Innovation and Commercialisation- Assignment
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Added on 2020-12-09
Innovation and Commercialisation- Assignment
Added on 2020-12-09
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Explain innovation and determine its importance to organisations..................................3P2 Organisational vision, leadership, culture and teamwork to shape innovation.................5TASK 2............................................................................................................................................6P3 Explain 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas............................................................................................................6P4) Frugal Innovation.............................................................................................................7TASK 3 ...........................................................................................................................................8P5 Importance of commercial funnel and application of new product development ofinnovation ..............................................................................................................................8P6 Innovation Business Case for organisation ....................................................................10TASK 4 .........................................................................................................................................11P7 Different tools use to develop, retain and protect knowledge and intellectual property. 11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation and commercialisation is on necessary process which has led an initiative todevelop products or services at a higher proportionate. In current business process, innovationhas brought an effective change in products or services of a business firm by looking at trends orincreased scenario of other firm's products or services in an effective or productive manner(Minshall and Mortara, 2017). In addition to this, innovation is important to pump oxygen toexisting product to rise its life expectancy for longer period of time. This report will be carriedon Essence drinks, which is a leading drink based selling firm operated in region of an entire UKand also with dramatic rise in sales into their first year. To overcome this, innovation will bedone in bringing Kiwi fruit Lassi into a product line. Apart from this, report will cover conceptof innovation and importance of it in relationship to invention over a longer period of time. Also,concept of 4P's of innovation, funnels and importance of commercial funnel will also beundertaken. Lastly, a business case will be prepared to check out vision, mission, strategicobjectives and then carry out research & development over innovation. TASK 1P1 Explain innovation and determine its importance to organisationsInnovation is a process of translation of an idea or kind of an invention into a particulargoods or service that actually creates values for customers will their pays. In current productdevelopment, innovation has major role in understanding a requirement of a change which canbe either creative or innovative to bring in any product at a productive proportion (Ajagbe and et.al ., 2015). Innovation is applicable to every product, but to some limited extent of time. It canalso be taken from any new or previous idea which has ruled. Moreover, this is highly differentfrom invention, in which idea or product knowledge even not exists before. Level of innovationcan be measured with situation of how well it can be survived in UK market and what are majorresponse of customer over this. A situation can be termed as innovation when it can be highlyreplicable by economic cost and must specify a need or purpose out of it. In context of Essencedrink, this brand is in instant need of innovation into Lassi drinks, as their products such asMango lassi or others are showing decreasing of profits or sales at a given point of time. Incontext of Essence drinks, innovation here will be bring
This was also realised that mango lassi has been failed, because of lack of marketviability and product planning to continue growth of product for profitable stage (Azarmi, 2016).Hence, in that situation, innovation is highly pro-active and thus in response, it may be futuregrowth for any upcoming products. First, it is important to do brief comparison betweeninnovation and invention to know what in reality it actually means.For this Akshay Kumarbrand, it will be productive to discuss certain importance of an innovation at a greater point oftime. The importance of innovation is as follows: Increase in brand image & value: Innovation is the process, in which existing product isused to get new style, process of attracting customer's and led an effective regulation of productbrand image development for longer period of time (Dodourova and Bevis, 2014). For Essencedrinks, innovation will help to increase the level of profits at an optimised period of time. Development of sales or profits:Innovation is a necessary concept which is important torise product image at a greater or optimised level. In that situation, innovation will led boost tosales or revenue of this essence drinks. This importance is highly prominent for Essence drinksto enhance their profit generation or also led innovation in their product at a greater ratio. BasisInnovation Invention Meaning Innovation is an occurrence of aproductive idea for product or inany process to make it efficientto save cost and time. In this,idea's are existed or presents incurrent period of time. Invention is an occurrence of an ideafor any new products or services whichis not presented or prepared before this.ImplementationIn innovation, any new idea ismajorly required on existedproduct or deals with relevantchanges. Practical implementation of new idea orproduct. Either, an product or part of ituses to be invent into business part. P2 Organisational vision, leadership, culture and teamwork to shape innovationVision & mission: Essence is one leading drinks or beverage based business entity whichused to be process for selling products such as Mango Lassi and other related drinks products at
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