Innovation and Commercialisation - Essence Drink Company
Added on 2020-10-05
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Explain innovation and determine its importance to organisations in comparison withinvention......................................................................................................................................1P2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................3TASK 2............................................................................................................................................5P3. 4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas......................................................................................................................................................5P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................7TASK 3............................................................................................................................................8P5. Importance of the commercial funnel and application of New Product Development(NPD) .........................................................................................................................................8P6 Build an Innovation Business Case for an organisation, including ways to access funding.9TASK 4 .........................................................................................................................................11P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property.........................................................................................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONIn today's world commercialisation and innovation are two important and required termsfor every business organisation. Innovation help the company in order to maintain sustainablegrowth along with maximising profit in domestic as well as global level (Aarikka-Stenroos,Sandberg and Lehtimäki, 2014). Commercialisation is the procedure of introducing new productsand services and processes into trade and commerce and making it available for targetedcustomer base of the organisation. In context of given case scenario of Essence Drinks whichwas developed by Akshay Kumar two years back. Along with this, Essence Drink Companycould not reach at growth stage because of competitors strategies. So, company launch newproduct in UK market i.e., various flavours of Lassi for achieving their organisational goal andenhancing a growth stage of their company. Also, in the first year they rise their sales by somechanges or innovative ideas and effective distribution channel. In context to this present report,describes the meaning and importance of innovation and describe the difference betweeninnovation and invention. Also, it includes 4Ps of innovation and stages of innovation funnel forimproving a level of growth and success of an organisation. With reference to this, process ofnew product development and funding ways are going to be covered. Lastly, different methodsof protecting an ideas and its advantages and disadvantages has been discussed. TASK 1P1 Explain innovation and determine its importance to organisations in comparison withinvention.InnovationIt is a method of inventing a new ideas, thoughts or ways in order to accomplishorganisational goals and objectives. Along with this. Innovation is the process of generating aninnovative ideas for modifying goods and services that create a value according to customersexpectations and wants (Brunswicker and Van de Vrande, 2014). This will create moreopportunities which help companies to enhance their survival, growth and success at marketplace. With reference to this, it aid organisations to expand their business at global level and alsoto create level of competition in the market area.Importance of Innovation
It is a vert important component of an organisation this is because innovation helps anorganisational to enhance their growth and success effectively or efficiently. Along with this, itaid organisation to expand business or diversified activities at domestic market as well asinternational market (Carayannis, Cherepovitsyn and Ilinova, 2016). In context to, essencedrinks, making innovation in their company play very crucial role at UK market as it helpsorganisation to achieve their goal and objectives. Also, company can earn profit by fulfillingtheir customers needs and requirement according to making innovation on products and services.There are various important role of innovation in an organisation are as follows:- Maintaining customer relationship- Innovation means to add some extra and uniquefeatures on their product and services. In order to satisfy customers requirement andexpectations, company add new features in their existing products and services. Alongwith this, company can achieve their goals by satisfying their potential customers as itwill aid for success of their company. As per the mentioned case study I.e., EssenceDrinks who launch Mango Lassi for attracting new customers towards their product andcompany. Also it will help company to retain their old customer for longer period of timeby satisfying their need and requirement accordingly. With reference to this, companycan make friendly and long term relations with their customers in order to accomplishorganisational goals and objectives effectively. Having unique selling proposition (USP)- According to the view point of customers inorder to add more values to the product every company should have some unique sellingpoint. Along with this, unique selling proposition help companies to sell their products inunique style which also aid customers to easily differentiate between two similar productsat market place (Chesbrough and Bogers, 2014). In context to, Essence Drink company,they use unique selling proposition for offering Mango Lassi in the market which willhelp their organisation to create level of competition at market place. InventionIt is a process of re-engineering and product development. Along with this, invention is amethod of creating, designing or discovering new method or product, which is not exist before atmarket place. The major difference of innovation and invention are given as below:-
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