Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Comparison between innovation and invention and their importance...................................3
P2 Organisational vision, culture and teamwork to shape innovation and commercialisation...5
TASK 2............................................................................................................................................6
P3 4Ps of innovation and use of innovation funnel.....................................................................6
P4 Developments in frugal innovation........................................................................................7
DRAWBACKS:........................................................................................................................13
TASK 3..........................................................................................................................................13
P5 Commercial funnel and its importance in context of Bakkavör..........................................13
P6 Business case.......................................................................................................................16
TASK 4..........................................................................................................................................18
P7 Various tool to retain intellectual property for longer period..............................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................20

INTRODUCTION
Innovation is defined as making suitable alterations and modifications in existing product
and services in order to perform business operation in suitable manner. Innovation is an aspect
by which improvements can be suggested to the business through which better sales and profits.
In the terms of aims of innovation, the major aim is to commercially derive full knowledge so
that to make business more competitive and adhered to dynamic environment (Ales, Cho and
Körpeoğlu, 2017). Thus innovation is describing process of improvement in which companies
are offering prominent procedure of inhaling development ideas so as to get opportunities for
testing production and market commercialisation. On the other hand commercialisation is
describing process of introducing new services and products in the market so as to earn more
sales and revenue. Invention is described as developing new things which are not existed in the
market till the date. This report is prepared to understand various concepts of Innovation in the
background of Bakkavör which is a British food manufacturing company headquartered in UK.
The company is now planning to develop smoothies in which natural ingredients are added such
as carrot, beetroot, ginger and so many others.
TASK 1
P1 Comparison between innovation and invention and their importance
Innovation: Innovation is defined as a process in which new ideas are being developed in
existing products so as to enhance succession ratio of the company. In terms of these factors
process of innovation is leading to provide motivation and uniqueness to offered product and
services. For instance in terms of Bakkavör the company is dealing in food and now they are
planning to get into manufacturing of Smoothies in which combination of fruit and vegetables
are being made so as to provide healthy beverages to their customers which contains vitamins.
Varied flavours are being launched by them by undertaking taste of customers by performing
research and development (Arthur, 2019).
Invention: This term is useful in mentioning idea over new product and new customers are
being pitched. Under invention a new ideas is being developed by an individual and this is an
emerging thought in the market and for customer as well. Meanwhile invention takes lot of time
as customer preferences are inhaled and pros and cons are being analysed with the context of
customers.

Basis Invention Innovation
Meaning This is referred as
development of new brand
along with new idea which
is new for the market.
Invention is derived in such
a manner that new and
emerging concept can be
added in new product so
that to enhance sales and
profit as well.
This is denoted as most
suitable activity in which
effective changes are being
introduced by the organisation
in their existing product and to
make effective changes in the
product. Under this new ways
are being considered and new
ideas is germinated.
Aim The objective of invention for
Bakkavör is to provide
smoothies to their customers
and to grab attention of
potential and existing
customers so that to make
effective use of the invention
in meeting goals and
objective of the organisation.
Purpose of innovation is to
inhale additional efforts and
approaches so as to to alter
existing offering in product
and services as according to
taste and needs of customers
by which sales and
profitability can be enhanced.
Occurrence It occurs when thought or
ideas is germinated in the
mind of some individual in
order to provide shape to
needs and demands of
customers by developing
product in appropriate
manner.
This is occurring when the
business is willing to enhance
their sales or market share
when sales is declining in
continuous manner. In the
dynamic business
environment innovation is
playing one of the crucial role.
Importance of Innovation: Management of every business is required to implement innovation
so that to provide higher value to the business. In the context of Bakkavör as the market for food

and industry is intense so in order to grab attention of potential customers this is imperative that
to execute innovation. Innovation is associated with prominent benefits which are explained as
under:
To gain competitive edge: One of the most significant factor of innovation is that with
the help of innovation a brand new product can be introduced in the market which may help the
business to attain competitive edge. There are so many competitors in respect of Bakkavör due to
which intense competencies are existed in the market and for the company like Bakkavör it is
mandatory that they innovate their product so as to retain customer and their interest in their
product offerings (Arora, Cohen and Walsh, 2016).
Fast recognise of customers’ expectations: Innovation is helpful in understanding needs
and demands of customer in appropriate and prompt manner. This enables the business to meet
level of expectations of their customer so as to align business objectives. In order to enhance
profitability this is required by the organisation that they develop customer centric products.
P2 Organisational vision, culture and teamwork to shape innovation and commercialisation
Innovation is defined as a significant factor due to which various difficulties are being
solved in order to attain goals and objective of the business. In this aspect suitable elements
related to Bakkavör are elaborated as under:
Organizational vision: This concept is demonstrating objectives by which thought is being
created by the organisation. In this context this is assumed as a significant job in order to shape
the modernisation and on the other hand path to employees of Bakkavör is provided. By taking
this concept Bakkavör is making solid smoothies which includes natural products, vegetables,
and other natural vitamins and minerals.
Leadership: This is the style by which leader or coordinator guides and leads their
workforce and then selected administration style which is fitting for developing business in
appropriate manner. On the other hand with the help of leadership new thoughts and
modifications can be rendered to the business which may lead in creating better system of
development. Besides this effective leadership style is providing better opportunities to the
business to make continual way of business progression and enhancing efficacy of the business.
Culture: This involves those factors by which uniqueness can be created by the
organisation in their environmental factors (Bagno, R.B. and et. al., 2017). Culture is defining
qualities and reasoning by an association. In the context of Bakkavör they are finding out

inventive ways in which assigned task can be performed and vivacious results can be achieved.
For example Bakkavör is offering smoothies in order to get big market size.
Teamwork: This is associated with people those are working inside the organisation for
execution of operational activities. For an organisation teams are arranged in such a manner that
existence of experts are accomplished. In the context of Bakkavör for shaping organisational
development collaboration is required to be performed by people working in the organisation so
as to accomplish conspicuous aims.
Sources of innovation
Innovation is regarded as intense process under which various improvements are granted
in order to inhale changes and to draw potential impact. Sources for innovation are elaborated as
under:
The unexpected: Innovation is taking place within organisation at every doubtful
situation which is occurring by chance. Under this when an individual is coming up with an idea
which is associated with unexpected innovations. This is regarded as factor within dynamic
business environment in which Bakkavör is taking care of innovation inhaled within drinks and
smoothies. This is a highly important aspect which includes interesting growth and development
opportunities for the business (Byun, Sung and Park, 2018).
Market structure: This describes prominent market structure by which chances are
received by companies. In this regard Google is playing essential role by giving required
information which is scattered over the internet. Google has helped individual to access
prominent information to customer in which by accessing links data can be searched in optimal
manner.
Necessity: Necessity is the mother of innovation, this idiom has proven that necessity is
one of the essential factor which helps the business to understand needs of marketer and
accordingly innovate a product. Innovation is dependent on ideas which are considered by
individual and through which new product can be devised. \
TASK 2
P3 4Ps of innovation and use of innovation funnel
Product: This is a principle which is expressing offerings of the organisation in which
customers are pointed out in order to satisfy needs of marketer. In the context of Bakkavör as the