Innovation and Commercialisation INTRODUCTION
Added on 2020-10-22
12 Pages4346 Words132 Views
Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Innovation and its importance with comparison to invention............................................1P2 Role of vision, leadership, culture and teamwork in innovation.......................................2M1 Different sources of innovation, how organisations can foster and develop an environmentand culture of innovation........................................................................................................3TASK 2............................................................................................................................................3P3 4P's of innovation and use of innovation funnel...............................................................3P4 Frugal innovation..............................................................................................................4M2 Analyse and apply the innovation funnel.........................................................................5M3 Evaluate the role of frugal innovation.............................................................................5D1 Critically analysis how innovation is developed, embedded and measured.....................5TASK 3............................................................................................................................................5P5 Importance of commercial funnel and application of NPD..............................................5P6 Innovation business case...................................................................................................7M4 innovation business case which includes how to measure its overall effectiveness........8TASK 4............................................................................................................................................8P7 Tools to protect intellectual property................................................................................8M5 Present supported evidence-based evaluation of various tools........................................9D2 Critical evaluation of nature of innovation.......................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONTo make business growth, it is essential to know what is market trend. There are manychanges which are taking place in business which are effective with joint efforts of employer andemployees. This is effective with change in business plans and policies. It is important to alterplans so goals can be achieved in better and effective way. This report is based on Healthyjuices, which has good business in UK in initial days. They have varieties of juices to satisfydemand of society (Aarikka-Stenroos, and Sandberg, 2012). But after few years, there is manycompetitors so their sales goes down. Now they are thinking to innovate new things so they canearn revenues. To achieve this can add fusion flavour in shakes. In this there is mixture of two ormore flavours to come with new taste. There is discussion about innovation with comparison toinvention, role of innovation funnel, frugal innovation, P's of innovation, commercial funnel,application of new product development, tools for protecting intellectual property.TASK 1P1Innovation and its importance with comparison to inventionInnovation means to altering current product and services and come with new andeffective ideas. This helps to achieve profits and there is increment in image of brand in society.Innovation is not responsibility of owner of Healthy Juice, they have to motivate workers toaccept policies, which are effective to achieve goals and objectives (Bogers and West, 2012). Incase of Healthy Juice,, there is decrement in sales, so they have to make changes in taste of juicewhich help to compete with new brands in industry. InnovationInvention In innovation there is requirement of alldepartment of Healthy Juice, this iseffective because of change in plans andpolicies. There are many factors which hasto9 considered such as cost, tine. There isrequirement 0f market analysis so they canachieve profitability in effective andefficient manner. In this, research and development department hasto more work, as others and they can achievegoals and objectives in better and effective way.This invention in done for thing which does notexist in market and hence this is more impactfulfor performing changes in business policies. Importance of innovation and inventions1
These days there are many changes which are taking place in business environment. So tomake long term relations,. It is essential to make policies which are effective to achieve targetsand goals of company. There is increment in sales of which helps to increase profit also. Throughinnovation and invention employees learn new techniques and hence they are competitive withexternal forces of environment. There is requirement of motivation hence positive results can beget (Chun and et. al., 2015). As per change in business policies, this helps to perform activities inbetter and effective way. P2 Role of vision, leadership, culture a viend teamwork in innovationHealthy Juice is the company which operates in juice and shake segment. This is smallscale company in UK. There are many changes which has to be performed by employer andemployees to achieve targets. Employer and employee are two main component of businesswhich helps to achieve and complete set targets. Vision, mission must be communicated toworkers so they know the reason behind performing operations. So when managers are thinkingto use change then this can be effectively apply when it is communicated to workers. There must be good communication within organisation so there must not be confusionrelated to activities. There are many activities in Healthy Juice which are inter related so withgood culture helps to apply business policies in better way. There is requirement of policies withwhich manager can know views of employees also. They can tell more better way that whatshould to be done to regain same image in industry. While giving weight-age to employee's needthey also get motivated and give their best. Team work is one of the best approach through whichthey can us resources in better way. There are different skills to workers, so while team workthey can accomplish task in better way (Cui and Wu, 2016). This can be done when there is goodand proper communication channel and this has less chances of failure. As industry there are many competitors so innovation is the way through Mr Green canmake regain profits and then this is effective as per change in business policies. It is important tokeep eyes on activities top know whether workers are performing activities in proper way or not. M1 Different sources of innovation, how organisations can foster and develop an environmentand culture of innovationThere are various sources of innovation which helps top innovate things in better andeffective way. There are various sources of innovation such as competitor's policies, customer2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation Business Case for Healthy Juiilg...
|12
|3921
|278
Innovation and Commercialization Assignment -Innovation and Commercialization of Healthy Juice - Assignmentlg...
|10
|3384
|235
Innovation and Its Importance Assignment Solvedlg...
|10
|3729
|77
Commercialization and Innovation Essaylg...
|19
|5108
|46
Influence of Innovation and Its Various Aspects : Reportlg...
|13
|3431
|46
Innovation and Its Importance to Employees : Assignmentlg...
|12
|4148
|66