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Innovation and Commercialisation : Silicon bottle Assignment

   

Added on  2021-02-20

17 Pages4760 Words25 Views
Innovation andCommercialisation

INTRODUCTIONInnovation refers to the process of transforming a new idea and excogitation into goodsand services which able to create value among the customers so that they can pay easily for it. Italso involves those procedures which is applied by the business organisation in order to uncovernew ways to accomplish all the activities with the purpose of gratifying the wants of consumersand attain the higher profitability. Commercialisation is related to carry the new products andservices in the marketplace or managing it by following various principles for earning higherprofit in the business. It comprises several activities within includes manufacturing, sales,distribution, customers support and many more. The Silicon bottle is an innovative product whichis launched by Chilly's company which was formed in 2010 by Butterfield and Tim Bouscarle.The main mission of this company is to reduce the usage of plastic bottles by manufacturingSilicon bottles. So that their vision that is to attain the higher position in the marketplace can beattained. This file will cover about the innovation and its significance, 4Ps of excogitation and thestudy of innovation funnel to shape up the advancedthoughts. Along with this, the value ofcommercial funnel and the application of new product development also will discuss in this file. TASK 1P1InnovationInnovation depicts as a procedurethat is used by the association in order to bring someeffectual changes in their commodities and services according to the needs and expectations ofthe customers so that the higher customers attention can be attained and profitability of thebusiness can be raised. For example, chill's seeks to make some innovation in their manufacturingproducts like they are focussing on manufacturing the Silicon bottles which purifies waterautomatically. The targeted customers are health conscious people. It is different from othercompetitors because the feature and uniqueness of this bottle as this bottle automatically purifieswater and make it healthy for people to drink. The business will have higher opportunity ofsuccession as the main focus on them on making the world healthy(Chun, Chung and Bang,2015). Importance of innovation1

The consideration of innovation within the organisation is essential as it will help thebusiness to maintain their position as per the competitiveness of the market. The term innovationis also beneficial for the organisation of Chilly's as it will help them in generating innovativeideas and processes for operating all their business functions with higher capacity. Also, it willallow them to attain the higher success and growth in the marketplace without copying any otherfirms ideas and concepts. The detailed explanation about significance of innovation for Chilly'scan be interpreted by following points: Gaining competitive advantage- The major advantage of being an innovative providehuge contribution in gaining the competitiveness from the marketplace by differentiating thecompany's products and services from rivals. As the business organisation of Chilly's is operatingtheir activities with the motive of promoting the use of silicon bottles so it is essential for them tomake innovative plans related to create awareness among people that how much it is healthy forthem(uertes-Callen and Cuellar-Fernandez, 2014). Satisfying customers needs- By adopting the innovation in the strategies and process ofthe business the Chilly's organisation will be able to produce the products as per the currentmarket segments and customers choice which will enables the organisation to get highercustomers satisfaction and higher brand value of the business.InventionInvention is related to development of a new idea or method which has never been madebefore. While organisation made some innovation then they need to make invention for aparticular area. By inventing new ideas for the business manager of Chilly's can develop newproducts effectively which will enables them to attain higher growth in the marketplace. Compare between innovation and inventionBasis for comparisonInventionInnovationMeaningExcogitation refers to thedevelopment of an idea andprocess which has never beenmade before. Innovation is related toimplementation of idea andstrategy for product and servicefor the first time. PurposeThe main motive of this is tocreate a new product. The aim of this is to add valuein something which is alreadyexist.2

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