Innovation and Its Importance in Organisation - Assignment

Innovation and
Commercialisation
Table of Contents
INTRODUCTION...........................................................................................................................1

TASK 1............................................................................................................................................1
P1. Innovation and its importance in an organisation............................................................1
P2. The way organisational vision, culture, leadership and team work can shape innovation
and commercialisation............................................................................................................2
M1: Different sources of innovation and development of culture of innovation...................3
TASK 2............................................................................................................................................4
P3. 4P's of innovation and use of innovation funnel to examine innovative ideas................4
P4. Developments in frugal innovation..................................................................................5
M2: Analysis and application innovation funnel....................................................................6
M3. Role of frugal innovation................................................................................................6
TASK 3............................................................................................................................................7
P5. Significance of commercial funnel and use of NPD........................................................7
P6. Innovation business case in Essence Drinking company.................................................9
M4: Building a detailed innovation business case which includes how to measure overall
effectiveness of company.......................................................................................................9
TASK 4..........................................................................................................................................10
P7. Tools used by organisation to develop, retain and protect knowledge and intellectual
property.................................................................................................................................10
M5: Evaluation of Different tools used in an organisation..................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is an essential need of an organisation to achieve growth and success in
competitive environment for longer duration. It can be done through adopting an effective
process, technologies and products in an organisation. Innovation includes the process of the
changing something into innovative and effective that will bring positive result to company. The
main purpose of this report is to provide the importance of innovation and commercialisation in
the success of an organisation. “Essence Drink Company”, a UK company which deals in
providing various drinks is selected for the purpose of preparing this report. The project covers
the contribution of the vision and objectives of the company in achievement of the innovation,
4Ps of innovation, significance of commercial funnel, commercialisation of innovation by use of
new product development and the different tools which are helpful in protecting intellectual
property rights (Baraldi and Waluszewski, 2011).
TASK 1
P1. Innovation and its importance in an organisation
Innovation Invention
It includes the process of making changes in
something into an effective that will bring
positive result to company.
It refers to creating of new ideas which comes
into market for the first time and then convert
into process of implementation.
The management of company is responsible to
bring innovation in existing technologies and
products in order to attract large number of
customers. For example Implementing
innovative technologies will reduce cost of
production and therefore the company can able
to provide their products at an effective prices.
Introducing new ideas and after analysis its
benefits, implementation of such new ideas
should be done with a motive to fulfil the needs
and demands of targeted customers. For
example Mobile phones are first invented by
Martin cooper.
Innovation implies implementation of idea for
various products and process for very first
time.
It is basically occurrence of an idea for product
that has been never made before.
For example, innovation in energetic For example, Essay drink can have invented
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ingredient in the drink can draw the attention
of healthy people.
wide number of drinks according to the
demand of customers or in many flavour.
Importance of innovation in an organisation: It is considered as an important need of an
organisation if they want to survive in competitive market world for longer duration. Implement
changes in existing products or technologies will help in bringing positive outcome to company.
It also motivates employees to work on innovative technologies that will help them in bringing
efficient in work. Some other advantages of innovation in Essence Drink company are as
follows:
Competitive advantage: An organisation if focuses on adopting innovative changes in
existing production and marketing process will help in achieving competitive advantage.
Bringing innovation on production process will help in reducing cost of production and bring
maximum output through which they can able to provide its products at a reasonable price to the
customers (Bianchi and et. al, 2010). As Essence Drink company engaged in providing drink
products should require to focus on bring into something new into the market such as introducing
Mango Lassie in UK which grabs an attention of large number of customers. This will improve
the overall sales and revenue of company and provides tough competition to their rivals.
Establishment of best methods in organisation: It is essentially required for an
organisation to bring new ideas and methods in an organisation so that they can sustain in
competitive market for linger duration. Adopting new changes in marketing process will help
company in attracting large number of customers. For example, bringing new and unique
concept in an TV advertisement of product will help in grabbing attention of targeted customers
which may improves sales as well (Innovation in Marketing, 2016).
P2. The way organisational vision, culture, leadership and team work can shape innovation and
commercialisation
The vision, culture and leadership and team work in an organisation should contribute
maximum in the development of the innovation in company. A leader is responsible to bring new
and innovative methods in completing task in more effective and efficient way. The vision,
culture, leadership and team work of an organisation are defined as below:
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