Innovation and Commercialisation: Doc
Added on 2020-10-22
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Leadership ManagementMarketing
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P1) Distinguish between Invention and Innovation...............................................................1P2) Discuss how culture and leadership of a company can be embedded.............................2P3) Discuss 4ps of innovation and how it helped Mr Green to develop innovative drink.....3P4) Explain frugal innovation with examples and how it is used in an organization............4P5) Discuss the importance of commercial funnel and application of new productdevelopment...........................................................................................................................5P6) Build innovation plan including ways to access funding.................................................6P7) Study various tools of firm to develop, protect knowledge, retain and intellectualproperty. .................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTIONInnovation can be sated as, the practical transformation of thought or idea into improvedor new product or services for which consumers are willing to pay value in the cut throatcompetitive market. Whereas, commercialization means the process or activity of introducing aninnovative product or services and making it available for the consumers in the market place. Inthis case, Healthy juice is company which was founded by Mr. Daniel Green two years ago inthe UK market. This company is coming up with innovative juice name as “orange mint Juice”.This report includes difference between invention and innovation and how innovation isimportant to firm in growth. It also focuses on how innovation can embedded with theorganization culture and leadership. Company uses 4ps of innovation to examine how it supportsmanagements and capabilities of innovation (Bernstein, 2015). It throws light on differentapproaches including frugal innovation and innovation funnel and explains different steps toderive an innovative juice or drink in the market. LO 1 P1) Distinguish between Invention and Innovation.The difference between Invention and Innovation are as follows: BasisInventionInnovationMeaningInvention means act ofdiscovering a method orprocess which has not existedearlier. Innovation means translatingof creative thinking, thought oridea into reality which is ableto create value in the market. ConceptInvention concept is to workon theory. Innovation concept is topractically implement newproduct or services designed orframed. Required skillsIt requires scientific skills forinvention. It requires technical and set ofmarketing skills for doinginnovation. When occursIt occurs when creativethinking or idea strikes aIt occurs when improvement inexisting product is felt in the1
scientist. market for a product. Activities carried outIn invention activities arelimited to research anddevelopment. In innovation activities isspread all over theorganization. Importance to innovation in comparison with invention are as follows: Reinforce brand: By developing innovative drink it will help the firm Healthy Drink toagain reinforce their brand in the competitive market. Orange mint juice will pull the potentialcustomers towards the drink as it is full of nutrients and minerals. Which will indirectly raise thebrand image and faith in the eyes of the customer.Bit competitors: Healthy Drink is coming up with Orange mint juice which can bit itscompetitors in the market as it is full of natural fruits and mint which is beneficial for health.Innovation in product or services helps to capture huge market ratio and profit maximization canbe done. To be ahead of competitors in the market firm should come up with innovate drink sothat loyal and trusted customers does don't switch to other brand. The analysis of various sources of innovation are as follows: Demographics: Here, firm keep eye on income of people, population, education level,and age range. By doing creative good is designed in the market so that set goals can beachieved. Healthy Drink on regular basis scan this factors so that modifications can be doneaccordingly in the cut throat competitive world. Changes in Perception: Healthy drink examine frequently changing taste andpreferences of the customers. To survive in the market they discover drink which is as per theiremerging needs. By doing potential customers can be raised for the drink. P2) Discuss how culture and leadership of a company can be embedded.Culture: Healthy Drink is working on discovering innovative juice for its customers inthe UK market so that they can be satisfied with the juice. The culture of the organization is veryflexible and is adoptable to dynamic environment. It's due to culture flexibility Healthy Drink iscoming up with Innovative drink that is Orange mint juice in the third year. Employees of thebusiness associates are happy with the culture firm is holding and are working effectively andefficiently to meet the set standards of the business in the competitive world (Dutta and Folta,2
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