P1) Define innovation and how it is important to organization

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Innovation AndCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1) Define innovation and how it is important to organization.................................................1P2) Discuss firms, culture, leadership, teamwork and vision assist in shaping innovation andcommercialization......................................................................................................................3M1) Examine various sources of innovation and how firm can foster an environment andculture of innovation..................................................................................................................4D 1) Critically examine how innovation is developed and measured in an firm.......................5LO 2.................................................................................................................................................5P3) Discuss 4Ps of innovation and use of innovation funnel to shape innovative ideas...........5P4) Discuss frugal innovation with examples and how it is used in an firm.............................6M2) Application of Innovation funnel in organization...............................................................7M3) Discuss role of frugal innovation........................................................................................8CONCLUSION................................................................................................................................8....................................................................................................................................................8.........................................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation can be defined as transforming an creative idea or thought into goods andservices so that customers are welling to pay monetary value in the market. Innovation arenecessary to emerge in the cut throat competitive market in order to uplift economy of thecountry in terms GDP (Gross Domestic Product). By doing so it aid the organization to flourishin the global market across the globe. This report is based on Essence Drink which wasestablished by Nirmal Kumar around two years ago in the United Kingdom. Firm is coming upwith Orange flavoured Lassi for it's potential customers in the UK market. This report coversdifference between innovation and invention as well as how innovation is important to businessgrowth and success (Chun and Ko, 2015). It also, throw light on leadership, culture, vision andteamwork in order to shape innovation and commercialization in the competitive world.LO 1P1) Define innovation and how it is important to organization.Innovation refers to as process of translating creative thinking, thought or idea intoproduct or services so that customers are willing to pay value in the competitive world.Organization need to carry out innovation activity on continuous basis in order to create toughcompetition for others firm in the market place. By doing so Business associates is benefited inmany ways such as, raise productivity level, improve brand recognition, increasecompetitiveness, profitability ratio etc. in the market.The main motive of company to do research for new product or services is to betterunderstand the dynamic needs of the potential customers as well as to uplift quality and quantityof the innovative product. In the of 21stcentury business associates innovative product which is“flavoured Orange Lassi” plays a vital role in the growth of the economy. As this leads to raisein sales volume the profitability ratio will be increasing in parallel ways due to which directly orindirectly economy of the nation will be uplifted (Datta and Jessup, 2015) .The importance of innovation are explained as follows:Reinforce brand:Innovation assist Essence Drink to reinforce their brand in the marketby coming up with flavoured Orange Lassi in the market. By doing so, huge market ratio can begained as well as profitability ratio can be gained at a large scale. It directly or indirectly helpsthe company to increase their market value and goodwill in the eyes of the customers.1
Responding to competition and Trends:Essence Drink come up with Orange Lassi inthe UK market in order to satisfy the emerging needs of the customers. Firm carries out creativeidea in order to create tough competition for other business running successfully in the cut throatcompetitive world. Successful organization not only come up with creative thought but also keepeye on others loop hole so that it can be turned out as their opportunity for growth anddevelopment (Engel, 2015).The difference between innovation and invention are discussed as follows:BasisInventionInnovationMeaningInvention can be stated asemerging of an idea for aproduct which has never everbeen designed earlier.Innovation can be explained asexecuting of creating thoughtfor product or services for thefirst time in the market place(Sheep and Khazanchi, 2017).ConceptThe concept of invention comeby working in theory.In this case concept ofinnovation is generated frompractical implementation ofcreative idea or thought.Necessary skills requiredFor invention scientific skillsis required.Strategic and technical skillsare required in innovation.Activities carried outInvention activities are limitedto research and development.In order to to come up withinnovation in product theactivities need to be carriedacross the firm.Concerned withInvention is concerned orrelated with single product orprocess in the market (Ruberaand Ordanini, 2016)In this case, Innovation isrelated with several productcombination.What is it related toInvention is related todesigning, framing andcreation of a new goods orproduct.Here, innovation is related toadding value existing productor services.2
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