Innovation and commercialisation - mango lassi Assignment
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Added on 2021-01-01
Innovation and commercialisation - mango lassi Assignment
Added on 2021-01-01
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its importance to organisations in comparison with invention................1P2. Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................2TASK 2............................................................................................................................................3P3. 4Ps of innovation and use of the innovation funnel.........................................................3P4. Developments in frugal innovation and examples of how it is used in an organisationalcontext....................................................................................................................................2TASK 3............................................................................................................................................3P5. Importance of the commercial funnel and the application of New Product Development(NPD) processing for commercialisation of innovation.........................................................3P6. Build an Innovation Business Case..................................................................................5TASK 4............................................................................................................................................6P7. Different tools that organisations can use to develop, retain and protect knowledge andintellectual property................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is considered as a procedure of making something new within goods andservices that develops value for the amount which is paid through consumers. This is also knownas the means of changing the enterprise models and adapting to changes into environment foroffering efficacious goods and services (Abdul Razak, Murray and Roberts, 2014). This wholereport is based on the company Essence Drinks which deals in mango lassi into UK market. Itwas developed 2 years ago by their founder known as Akshay Kumar. The purpose of this reportis to describe innovation and its significance to firm. Vision, leadership, culture and teamworkcan shape innovation and commercialisation. 4P's of innovation and the usage of innovativefunnel. Improvement into frugal innovation and facilitates example how this used in company.Significance of commercial funnel as well as application of NPD. Preparation of an innovationbusiness case. Apart from this various tool that are used to retain, protect knowledge andintellectual property. TASK 1P1. Innovation and its importance to organisations in comparison with inventionInnovation is the method that focused upon developing something innovative in marketarea for the long duration of enterprise growth. The Essence Drink firm is a small companywhich deals in mango lassi into the market of United Kingdom. But after sometimes its sales aredecreasing so the founder Akshay Kumar think to bring something innovative in its lassi. So, thefounder decided to come up with preservative lassi of different flavours in sachet as coming upwith this innovation has various significance for firm are mentioned below:Innovation into lassi grab the attention of more consumers and maximise the EssenceDrink sales. Moreover, this will satisfy the clients requirement in appropriate way. Coming up with something new into market place aids in developing goodwill of Essence Drinkthat is essential for attracting more number of clients. Also, this will maximise sales andachievement of organisation's objective at stipulated time (Ahmadi and O'Cass, 2016). Beside this, innovation plays significant role in whole company involving workers also as thiswill act as an improve mental and success tool for Essence Drink. Hence, they are briningpreservative lassi of different flavour in sachet into marketplace. In order to satisfy therequirements of consumers as well as for enhancing sales. Moreover, both innovation and1
invention are considered as a term that are differ from one another. For respective firm, lassi isits USP so, company's owner decides to do innovation in its existing products rather thanreplacing from other invention (Chun, Chung and Bang, 2015). Hence, invention is notconsidered through Essence Drink. If they will divert from their USP thereafter sales willautomatically get reduced. Comparison among invention as well as innovation are describedbelow:BasisInnovationInventionDefinitionThis is about executingcreative ideas in their existingproduct for the first time.Essence Drink is performinginnovation through briningpreservative lassi in sachet. This is whole about bringingsomething new intomarketplace that have beennever before seen into market.Essence Drink is notperforming any kind ofinvention as lassi is its USP. What is itIt adds on the value to itsproducts which are existing inthe market. Through performing it newproducts will be launched intomarket area. Skills neededHerein, there are requirementsseveral skills such as strategic,marketing and so on. In this, there is only the needsof scientific skills.P2. Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationThis is essential for whole company to has its clear vision in respect of pre-determinedobjectives. For effective growth and acquiring competitive position in market area Essence drinkhave to communicate business vision, mission and objectives to its staff efficaciously (Dincer,2017). Respective organisation should have effective vision which is required to run theenterprise smoothly for long duration by developing image as well as goodwill into market area.Hence, vision, leadership, culture and team work plays significance role into innovation andcommercialisation procedures in several manners due to their broader aspects. All that are inrespect of firm are described below: 2
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