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(Doc) - Sample Assignment Innovation and commercialisation

   

Added on  2021-01-02

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Innovation AndCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Explain the concept of innovation and how it is important to company in comparabilitywith invention. .......................................................................................................................1P2) Describe business culture, leadership, vision and teamwork and how they shapecommercialization and innovation. .......................................................................................3TASK 2............................................................................................................................................4P3) Describe the 4Ps of innovation as well as innovation funnel and how it helps to shapeinnovative ideas in the market................................................................................................4P4) Describe frugal innovation and how it can be used in the firm with the help of examples. 5TASK3 ............................................................................................................................................7P5) Understand the importance of commercial funnel and the application of NPD..............7P6 Innovation Business Case .................................................................................................1TASK4.............................................................................................................................................2P7) Focus on distinguished instrument of firm to develop, protect knowledge, retain andintellectual property. ..............................................................................................................2CONCLUSION................................................................................................................................3..........................................................................................................................................................3REFERENCES ...............................................................................................................................4

INTRODUCTIONInnovation means new creative thought or idea which is designed for best resolution inorder to achieve new requirements of the consumers for the very first time. Innovation should becarried out in an organization so, that customers can be satisfied and brand picture can be buildin mind of the customer. Akshay Kumar founded two years ago Essence Drink founded in theUnited Kingdom. Organizations main drink is Lassi and the creative product is pineapple lassiinthe global market. This report involvesconcepts of innovation and how culture, vision,leadership etc.aid the firm to shape innovation and commercialisation. It also study how 4ps andinnovation funnel assist to shape innovative idea in the market (Datta and Jessup, 2015).Also,frugal innovation and importance of NPD applications and how they are beneficial to thebusiness in it's success. Additionally, business case by covering methods to approach funding isdesigned while several instrument are used by the firm to retain, develop and safeguardintellectual property. TASK 1P1) Explain the concept of innovation and how it is important to company in comparability withinvention. Innovation is explained as transforming innovative thinking or thought into preciousgoods and services so, that customers in the global market are willing to pay for the creativeproduct or service. It is done by the business associates to grab more market ration in theinternational market as well to sustain for longer time duration. Whereas, the word invention canbe described as emerging of thought or creative thought for a good or services which has neverbeen made before in the competing world. The importance of innovation are explained below:For economic growth: Innovation in good or services help in country's economic growthas they creates more businesses opportunities in the competitive world. Essence drink islaunching drink which is pineapple lassi in the UK. The creative idea with flavour of pineapplein lassi will help the firm to pull consumers in large numbers. As the drink is full of nutrients itwill help to raise sales volume and profit maximization can be done which will indirectly upliftthe economy of the country (Henttonen and Lehtimäki, 2017). 1

Reinforce brand: Innovation assist the business associates to reinforce their brand onceagain in the neck to neck competitive world. It aid the company to be tough competition for othercompanies running in the market. Essence drink Is coming up with pineapple lassi after twoyears which aid to reinforce their brand picture in the eyes of the customer to increase sales ratioof the drink. Stand out from competitors: To shine in the market innovation is the only way tocompete with the rival in the global market. Essence drink is making pineapple lassi it will aidthe organization to stand out from the other rival in the cut throat competitive world. It helps thebrand to stand out in the market as well as to become easy for companies to raise revenue.Meet customers need: Innovation helps the business to achieve the desire wantscustomers in the global market. Firm is approaching in the market with creative drink that ispineapple lassi which is full of nutrients with natural fruits. As customers are health consciousthis drink will help to meet the customers demands and profit can be maximized. Pineapple is atotally healthy drink and will be benefiting the consumers as well as potential consumers can beattracted for longer time duration (Hossain and Kauranen, 2016). The distinction between Innovation and Invention are explained as : ParticularInventionInnovationConceptInvention concepts workingon theory and original idea andthoughts.Innovation concepts is more ofpiratical implementation ofnew and creative thought andidea in the global market. Ability necessaryScientific skills are mandatory.Innovation need technical, setof marketing and strategicability.Associated withInvention is associated withindividual process or good.Invention is related withallocation of distinguishedproduct and processes. 2

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