(pdf) Innovation and Commercialisation - Cadbury

Added on - 17 Feb 2021

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INNOVATION ANDCOMMERCIALISATION1
Table of ContentsINTRODUCTION...................................................................................................................................................3TASK 1................................................................................................................................................................3P1............................................................................................................................................................................3P2............................................................................................................................................................................6TASK 2................................................................................................................................................................7P3............................................................................................................................................................................7P4............................................................................................................................................................................8TASK 3................................................................................................................................................................9P5............................................................................................................................................................................9P6..........................................................................................................................................................................11TASK 4...............................................................................................................................................................12P7..........................................................................................................................................................................12CONCLUSION....................................................................................................................................................13REFERENCES......................................................................................................................................................142
INTRODUCTIONInnovation refers to any fresh concept that adds value to an organization’s existingproducts and services. It is quite essential for organizations which aim to stand out of the crowdand expand its market share (West and Bogers, 2014). However, implementing new and creativeideas in a business is quite complex. A detailed analysis of the market, preferences of thecustomers and their expectations from the firm must be taken into account. Innovation of thecompany must answer the immediate needs of the customer. It might be regarding increase speedof delivery or modifying technology, innovation of a company must aim at addressing thesecustomer wants. This report is based on Cadbury, one of the finest confectionery companies ofthe world. The report aims at explanation of innovation and its importance in comparison toinvention. It also includes how organizational vision, leadership, culture and teamwork couldshape innovation and commercialization. A detailed analysis of 4Ps of innovation is brieflymentioned in the report. The project also focuses on processes required to commercializeinnovation and evaluation of methods used for protecting knowledge and intellectual property.TASK 1P1Innovation:It is a process used by companies to add creative elements to the servicesand products of the company which makes them competent to sustain tough competition.Basically, it is the procedure of modifying existing goods and services by introducing somechange in the process of its production. It could be its size or in design. The aim is to provide anextra benefit to the customers and satisfy their needs. It makes a firm competent, expand itscustomer base and enhance its profitability. Innovation would definitely help Cadbury tomaximize its Return on Investment (ROI).There were many innovations that are associated with3
Cadbury. Some of the prominent examples would be Cadbury Shots, Cadbury Crunch and manyother innovations which gave customers value added services to the customers.Invention:This refers to creation of a whole new method, concept, service or product forthe first time (Manso, 2011). For an organization like Cadbury, invention too is a beneficialfactor of driving the firm towards achieving more success in the market.Cadbury has been veryconsistent in inventing various products. These invented products have been widely acceptedthroughout the country. Some of the prominent example of invention in cadbury are the Cadburychocolate bars that have been created to enhance the customer experience of having chocolates.The difference between Innovation and Invention is explained below:BASISINNOVATIONINVENTIONCONCEPTInnovation is a process ofdevelopment andimplementation of creativeideas to add value to firm’sexisting services and products.It improves the competitiveimage of the firm in themarket.Invention refers to theprocedure undertaken tocreate a whole new product orservice to serve the needs ofthe customers. By creation ofnew products and servicesthat have never been createdbefore, it sets a whole newmarket for the firm.SCOPEThis process has a wider scopeas it undertakes all the servicesand products of anorganization intoconsideration (Gawer, 2011).This procedure has a narrowscope as it undertakes just asingle product or service intoconsiderationOCCURRENCEInnovation is needed by anorganization whenever anyimprovement is required in thecompany’s existing goods andInvention is the result ofunique ideas developed byscientists working in theorganization.4
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