Influence of Innovation and Its Various Aspects : Report
Added on 2020-07-22
13 Pages3431 Words46 Views
Business DevelopmentLeadership Management
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INNOVATION ANDCOMMERCIALISATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance...........................................................................................1P2 Impact of organizational factors on shaping innovation...................................................1TASK 2............................................................................................................................................2P3 Four P’s of innovation and utilization of innovation funnel for examining and shapinginnovative ideas......................................................................................................................2P4 Development in frugal innovation.....................................................................................3Analysing as well as applying the funnel in organizational context......................................4Role of frugal innovation in an organizational context..........................................................5TASK 3............................................................................................................................................5P5 Significance of commercial funnel...................................................................................5P6 Creating an innovation business case for an organization................................................6TASK 4............................................................................................................................................7P7 Evaluating the several tools which can be utilized by business for protecting, retainingknowledge and intellectual property......................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONInnovation is considered as a process in which an organization can use some new ideasand thoughts in the processing of already existing product or service. It can be applied to anyproduct that is already being used in the company (Biemans, 2018). The factor to be consideredhere is that some innovative ideas or changes can be made to the same product. Invention is quitedifferent from innovation. As in case of innovation, new and innovative ideas are being used onan existing product or strategy but in case of invention, a completely new range of products orservices are being developed. Healthy Juice is one of the leading companies that deals with thebeverages such as drinks, shakes and juices. But from a few times, the company has faced a hugedecrease in sales, so for coping with that they can include some innovative ideas in their productsto gain the attraction of the people again. This report is about analysing the influence ofinnovation and its various aspects.TASK 1P1 Innovation and its importance Innovation is considered as a process in which new and creative ideas can be added in aproduct that is already existing in the company. Healthy Juice can make involvement of somemodifications in their products as the company deals with milk shakes, drinks etc. So, they wantto add something interesting and different so that they can be able enough to gain the attention ofthe customers but they did not to move away from juices. Therefore, they can add some flavoursto the juices. It can act capable enough for attracting a huge number of customers. Thus, bythese means, they can also regain an increase in the sales. This can be very useful as it can attracta huge number of customers to the company (Dahlander and Gann, 2010). Therefore, it can alsohelp the business entity in an increased rate of sales. Rather than making a completely newproduct as in case of invention, Healthy Juice can make some changes in their juices and drinksas well. Invention can be considered as a process when the company makes involvement ofcompletely new products or services, but innovation is adding up some new , creative andinnovative ideas in order to bring something different to attract the customers. A very commonexample of this can be considered as that they can add up some changes by adding flavours totheir juices and shakes as it can be a different concept. Also, it can prove helpful enough ingaining the attention of a huge amount of customers.1
P2 Impact of organizational factors on shaping innovationThere are various factors involved within an organization and consists of vision,teamwork, leadership etc. So, discussing the impact of innovation on Healthy Juice as below :LeadershipLeadership can be termed as an important concept because it helps in managing all theemployees as well as operations in an appropriate manner (Osoro, Kirama and Vermeulen,2017). Healthy Juice can ensure to involve a leader so that they can be able to manage all theoperations successfully.TeamworkTeamwork is an important aspect because when Healthy Juice will make implementationof the idea of adding flavours to their juices and shakes there should be an effective availabilityof the team work (Drucker, 2014). It is because it will help in managing the discussions veryefficiently so that they can reach to a better conclusion. Therefore, teamwork plays an importantrole in attracting a higher rate of satisfied customers.CultureIt plays an important role as well. Healthy Juice must maintain a healthier and happierculture so that the employees can focus on the work effectively, thus Health Juice can be able toachieve all their targets and goals. In addition, maintaining interactions with others is alsoimportant (Teece, 2010). It is because after a hectic schedule, employees can interact in order torelax themselves. So, it can further help in making the environment in Healthy Juice muchhealthier and happier. VisionThe vision of Healthy Juice is to involve some ways and processes so that they can beable to gain the attention of a huge number of customers. A wider vision can help the companyto achieve all the goals and targets and that too at faster rates (Manyika and Byers, 2011). So, theinvolvement of flavoured substances etc. as a part of innovation in Healthy Juice can gain manycustomers, so that it can help the company in an increased rate of productivity and popularity. 1
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