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Innovation and Commercialisation Assignment - Essence Drink company

   

Added on  2020-10-22

14 Pages4371 Words347 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................3P1 Innovation and its importance to organizations in comparison with invention................3P2 organisational vision,........................................................................................................4leadership, culture and teamwork can....................................................................................4shape innovation and.............................................................................................................4commercialisation..................................................................................................................4LO2..................................................................................................................................................5P3 4 P's of innovation and the use of innovation funnel to shape innovative ideas...............5P4 Explanation of Frugal innovation and examples in case of Essence Drink Company......6LO3..................................................................................................................................................6P5 Importance of commercial funnel and application of new product development processingfor commercialisation of innovation .....................................................................................6P6 Business case and accessing funds for innovative product...............................................8LO4..................................................................................................................................................9P7 tools that organisations can use to develop , retain and protect knowledge and intellectualproperty ..................................................................................................................................9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation refers to creative thoughts, new ideas and new method of doing things.Innovation aims at finding better solution of the problem for taking market opportunities andmeeting new marketing need. The present study is done on Essence Drink, a cold drinkcompany, which has initially launched Mango drink but because of decrease in sales it has totake innovative efforts and now it is planning to offer Strawberry lassi to consumers. study isdone on importance of the innovation in the business organisation and a brief discussion is doneon 4 p's of Innovation. Apart from that, the present study also explain importance of commercialfunnel in innovation and innovative business case of an organisation. Along with this, there arevarious tools to retain, develop and protect intellectual property that has been described in thestudy in depth(Aydin, 2016).LO1P1 Innovation and its importance to organizations in comparison with inventionInnovation: Innovation can be described as addition of value to the strategy of the company orproduct or service apart from this innovation requires depth research and study that should bealways better than the research or study done by competitors .Invention: invention refers to introduction of new strategy , device, product or service based onexperiment and study and the experiment done by the company are registered through patentrights, as patent protect the right of ownership of any study or invention done by the inventor(Bettig, 2018).Comparison between innovation and inventionInnovation and invention are commonly interchangeable terms but both differs from eachother and have their own importance in different areas. Innovation occurred when there is a needof product improvement as needed in Essence Drink Company because of decrease in its sales,it can improve its sales by introducing Strawberry lassi (Aydin, 2016).InnovationInventionInnovation is important then invention asinnovation is the backbone of invention inEssence Drink Company because either it isan outcome or predecessor of the inventioninvention contain high risk of havingunknown and negative results on the other handinnovation is less risky because it i only dealswith addition of value to the product which

(Robert Brands, 2013).does not contain any depth experiment or studyso ultimately risk of having negative result isquite less then inventionInnovation requires technical, marketing andstrategic skillsinvention requires scientific skills as it needexperiment and depth studyInnovation is the major contributor in maximising profit and growth of the company ashere Essence drink company can introduce advanced product as per the need of the consumer(Gibson, 2016). Innovation aids in influencing mind of consumers and generating sales ofproduct when it is in maturity phase. Furthermore, innovation is beneficial tool that aids the firmin standing out from competitors and help in gaining competitive advantage.P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.Essence Drink company can shape its commercialization and innovation by itsorganisational vision as its objective is to be a no. one leader of soft drinks in the market. for thatit has to innovate new ideas or adding something to its existing product like because ofdecreasing in sales of Essence Drink company now it is planning to introduce new product thatis Strawberry lassi. Vision of company is to offer high quality lassi products to consumers andfor that it is essential to innovate new products that can meet needs of consumers effectively.Thus vision of the company somewhere encourages innovation and commercialization, companycan do it by using new technologies (Goffin and Mitchell, 2016).Leadership is the way of influencing people to achieve organisational goal. it can takeform of Autocratic, democratic, Laissez faire style of leadership. Leadership plays significantrole in shaping innovation and meeting the commercial goal of business. There are many kindsof leadership styles such as autocratic, democratic etc. Leaders of that company has to ensurewhich kind of leadership would be suitable that may help in shaping that innovation and meetingwith organisational goal. Leaders put hard efforts to obtain qualities thus, it is essential to correctleadership process so that this innovative idea can be implemented efficiently.Culture of the organisation have major impact on innovation.Culture of organisation canbe defined as values, norms of the business. Each country has its own cultural values, culturaldifference has high impact over innovation and commercialisation (Golder and Mitra, 2018).Essence Drink has to first identify values of particular country in which it is going to offer this

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