Innovation and Commercialisation in Essence Drink : Report

Added on - 06 Jun 2020

  • 14

    pages

  • 3641

    words

  • 14

    views

  • 0

    downloads

Showing pages 1 to 4 of 14 pages
Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1. Innovation and its importance in organisation......................................................................4P2. Contribution of organisational vision, culture, leadership and team work in innovation andcommercialisation.......................................................................................................................5M1. Different sources of innovation..........................................................................................6D1. Development of innovation in organisation.........................................................................6TASK 2...........................................................................................................................................6P3. 4P's of innovation and use of innovation funnel to examine innovative ideas.....................6P4. Developments in frugal innovation.......................................................................................8M2. Analysis and application innovation funnel........................................................................9M3. Role of frugal innovation.....................................................................................................9TASK 3............................................................................................................................................9P5. Significance of commercial funnel and use of NPD.............................................................9P6. Innovation business case in Essence Drinking company....................................................11TASK 4..........................................................................................................................................12P7. Tools used by organisation to develop, retain and protect knowledge and intellectualproperty.....................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation includes to provide better solutions to fulfil the new requirements and thecustomer needs. This can be achieved through using more effective processes, technologies andproducts in the organisation. Innovation always includes something original and effective whichchanges the entire process of performing the activities. In this report explain about, Essencedrink which started their business in UK, providing various drinks.In this present report discuss about, importance of innovation in organisation,contribution of the vision and objectives of the company in achievement of the innovation, 4P'sof innovation, Importance of the commercial funnel, commercialisation of innovation by use ofnew product development and the different tools which are used by the organisations to protectintellectual property rights.TASK 1P1. Innovation and its importance in organisationInnovationInvention:It includes the process of providing bettersolutions to the problems of organisation.It includes new scientific idea which helps inaccomplishment of targets.This can be achieves by the management ofcompany by applying new technologies,products etc. It includes the process ofdeveloping something new which helps inimprovement the performance of theorganisation.To become invention the only need is to provethem it is workable which is differ frominnovation because it includes something newwhich fulfil specific needs.:
Importance of innovation in organisation:Innovation is the development of newprocess which makes the production of the new product more feasible and fulfil the specificneeds. It helps the organisation to achieve the organisation targets more effectively andefficiently. It also motivates the employees in organisation to work with more enthusiasm. Ithelps in personal and professional development. Some other points regarding the importance ofinnovation to Essence drinks is described below:Competitive advantage:The organisation has competitive advantage because of theusing of the innovative ideas in organisation. These new ideas are providing the extraedge to company thinking process. This helps the company to attract the customers. TheEssence Drink also gets benefits after innovation of the new drink. The innovation ofproviding mango lassi in UK market provides the extra edge to their products whichattracts customers. This is the main reason behind the drastic increase of the sales ofEssence Drink.Establishment of best methods in organisation:The new ideas and the innovativethinking of management of the company helps in identifying the best methods ofproduction of the product. This helps the company in cost cutting in production process.It also provides the opportunities to company in assessment of the future risks and thesolution regarding them. Essence Drink company is providing the drinking productswhich have many competitors in market. It required to adopt the new process ofproduction of drinks which increases their production reduces their operating cost.P2. The way organisational vision, culture, leadership and team work can shape innovation andcommercialisationThere is huge contribution of the Essence Drink company vision, culture, leadership andteam work in development of the innovation in company. A good leader takes the initiative toperform the work and to find the new ways of completion of tasks. Organisations vision, culture,leadership and team work is described below:Vision:Vision of the company includes their future events which they wants to achieve.The vision of the Essence Drink is to capture the UK market by providing the unique drinks. Thevision of the company, also includes the use of the innovative technologies and process for thedevelopment of the products.
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document