps of innovation and explanation the use of innovation funnel toexamine and shape innovative ideas.......................................................................................3P4. State developments in frugal innovation with examples of how it is used in anorganisational context.............................................................................................................5TASK 3............................................................................................................................................6P5. Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation.........................................................6P6. Build an Innovation Business Case for an organisation, including ways to access funding8TASK 4............................................................................................................................................9P7.The different tools that organisations can use to develop, retain and protect knowledge andintellectual property................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation can be explain as the introduction of unique or different ideas in to themarketplace in order to develop new product or services and changes in the organisation withseveral processes in an effective manner. On the other side innovation take place by provision oflot of different process, product, technologies and services that are very useful to make goodmarket or society in an effective manner. Whereas, commercialization is the process thatinvolves in the commercial activity. This present report is based on Essence drink which is UKbased organisation along with this it sells mango lassi from last 2 years (Aarikka-Stenroos,Sandberg and Lehtimäki, 2014). At present organisation want to increase their sales by providinginnovative product to the customers. Therefore, this report will discuss about the frugalinnovation or innovation funnel in regards with this company. Commercialise process ofinnovation or budget estimate also will explain. Lastly, various tools in order to protectknowledge and intellectual property will also get covered in this report. TASK 1P1. Justification of innovation and its significance to organisation in comparison with inventionInnovation is the very important thing which changes environment of any firm positively.Therefore, innovation is always focuses on making different products in order to existingproduct. This is also about the bring several changes in the organisation in order to adopt lot ofchanges within the working environment because of producing better services or product. That'swhy it has been recommended to the Essence drink manager that should innovate their productby adding few flavours in lassi such as savory lassi which is the flavour of cumin and salt. Bythis customer can get more attractive and this concept will automatically maximise the companysales in an effective manner (Brunswicker and Van de Vrande, 2014). Therefore, innovation isbeneficial for the company as well as society in different ways, which are given below:Firstly it will helps the company in order to solve their issues within the market place. It is beneficial in order to make strong relationship with employees or customers in aneffective manner.It can also very helpful for any firm in order to beat their competitors or rivals.It also determine the working skills and performance of employees by which they createinnovative ideas for better future in the market. 1

Now firm is able to increase their sales through above benefits as these advantages ofinnovation will enhance sales of their product of mango lassi. Comparison between Innovation and InventionThis is clearly defined that invention is the good process in order to create or inventunique product effectively (Brusakova and Kosuhina, 2015). At the same time innovation is theway of developing different changes in the existing product so that firm can easily enhance theirsales or profits. There is difference between innovation or invention, are given below:Basis of comparison Innovation Invention MeaningIt is the process of translatingidea in order to satisfy thecustomer needs in an effectivemanner. It is a good or services thatdevelop the value for whichcustomer will able to pay.What is it ?It is necessary for adding thevalue wherein, firms alreadyexist at marketplace.It is the creation of product.Skills RequiredMarketing skills, technicalknowledge is required.Financial or scientific skills areneeded. ConceptIt is the concept of practicalimplementation from newthoughts.Good idea works in theory inorder to invent anything. OccurrenceIt arises when companyneeded few changes in theirexisting goods. It occur when new thoughstrike in the mindset. Concerned withIt is a group of differentservices or product.It is determine as the singleprocess.ExamplesIntroduce new product likeT.V., tablet so on.It create or invent printingpress and Telephone as well.P2. Justification how organisational vision, leadership, culture and teamwork can shape theinnovation and commercialisationIt is very much necessary to have actual vision or mission in the effective culture orleadership with in the organisation on order to accomplish the goals and objectives effectively.2

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