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Innovation and commercialisation - YOYO drinks Assignment

   

Added on  2021-02-20

13 Pages3953 Words69 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY ..................................................................................................................................31 Explanation of the Innovation...................................................................................................33 Different types of innovation ...................................................................................................64 4Ps of innovation......................................................................................................................85 New Product Development and Innovation funnel ..................................................................96 Frugal innovation and Recommendation................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONInnovation refers to the change in the things like operations, technology and products ofthe company and bring new changes in them in order to increase the sales of the company anddemand of their products. This innovation in the business is being done to satisfy the demandand need of the customers. This assignment of the innovation and commercialisation is based onthe YOYO drinks company, which was started about three years ago. This gain the rapid growthin the company and its drinks (Henttonen and Lehtimäki, 2017). This assignment will help toexplain the difference between innovation and invention. This will also include the importance ofthe innovation in the organization. Further more different types of the innovation also going to beexplained with the help of this file. 4Ps of the innovation is also going to be explained. Furthermore use of innovation funnel in launching the new product will be defined. Lastlyrecommendation will be given that can help YOYO drinks to make improvement in their drinksto increase its sales.MAIN BODY 1 Explanation of the InnovationInnovation — Innovation can be referred as to bring new ideas and changers in theirbusiness activities and their existing products or services. This innovation in the business helpthe organization to get success and increase their profit margin in the market as compared to theother competitors in the market (Henttonen and Lehtimäki, 2017). There are different factors thatpush the change and innovation in the business of the YOYO drinks like thinking, customersdemand, market trend, courage, intellectuality and differentiating are the might be the drivingforces of the bringing innovation in the business of the YOYO drinks. For example if YOYOdrinks make changes in their existing range of drink like launch new flavoured lassi then it willbe innovation in their product and services. Invention — Invention can be referred as the to invent, create, and build some somethingnew in the organization and its products or services. This the actualization process of a new ideasand thinking consider in to action. This is the process to bring changes in the market bydeveloping new products and services in their business. For exemplar if YOYO drinks launch itsnew product range of food items like that can be invention for the company and in the market. Difference between innovation and Invention InnovationInvention

Innovation is the first step to bring thenew product with having the new ideasand different approach towards heYOYO drinks company.This is the process of adding value tothe existing product range of thecompany (Eberhardt and et.al., 2017).This is based on the practicalimplementation of the new ideas on theproducts an services. For the innovation YOYO drinkscompany will require the set ofmarketing, technical and strategicskills.This innovation is occurred when, theneed is arise to make improvement inthe existing product and services range.This innovation is concerned withcombination of number of productsand process of YOYO company. Whereas invention deals with the bringnew products and services which istotally different from the existingproduct rangeThis is the process of creating anddevelop new products and services inthe company for the customers (Datta,Mukherjee and Jessup, 2015).As compared to the innovation,invention is based on the concept oforiginal ideas and work on the theory.For invention new services, products inthe market, YOYO drinks will requirethe scientific skill.This occurs when scientist strikes newideas. This invention is concerned with onlysingle process or product.In this way Innovation is different from the invention. As the YOYO drinks need to makeinnovation and make changes in their existing products of drinks. This need of the innovation isoccur when the sales and demand of their existing mango lassi has been decreased in the marketas compare to their competitors.2 Value and importance of innovation

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