Innovation and commercialisation - mango lassi Assignment
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Added on 2021-01-02
Innovation and commercialisation - mango lassi Assignment
Added on 2021-01-02
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 .......................................................................................................................................4P1 Explain the context for innovation and determine the difference between invention andinnovation:...................................................................................................................................4P2 Explaining organisation vision, leadership, culture and teamwork shape innovation andcommercialisation:......................................................................................................................5TASK 2............................................................................................................................................6P3. 4ps of innovation and use of innovation funnel to examine and shaping innovative ideas:.6P4 Frugal innovation and its example.........................................................................................8TASK 3............................................................................................................................................9P5 Importance of commercial funnel and application of new product development..................9P6 Innovative business case......................................................................................................10TASK 4..........................................................................................................................................11P7 Tools that are used by company to retain their intellectual property...................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation define as the implementing new ideas or methods in the organisation. Inorganisation innovation involve as the new way of doing work which attract its customer. It is anact of making ,inventing and producing something and use different creativity.Commercialisation describe as introducing new product in market and deciding timing,locationto lunch the product. This is the phase of development,distribution and sales of new product .This manage all lunch programme to achieve its established goals and objectives of theorganization. Its required long term planning to lunch a successful product. The founder of essence drinks is Akshay kumar, this company started two year ago. Thiscompany produce the product of “healthy mango lassi” into UK market. In context of expansionthe company of essence drink produce new product name as “kesar lassi”. This project report ofinnovation and commercialisation cover points of what is innovation , importance of toorganization in comparison with invention. Defining organizational vision , leadership , cultureand teamwork which shape innovation and commercialisation(Ahmad, Mallick and Schroeder,2013). Explaining different types of innovation which include 4Ps of innovation . Uses theinnovation funnel to examine and shape innovative ideas. This report cover frugal innovation andalso providing the example of how it is used in an organisational context. Explaining theimportance of commercial funnel and application of new product development processing forcommercial of innovation. Making an innovation building case for an organisation and includingways to access funding. Different method for protecting ideas and understand their advantagesand disadvantages.TASK 1 P1 Explain the context for innovation and determine the difference between invention andinnovation:Innovation is describe as add on new idea,design in the product which create demand inthe market. Innovation includes two aspects that is creativity and commercialisation. Createsomething in the product and update it into the market(Anderson 2013.). When the product isinnovative there is more chances of increasing sales in the organisation.
Invention explain as create something something new. In this create the product whichnew to the world discovered and created. Invention based on primary scientific skill. Invention isthe first idea of new product and innovation is the first attempt to carry it out into practice.Determine importance of innovation in organization in comparison with invention :innovation play very important role in the organization. Without innovating product oforganization can not increase its sale in market. Invention is different from the innovation;invention define as which is new to the world and innovation define as adding new ideas in theproduct or updating old product (Bertoni and Tykvová 2015).Growth of economy: This is the most important reason of needing innovation.This is the way of economic growth. Essence drink creating and transferring newknowledge into new product to meet the market needs. Innovation create newthings in the essence drink and this is fundamental source of growth inindustry. .Invention have there economic or non economic motives and innovationhave its economic motives. Important for better returns: innovation is important for providing betterreturn to the organization. When essence drink provide its product of kesari lassithen they should use creative ideas for better return. Invention is the first creationand process.Important for higher business revenue : Innovation is important for higherrevenue. In this marketing sales is considers here and do well to sell more of whatyou have. New product and services bring in new revenue too. In intervention itmay bring few changes but innovation include organizational changes. Important for competitive advantage: Good innovation create competitiveadvantage for essence drink. When ESSENCE DRINK add something new in itsproduct which attract its customer in the market. ( Verma, Rangnekar and Barua2012)Invention differ from this because this is new to the world and oneprocedure after that this one include as invention.P2 Explaining organisation vision, leadership, culture and teamwork shape innovation andcommercialisation:Organizational vision: in this the vision of Essence Drink is to expand its product in aneffective way. Vision is to expand its product from mango lassi to kesar lasssi in an
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