Innovation and Commercialisation.

Innovation and
Commercialisation

INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1 Explaining importance of Innovation in an organisation along with comparison with
invention......................................................................................................................................2
P2 Role of organisational vision, leadership, culture and teamwork in innovation and
commercialisation........................................................................................................................4
TASK 2............................................................................................................................................5
P4 Concept of frugal innovation and its use in organisational context.......................................6
TASK 3............................................................................................................................................7
P5 Importance of commercial funnel and application of NPD....................................................7
P6 Business innovation case........................................................................................................8
TASK 4..........................................................................................................................................10
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property......................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
In order to succeed in entrepreneurial enterprises, the factors of creativity are advantageous. The
fundamental principle of innovation is the development of new products that serve the same
function as existing products. It is primarily focused on the production of new products and
services that are useful in current market applications. The philosophy of commercialization, on
the other hand, focused on introducing new goods in market areas. The project is focused on
Essence Drinks, a company that operates on a smaller scale and sells consumer drink goods. The
study includes a discussion of the idea of creativity and how it differs from invention. In this
article, the chosen organisation is Essence Drink, which was founded by Mr. Akshay Kumar two
years ago. The company intends to introduce a new drink in the UK market, such as a balanced
mango lassi, in order to increase domestic sales by introducing an innovative recipe and
successful distribution capabilities. The concepts of creativity and invention, as well as the
differences between them, are explored in this article. This project report also covers the 4Ps of
innovation, the value of the commercialisation funnel, new product life growth, and creative
business cases.
TASK 1
P1 Explaining importance of Innovation in an organisation along with comparison with invention
Innovation is described as the process of putting a new creative concept, new products,
and services into practise and improving them in order to sell them in a specific market. It has to
do with bringing additional value to goods in order to meet all of the needs and demands of
consumers and to serve a large market area. According to consumer demand in the United
Kingdom, Essence Drinks is launching a new product called a balanced mango lassi, which is
made from fresh fruits and dairy products..
Innovation is linked to the creation of new business concepts in order to create new
goods, which aids in the growth and development of businesses. In order to achieve successful
results, it is often referred to as designing new systems and maximising the value of products that
are already available. This is the most important principle since it aids in the avoidance of non-
usable resources, allowing for improvements to be made in order to enhance an organization's
efficiency. Teamwork, competitor tactics, and market areas are some of the various sources of
creativity that aid in the long-term operation of business activities. The advantages which are
adopted by business with the help of innovation are evaluated below as:
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The primary values that emerge from the innovation process result in the elevation of an entity's
status, allowing business operations to be carried out in the most efficient and well-planned
manner possible. In a company, creativity and invention play a critical role in ensuring that all
business functions are carried out efficiently and that various sustainable competitive advantages
are gained. The term "innovation" refers to the process of developing new products and business
concepts. To draw new consumers and keep existing ones, the Essence drink company is
introducing a nutritious mango drink in a potential target market. It assists the respective
organisation in resolving all issues that arise during the launch of a product.
As a result of their innovation, they gain a competitive advantage over their industry
competitors who engage in similar business practises. The most important aspect for a company
is to analyse consumer patterns and produce products in accordance with those trends, resulting
in financial benefits and the achievement of goals.
The factors associated with creativity are useful in determining the best management strategy for
business capital. Innovation is the process of effectively and strategically using capital in order to
create new opportunities relevant to the efficient and well-planned execution of all business
activities. Since the mango drink is made with fresh mangoes and dairy products, it attracts
consumers and increases the efficiency and profitability of the Essence drink company. New
creative innovations assist businesses in effectively competing with established industry rivals
and gaining numerous competitive advantages.
On the other hand, while invention is classified as the design of products or the
production of certain new features, innovation is defined as the part of a product that involves the
enhancement or update of some of these features as well as their substantial changes. There are
some distinctions between creativity and invention, such as the fact that inventing entails coming
up with a new concept, while innovating entails effectively upgrading that concept. There are
some criteria, such as scientific expertise at the time of invention, and technological and best
techniques in product strategy.
In terms of dealing with the adverse variations that occur in the market place, the approaches
produced by innovation are useful.
Difference between Invention and Innovation
Basis Innovation Invention
Meaning This term refers to the changes Invention is described as the process
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