[PDF[ Innovation and Commercialisation Assignment
Added on 2021-01-02
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Innovation andCommercialisation
INTRODUCTIONInnovation is an activity of translating an idea or innovation in to goods and services thatcreates value of for which customers will pay (Chun, Chung, and Bang, 2015). It refers todeveloping and introduction of something new which can be beneficial for the customers as wellas the organisation. This assignment is related to Essence Drinks Company which is supportedby Akshay Kumar in UK. The organization provide drinks like a healthy mango lassi in to theUK market. This document will unregenerated about the context for excogitation anddetermination of difference between innovation and invention. Various types of innovation andthe process of required to commercialise innovation will be explained. Various methods forprotecting ideas and understand their advantages and disadvantages will also be defined in thereport. LO 1P1. Innovation and determine its importance to organisations in comparison with inventionIn Essence Drinks, the company facing a issue and problem related to the decrement inthe sales so there are need to overcome these issues by using business strategies tactics andothers. With the help of innovation and invention the management of this company can improvethe situation of sales decreasing. Innovation- It mention to a process and action of devising something new or doing something ina new manner. It can be a fresh thinking and a new idea, creative thoughts new imaginations inform of device or method (Polzin, von Flotow and Klerkx, 2016). This term innovation refers toas implementation of ideas in order to develop entire new product or making modifications inexisting commodity. Importance of innovation- It is the conception and arrangement of new knowledge into newgoods, processes and services which fit market inevitably. Innovation helps in creating freshbusinesses and is the fundamental source of growth in business and industry. Creation isimportant for the business of the company son that by devising creation in its goods and services,it can fulfil its customer’s needs and demands. There are some of importances of innovation incontext of Essence Drinks:Meeting customer’s needs- Innovation is required and important for the business of thefirm so that by doing innovation the organisation can provide products according customers1
needs and demands or meet the consumers needs. For example, when the sales of Essence drinkshas been decrease, Akshay thought to form creation in its goods so that they can accomplish orsatisfied their customer’s needs.Gaining competitive advantages- Innovation is important to gain competitive advantageswhen there are number of competitor and they provide various substitute products in the market.For example, in Essence Drinks, there are a important minimization in sales as numerous rivalshave come in at market place and the owner of the company thought to make innovation in itsexisting goods so that they can gain combative advantages. Invention- It refers to a process which define in about devising fresh items or uncovering newways of devising items. It is an specific procedure that can furnish a extremist discovery (Maritzand Donovan, 2015). When companies make invention, they required a specific field. Innovation refer to make improvement in the existing products of the company whereasinvention is launch an produce a new product by using effective raw material. These both arerelated to commercialization because it help in introducing the products and services in themarket. Innovation is more effective than invention because if the company do innovation itmake improvement within the existing product which is less cost consuming if the company doinvention then it required new resources and other things which is cost dan time consuming. Difference between innovation and invention-BasisInnovation InventionMeaningIt mentions the execution ofideas for goods and servicesfor the vary fast time. It refers to the occurrence of anidea for a good or activitywhich has never beendeveloped and made before. ConceptIt is an activity of partiallyimplementation of new idea. Invention is an activity ofimplementing anprimarythought and its running intheory. SkillsThere are various skills neededsuch as a set of merchandising,specialized and importantskills. For this scientific skills arerequired.2
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