Innovation and Commercialisation :Assignment
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Added on 2020-10-22
Innovation and Commercialisation :Assignment
Added on 2020-10-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identify innovation and determine its importance to organisations as compared toinvention......................................................................................................................................1P2 Determine organisational vision, culture, teamwork and leadership can shape innovationand commercialisation................................................................................................................3TASK 2............................................................................................................................................4P3 Discuss 4Ps of innovation and specify the use of innovation funnel to evaluate innovativeideas.............................................................................................................................................4P4 Determine developments in frugal innovation and discuss how it is used withinorganisations...............................................................................................................................5TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of new product development forcommercialisation in innovation.................................................................................................7P6 Develop an innovation business case for a company, involve ways to access funds............8TASK 4..........................................................................................................................................10P7 Different tools that companies can use to formulate, retain and protect knowledge &intellectual property..................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is defined as transformation of invention, idea or concept into a services andgoods for which customers will be eager to pay. In order to be called as innovation, an ideaneeds to be replicable within economic cost and must fulfil market requirements.Commercialisation is the procedure by which a new service or product is introduced into market.In broader sense, commercialisation involves manufacturing, production, marketing, distribution,sales and other function to attain commercial success (Bianchi, and et. al., 2010). Thisassignment is based on Essence drinks which is a new organisation established two years back inUK. Company offers Mango Lassi to its customers and achieve high sales due to innovative idea.Company is going to use brand strategy innovation by introducing new flavours of Lassi so thattheir customer base can increase further. This report will discuss concepts and importance ofinnovation in comparison to invention. Also, organisational leadership, culture, vision andteamwork in shaping innovation and commercialisation is discussed. 4Ps of innovation andinnovation funnel along with development in frugal innovation are discussed. Value ofcommercial funnel and application of NDP, innovation business case, different tools to develop,retain and protect intellectual properly are discussed.TASK 1P1 Identify innovation and determine its importance to organisations as compared to inventionEssence drink is an organisation in UK which offers Mango Lassi to its customers.Company was started two years back and within no time gains wide popularity and high salesdue to their wide distribution capability and innovative formula. Within some time, companyfaces a significant reduction in sales. This is because of highly competitive and advancedmarketplace. To overcome this situation, business owner of essence drinks has decided to adoptsome innovative approach so that a new range of innovative drinks can be created. In this regard,company is going to innovate Strawberry Lassi, Banana Lassi, Chocolate Lassi etc. Enhancedproduct line will help the firm in gaining competitive advantage over rival companies. Innovation is described as a procedure in which multiple activities are carried out so thata work can be accomplished by implementing new methods or ideas. It is highly associated withcreativity (Damanpour and Aravind, 2012). It is a specific instrument associated withentrepreneurship which endows different resources with new capacity so that high wealth can be1
earned. Innovation will benefits Essence drinks in increasing their sustainability and productivitywithin marketplace. Also, it will be helpful in stabilising the sales and profitability of company. Importance of innovation for Essence drinks As company is facing a decline in the sales and profitability due to enhanced competitionin market, company can adopt different innovative measures. In case of Essence drink,importance of innovation is mentioned below:Innovation will benefits the company in creating new range of drinks. These drinks willhave different flavours according to the season. This will grab the attention of customersin a widely manner due to which competitive advantage over rival companies can beacquired in a desired means (Easter, 2019). Essence drink can implement innovative ideas and concepts so that transparency can bemaintained in supply chain management. Block chain technology will benefits thecompany in eliminating errors that can hinder their distribution & delivery process. Another benefit of innovation to the concerned company is promotion of products.Company can use innovative measures such as social media to conduct survey for peoplewhich are foodie. This will helps in acknowledging specific section and flavours thatcompany can initiate to enhance their revenues. Differences in innovation and invention Innovation Invention It is implied as formulating andimplementing idea or concept for aspecific process and product for firsttime. It is defined as occurrence of aconcept and idea for a particularprocess or product which has neverbeen made or used before. It is associated with adding value to aproduct or service which already existspractically. It is associated with creating a newproduct or serviceIn order to innovate set of strategic,marketing and technical skills are needed(George, McGahan, and Prabhu, 2012).In order to invent something new,scientific skills are required2
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