Innovation Management and Strategies

This assignment provides a detailed analysis of innovation management, including strategic approaches, technological advancements, and organizational change. It covers topics such as open innovation, complex innovation policy systems, interorganizational relationships, knowledge workers, sustainability, smart ideas for smart cities, frugal innovations, and more. The assignment also includes references to relevant research articles and books on the subject.

INNOVATION

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2............................................................................................................................................4
P3............................................................................................................................................4
P4............................................................................................................................................5
TASK 3............................................................................................................................................6
P5............................................................................................................................................6
P6 ...........................................................................................................................................8
TASK 4............................................................................................................................................9
P7............................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is explained as changing process and developing effective products, process
and ideas. It is a procedure of translating the idea in to service or goods which create the value
for which the customers pay (Drucker, 2014). Innovation includes deliberate information
imagination and application. The mention report is related to Essence Drinks and founder of this
organisation is Akshay Kumar. This firm launched its new product that is Healthy Mango Lasso
in UK market and attain enhanced sales in first year because of using innovative formula. In this
report going to discuss about innovation and significance to company as comparison to
invention.
TASK 1
P1
Innovation
Innovation is defined as developing or implementing the new ideas. It includes many
activities which uncover new methods to do the things. To develop the incremental
enhancements, there is a need to people to think out of box. Innovation is views as application of
the better solutions that can meet the new needs, current market requirements and inarticulate
needs (Tidd and Bessant, 2018). In addition to this, owner of Essence Drinks make an innovation
in Mango Lassi by as some of the ingredients in like Lassi Dry Fruits. It will make the taste of
Lassi better and also will be better for people health. People which are health conscious will
purchase this Lassi and it will aids in enhance Essence Drink sales.
Invention
Invention is unique method or process. Invention is explained as process within overall
product development process (Hobsbawm and Ranger, 2012). It is creation of brand the new
product. Invention is an act of developing, designing or searching new method, device and
possessor that has been been exist before.
Importance of Innovation
 Innovation develops the organisational sustainability when company making the
continuous improvements and re- branding.

 Innovation aids in increasing sales and business growth in an effective manner
(Petkovska, 2015).
 Through developing innovative products, firm can able compete with its existing rivals.
 It helps to take the big chances without incurring the huge risk.
Through them, owner of the Essence Drinks can enhance its sales by bringing chance in
Mango Lassi by adding Dry Fruits in its. It helps in gain the attention of laerge number of
consumers in better way.
Difference among Invention and Innovation
Invention and Innovation both concepts need more capital investment in research
process (Bertoni and Tykvová, 2015). The difference between invention and innovation given
below:
BASIS FOR COMPARISON INVENTION INNOVATION
Meaning It is related to occurrence of
new idea for process or
product that has not been
developed before.
It implies execution of idea
for the process or goods for
first time. It is an act of
making the changing to
existing goods through
introducing new ideas.
What is it? It is mainly for development of
new product.
It is for adding the value to
something that existing
already.
Concept Working and original idea in
the theory.
The practical execution of
new idea.
Skills required In invention, scientific skills
are required.
Marketing, strategic and
technical skills are required.
Occurs when It occurs when new idea or
concept strike scientist.
Need is developed for make
improvement in the existing
goods.
Concerned with It is related with the single Combination of the various
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process or products. process and products.
P2
Under this, culture, teamwork, leadership and vision plays an essential role in give
shaping the commercialisation as well as innovation. These all components are helpful in
running the business in smooth manner. Vision of firm must be clear so that employees can not
face any issues in attaining them within given time period. Through this, company can able to
get the sustainable position at marketplace in better manner. Different aspects which can shape
the commercialisation and innovation mention below:
Vision: It explains where firm aspires to be on attaining its mission. Each company is
having vision of providing the high quality of products to people for satisfying the demands and
needs of consumers with in specific time period (Millar, Hind and Magala, 2012). In this,
vision of the Essence Drink is to develop and sell the new goods which increase well- being of
people. It is providing the Mango Lassi with the Dry fruits to people. It is healthy for them and
they will be attracted more towards the products.
Leadership: It is an ability of manager to induce subordinated to the work with zeal and
confidence. In Essence Drinks company, leaders play a necessary role in guiding the employees
and motivating them to think something innovative. The leader motivates employees for
enhance their performance level (Aaker and Joachimsthaler, 2012). It helps for company in
attaining the set aim through innovative products introduced by Essence Drinks such as Dry
Fruits Lassi.
Culture: It is explained as cumulative deposit of the experience, attitudes, religion,
knowledge etc. which are acquired through people. It is essential that the organisational culture
should be positive so that employees can able to perform in a better and significant manner. In
positive environment, employees can easily adopt changes and focus on innovation (Snow,
2012). On the other hand, culture should be delight so that every employees of Essence Drinks
can give their participation in making Lassi more innovative by adding dry fruits in them.
Teamwork: It is collaborative effort of group to attain common objectives for finish
task in an efficient manner. In this, people will try to be cooperate, using individual skills and
also giving the constructive feedback (West, 2012). For completing any task, teamwork is most
important. From the teamwork, interaction among employees will be enhanced and they will
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finish the task together. It aids in provide competitive benefit to Essence Drinks within limited
time period.
TASK 2
P3
4Ps or Innovation mix model was developed by Joe Tidd and John Bessant. It aids in
search that innovation process can make improvement in its business. It explore the possible
enhancement in each area of business (Magro and Wilson, 2013). The innovation mix consists
Paradigm, Product, Position and Process which help in innovation. 4Ps of innovation mention
below:
Paradigm- It is factor that explain regarding existing dominant paradigm of Essence
Drinks.
Product- Innovation makes the products unique and better as comparison to the other
competitors. In this, Essence Drink makes an innovation in its product by adding the dry fruits.
The Health conscious persons will buy this Lassi and through this sales will be enhanced.
Process- It is necessary for company to follow procedure for gain quality of product and
main performance level of staff members (Anderson, 2013). In attaining goals, Essence Drink
company should follow the process to make innovation in Lassi. It will help in make the Lassi
tasty which ca satisfy the needs of consumers.
Position- Essence Drink company is examining existing and the actual position of
market and also their consumers. Actual position of market assess to know about the
expectations of customers from firm and by which firm can modifications in its goods to
satisfying their needs and wants (Tidd and Bessant, 2018).
Innovation Funnel- It is one of the popular innovation approach that is mainly used
through organisations to develop innovation action plan. Aim of project or product is to take the
better idea from concepts in to practical form through converging to specific goals which can
meet market requirement in economical manner (Vanhaverbeke, 2013). For process of new
product development, model of innovation funnel mention below:
Opportunity Assessment- At this stage, owner of the Essence Drink will examine
situation of market and expectations of consumers with accurate information which is necessary
to be innovate goods like Lassi. It will help in provide the opportunities to Essence Drink.
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Insight based ideation- In this, different types of the products which as imagine as they
can helps in provided the better opportunities yo company. It will be examined that goods that
provided through company will provide opportunities to business. It can be examined by
conducting a research with the help of surveys, online websites and many others (Bonazzi and
Zilber, 2014).
Conceptualization- In this, owner hired consultant of company that design real concept
from various ideas which provide the positive outcomes if idea stage.
Evaluation and Benchmarking- In this, product testing wil be conducted through
targeted consumers. This company will provide Dry Fruit Lassi to consumers and check their
feedbacks.
Go/No Go- After taking reviews from consumers, company can determine their
viewpoints regarding the existing products (Laihonen and et. al., 2015). After this, it can decide
that product will be successful in future or not. Decision should be contain profit margin, cost
etc.
Launch- Essence Drink will going to launch the Dry fruit Lassi in UK market to gain
attention of more consumers and enhance sales.
P4
Frugal innovation is explained as process of minimizing complexities and the price of
products and also its manufacturing. This leads to innovations which are produced cheaper and
faster. It gives functional solutions by some resources for several. It is one of the most necessary
part of innovation and it is adopted through various companies to develop additional component
in production process (Hossain, Simula and Halme, 2016). Under this, innovation funnel will be
helpful in provide better opportunities to company for produce unique goods at reasonable cost
to consumers. In competitive market, Essence Drink company is launching the new Drink that is
Dry Fruit Lassi.
New market opportunities- Under this, company conduct an investigation analyse
market, examine customers need etc. before offer the products. It will help to Essence Drink
organisation to get the better results through expanding Dry Fruits Lassi product at market
place.
Resources- There is a need to Essence Drink company to use the more resources so that
it can sustain in market for long time period and enhance profit level.
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Innovation funnel- It is concerned with creating the innovative goods in competitive
market by making innovation (Simula, Hossain and Halme, 2015). In relation to Essence
Drinks, it launches innovative goods i.e. Dry Fruits Lassi at market place. It will be beneficial
for health of people in United Kingdom.
Two different segments related to frugal innovation mention below :
Problem- Different problems are faced through firm while make an innovation in
product. It will be difficult for company to launch its innovative product at market place. So ,
this is necessary for an organisation to develop innovation for making product better.
Concerned with product- Under this, requirement to company to find out an effective
medium by which it can promote its goods and achieve the goals of business for making
business successful.
Generating innovation idea- For the process of innovation, there is requirement to
examine market by conducting an investigation. Through this, firm can able to determine the
needs of consumers and provide them goods accordingly so that their needs can be satisfied in a
proper manner (Schuurman and et. al., 2012). In relation to this, some steps related with the
frugal innovation given below:
Screening the new idea: Under this, better planning needs to be developed for make
innovation in goods according to requirements of existing consumers.
Screening of idea: In this, innovative idea related to Dry Fruit Lassi product will be
properly screened.
Testing: The Dry Fruit Lassi of Essence Drink company is tested through getting
feedback from consumers about the effectiveness of product. On the basis of feedback,
company can able to make changes in innovative product accordingly.
Internal analysis: It states that innovative product is identified and use properly.
Review marketplace: This is last stage and in this researcher will check about the
accuracy of product by taking customers review.
TASK 3
P5
Commercial funnel refers to process of buying that organisations lead the customers by
when buying goods (Maruta, 2012). Through this process, firm searches, qualifies and also sell
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its goods to consumers. This is visual representation of journey of customers, depicting process
of sales from the awareness to action.
Significance of Commercial Funnel
Improving business growth- In this commercial funnel is necessary concept for
business development. As by this, it can identify the preferences of each customers in this
funnel and also then fulfil their needs. With the help of this, Essence Drinks can able to enhance
its ales and then generate high profit.
Generate sales- Under this, there is a need to develop the marketing strategy to Essence
Drinks for connect with the consumers in a better manner. Company will drive its potential
consumers in action section. If the commercial funnel has been developed properly then firm
can able to generate more sales in long run (Storbacka, 2012).
Developed by advanced technology- It is used used to launch the innovative goods by
using advance technology. In order to launching Dry Fruit Lassi, Essence Drink will use the
new technology and from this promotion of its Lassi will be maximised.
Pricing policy- Company can set its pricing strategy through using the commercial
funnel. Firm can sell its products at the moderate rate so each consumer can purchase this.
New product development- It is explained as procedure of developing the new product at
marketplace. Its main objective is to cultivate, maintain and also enhance market share of an
organisation through satisfying demand of consumers (Barczak and Kahn, 2012). It is a main
task that taken through firm for introduce new goods in market. In addition to Essence Drinks, it
will launch innovative that is Dry Fruit Lassi.
Steps for process of new Product development
Idea generation- It is concerned with the systematic research for idea of new product.
Firm develops more ideas but it selects the better one. In this, Essence Drinks innovate the Lassi
product through conducting research and determining requirements of consumers.
Idea evaluation- It is next step and in this, company filtering the ideas to select the
better one (Marion and et. al., 2015). In this, all the ideas are generated screened to select one
and also drop the poor. In addition to Essence Drinks, idea has created through Consultant that
will be properly filtered for elimination of those ideas which are not beneficial.
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Concept definition- In this, idea should be developed in to product concept. This is
detailed version of idea of new product that is stated in meaningful customers context. In
Essence Drinks, idea of adding Dry Fruits in Lassi will finalised.
Strategic analysis- There is need to ensure that the ideas fit in to strategic plans of
business and then identity cost, demand and profit margin. Essence Drink owner will be
ascertain idea of Dry Fruits in business strategy.
Product development and testing- Company will develop prototype product. Essence
Drink will test its innovation that is Dry Fruit Lassi.
Market Testing- Under this, firm will do the marketing testing and make some
modifications on the basis of consumers reviews (Barczak and Kahn, 2012). It will explain
better time to launching new product at marketplace.
Commercialisation- There is a requirement to identifying cost of product and also final
the market plan. Cost of Dry Fruit Lassi will be determined with marketing plan.
Product launch- It is last stage and in this, Essence Drinks wil launched its innovative
product i.e Dry Fruit Lassi.
P6
Business case is explained as capture reasoning for initiating the project. The business
case explained important things which are necessary for an organisation to attain set objectives
with in given time period (Charles Jr, Schmidheiny and Watts, 2017). Different steps included
in Business Case mention below:
Executive Summary : Essence Drink firm develops Lassi products in UK market. It
makes innovation in Lassi by adding Dry Fruits. In order to launch its new product, firm
organise effective marketing strategies such as SWOT analysis, Pestle etc. to analyse internal
and external environment. Therefore, product execution lead in business success.
Mission statement : Essence Drinks company mission is to develop and sell its high
quality products to people and make them life healthy.
Resources : These are necessary for performing the business activities in a better
manner. Under this, resources should be arranged and managed in systemic manner because
these are helpful in performing the daily basis activities effectively.
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Market analysis : This is important to company to examine the market in significant
manner for determining customer perception level and the competitive level for innovative
products (Casadesus‐Masanell and Zhu, 2013).
Cost and benefit analysis : It is necessary to analyse the cost after evaluating market
condition.
Financial projection : For the purpose of launch new innovative product at market
place, company will require fund of £25,000.
Ways of funding
Company require the funds for the purpose of launching new innovative product.
Without fund, firm can not able to perform any activities and operations. It is helpful in run a
business and operate in a successful manner (Kearns and et. al., 2014). Different ways of the
funding given below:
Crowd funding- It is new way of funding to start-up and gaining more popularity after
some time. It is kind of taking loan, investment or contribution from more than one individual at
same time.
Angel Investors- These are people with the surplus cash and also they are interested to
invest in the upcoming start-ups. The angel investors provide advice or mentoring along with
the capital.
Financial institution- In this, Bank give the loan to company to conduct its operations.
In context to Essence Drinks, it can gather fund through taking the loan from bank and some of
the other financial institutions.
From the above mention funding ways, it has been evaluated that Essence Drinks can
use financial institution for collecting fund as it will be better method for it is more secure.
TASK 4
P7
Intellectual property is category of property that consist the intangible creations of
human intellect. It is wider categorize explanation for legally protected through an organisation
from outside use or execution without the consent (Bently and Sherman, 2014). It is necessary
for company to protect innovative goods from than the others so that no other person can able to
copy that. Various tools which Essence Drinks can be used given below:
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Patents- It is explained as exclusive right that needs to be granted for an invention. It
gives patent to owner with the right to decide that invention can used through the other. It is
form of the right that granted through government to inventor ( Liivak and Peñalver, 2012).
Essence Drink has patent right that no other person will use his product without permission.
Copyrights- It is mainly used to discuss the rights which the creators have over the
literary works. Under this, work covered through the copyright range from music, films, books,
advertisement, technical drawings and the maps (Stamatoudi and Torremans, 2014).
Trade secrets- It is formula, design, complication of information, practice that is not
reasonably ascertainable, through which business can be obtain economic benefit over
consumers and rivals (Almeling, 2012).
It has been evaluated that Patent is one of the most effective tool that Essence Drink can
be used for keep its intellectual property secure.
CONCLUSION
From the above mention report, it has been concluded that innovation is related to
introducing effective way of using, developing or distributing something. Innovation is one of
the most important part in adding the value to exiting products and enhance customer
experiences. The different between innovation and invention has been studied in this report.
There has been discussion about the organisational vision, leadership, culture and teamwork can
shape innovation and commercialisation. Innovation funnel helps in analyse the viability of
ideas. It is necessary for an organisation to protect its intellectual property by using patent.
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