Innovation and Commercialisation : Essence Drink
Added on 2020-12-10
15 Pages5163 Words416 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to business organisations in comparison with invention..1P2 Role of organisational culture, teamwork, vision and leadership in shaping innovation &commercialisation...................................................................................................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel in examining innovative ideas...............4P4 Development in frugal innovation in organisational context............................................5TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of new product development.............7P6 Build an innovation business case for company including ways to access funds.............8TASK 4 .........................................................................................................................................10P7 Various tools to develop, protect and retain knowledge & intellectual property............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is defined as a procedure which include multiple activities so that existingwork can be performed in different ways. Having new ideas, imaginations and creative thoughtsis associated with innovation. It will benefits the business organisations in creating value byproviding effective solution for problems. This assignment is written for Essence drink which isa UK based organisation offering Mango Lassi to their customers. Company was founded twoyears back and achieved high profitability and sales due to innovative approach (Boruah andDas, 2017). This report will cover innovation and its importance to business organisations.Manner in which culture, organisational vision, teamwork and culture can shapecommercialisation & innovation is discussed. Beside this, 4Ps of innovation and use ofinnovation funnel in examining innovation idea is carried out. Development in frugal innovation,commercial funnel and application of NDP are stated. At last, business case is prepared alongwith evaluation of tools so that organisational knowledge and property can be develop, protect &retain. TASK 1P1 Innovation and its importance to business organisations in comparison with inventionInnovation is referred to the process in which business organisation emphasize to bringnew and creative products in market. This will benefits them in attaining organisational goalsand long term success. Essence drink is a small scale company and provides healthy MangoLassi to their customers. As company was not innovating new product, their sale start decreasingin third year. In this regard, business owner of company is going to innovate new range of Lassisuch as strawberry and chocolate Lassi. Benefit of bringing this innovation in comparison with invention Innovation plays an essential role as it is a growth as well as developmental tool forEssence drink. It will help the company in gaining the trust and confidence of customers in anappropriate way. In addition to this, innovation would allow the firm to enhance creativity withinthe organisation, which would encourage the staff within the company to work in an effectivemanner. In addition to this, innovation would also be beneficial for the firm to cut cost incomparison to invention. This is because it is associated with improvements in processes andproducts, whereas invention is a complete development of a new offering.1
In addition to this, there are several effective features of innovation which are mentionedbelow:Enhanced Usefulness: One prime feature of innovation in terms of Essence Drinks isthat it enhances the usefulness of their offerings. With modification in their taste or otherattributes, people would be getting more tastes and varieties to try with the help of theirinnovation.Diversity in Workplace: Another effective feature of innovation is that it allows acompany to incorporate diverse work culture within the company. This is because, withinnovation, the creative side of each employee could be explored within Essence Drinksand this could enhance the scope of effectiveness within the future offerings of the firmalong with their diversity.In this regard, company is going to introduce chocolate and strawberry Lassi so that salesand revenues of company can be enhanced considerably. For company, Lassi is their mainproduct and carrying out innovations in it will help company in attaining wide success. This isthe reason company is going for innovation and not invention. Inventing new product willdeviate them from Lassi and that can be a big disadvantage for company as Lassi is theirspeciality. This can also decrease sales of company. In this regard, explanation is providedbelow:InnovationInventionInnovation is associated withimplementation of new ideas andthoughts in the existing products orservices of an organisation. In thisregard, essence drink is brininginnovation by introducing chocolateand flavoured Lassi. It is related with bringing new productin market that do not exist before.Company is not going to invent any newproduct because Lassi is their specialityand replacing it with other product canharm company with less sales and lossof customer base. It assists in adding value to thoseservices or products which alreadyexist in marketplace.It will assist in introducing new productor service within marketplace. For innovation different skills areneeded like technical, marketing andIn order to perform invention, onlyscientific skills are required. 2
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