Innovation and Commercialisation in Small Business Context

Assignment Brief – BTEC (RQF)
Higher National Diploma in Business
Student Name ID
Unit Number and
Title
08:Innovation and Commercialisation
Academic Year 2019-20 Cohort Sept 18 Block 2
Unit Leader AssessoAssignment Title Innovation in a small business context
Issue Date 25.03.2019
Submission Date
(Formative)
29.04.2019
IV Name
Deadline for
assignment
13.05.2019 (Summative Feedback)
Learners Declaration:
I certify that the work submitted for this unit is my own and the research
sources are fully acknowledged.
Date: 20-05-19
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Table of Contents
Assignment Brief – BTEC (RQF).......................................................................................................1
INTRODUCTION...............................................................................................................................3
LO1.......................................................................................................................................................3
Organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.........................................................................................................4
Types of teams are essence drinks?..............................................................................................5
LO 2.....................................................................................................................................................6
4Ps of innovation:..................................................................................................................6
The 4Ps of Innovation are used by the Organizations in order to begin the innovation
process, generally they are termed as innovation mix for the process...........................6
The 4Ps of innovation are-......................................................................................................6
Frugal Innovation :.................................................................................................................8
LO 3.....................................................................................................................................................9
Commercial funnel:...............................................................................................................9
Consumer Funnel is the process of visual representation of company's activities to
make the product available to the consumers to the extent of consumers buying
decisions and actions(Shiu, 2017).........................................................................................9
It is also known as sales funnel and is very important to the business in following ways-
.....................................................................................................................................................9
Innovation business case for Essence Drinks Company along sources to access
of funds...................................................................................................................................12
LO 4...................................................................................................................................................13
Tools used by the organisation in order to protect its intellectual property and
Knowledge:............................................................................................................................13
Trade mark:.......................................................................................................................................14
CONCLUSION.................................................................................................................................15
REFERENCES.................................................................................................................................15
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INTRODUCTION
The process of discovering new ideas and strategies in order to make a
new product available in market by the company is called Innovation.
Innovation of a product leads to growth and success of the organization.
Invention is the process of generating the new ideas as well as executing
those ideas and forming different activities to implement the ideas for
inventing a new product and completing the innovation process for the
product. The report will highlight on the difference between innovation and
invention process. Further it will focus on types of innovation and process of
commercialising innovation. The report will also mention the different ideas
and techniques used to protect the rights of innovating a new product.
LO1
Innovation can be defined by the process or activities consists of new ideas,
thoughts, methods, imaginations in order to discover new ways to do the
things.
Innovation plays an important role in the development and coordination of the
organisation, it is the way of adopting useful thoughts and converts them into
useful outcomes, products or method of operation. Innovation is crucial for
both new and existing organisations in this dynamic environment (Donate and
de Pablo, 2015.).
In this dynamic world where nothing is constant, new updations and
improvements are taking place on a day to day basis which leads to new
innovations and inventions in every one's life.
Invention refers to the process of creating or constructing something that has
never been created or made and it has come into existence for the first time
whereas Innovation is the process or activity done on the existing technology,
process or product by introducing new ideas or ways.
Invention is the creation of a new product or services, innovation refers to
addition of values to something that is already in existence.
Difference between innovation and invention:
1. The skills required in invention are scientific skills whereas in innovation
marketing, strategic and technical skills are required.
2. Generally inventions is concerned with a single product or process and
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in innovation, it is concerned with combination of products and
processes. Invention activity is limited to only R & D department and
innovation can be done by any individual in the organisation.
3. Invention can take place when the new idea strikes a scientist and
innovation takes place when a product or existing product needs an
improvement. Innovation requires knowledge, competences and
financial support whereas innovation requires technical knowledge,
competency, market knowledge and financial aid.
Innovation and Essence Drinks:
Innovation plays an indispensable role in an organisation. In this dynamic
environment, where nothing is constant technologies and changes in
products are taking place day by day according to the trend of today's
scenario and the organisation who is not taking part in this innovative world is
lagging behind (Fraj, Matute and Melero, 2015).
Essence drinks found a significant decrease in the sales of their product as
no innovation had taken place from the past two years because the company
introduced only one drink (a healthy mango Lassi) and the competitors
arrived with new ideas in the market. Essence drinks should introduce a new
flavoured Lassi to the UK market, named as Blueberry Lassi, can be a great
steps towards the innovation as its flavour is mostly liked by the people plus it
has great health benefits. It can lead the company to regain its position in the
market and can increase the sales of the product.
Organisational vision, leadership, culture and teamwork can
shape innovation and commercialisation
Commercialisation:
It is the process of introducing a new product in market for commercial benefit. It
can also be defined as process of selling a product or service into market for making
money.
Vision and innovation:
For being successful, an organisation should have a clear vision or far
sightedness to see the future goals more clearly. A goal cannot be achieved
when the vision is blurred, Essence drinks should have clear vision which can
help the innovation and commercialisation to implement much easier and
faster as all the goals are specified clearly to the employees. Essence drink
should state its vision clearly to its employees in order to innovate a new
drink.
Leadership helps shape innovation and commercialisation:
Leadership can influence gaol achievement and team performance by
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