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Innovation and Commercialisation - YOYO Drinks
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Added on 2021-02-22
Innovation and Commercialisation - YOYO Drinks
Added on 2021-02-22
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................11. Innovation and difference between innovation and invention................................................12. Value and Importance of Innovation Values and Importance that support innovation are:-..23. Types on Innovation and their pros & cons............................................................................44. 4P's of innovation and how this supports capability and management of innovation............55. New product development processes and involution funnel used in innovative....................76.What meant of frugal innovation with example and recommendations for company.............8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONIn today's competitive world if an organization has to be different and competing they have to beinnovative. For the survival, growth and success an organization should produce such productsthat have unique identification, quality that satisfy the customers need. With the new prevailingopportunities in the market, the product should also meet the same standards. Innovation needsnew idea generation, creative thoughts, strong imagination power that can thinks in such mannerthat attracts customers and fulfil their demands. Commercialization means establishing a newproduct and making it available for the new market.YOYO Drinks was established in 2016. Mr. Bond, is the founder and CEO of thecompany. In the initial 3 years the company grow at a fast pace(Walsh, Lee and Nagaoka, 2016).The company started with one drink (Mango Lassi) in UK market and was successful inachieving high sales in its initial years as the concept of lassi was new to the UK market and dueto the high production and distribution capacity of the company.TASK1. Innovation and difference between innovation and inventionInnovation in this modern market is a basic requirement of a business. Innovation meansdiscovering a new concept or idea that produce such goods and services that are not onlyacceptable by consumers but satisfy their needs in a way that is different from others. Innovationinvolves initiation and imagination by which ideas are converted into new and useful products.Innovation involves multiple ways to do a particular thing. In order to invent somethingoutstanding people need to think in exceptionally different way. With technological advancementand increasing globalization, customers are more demanding and their expectation has risen toanother level. Changing trends has made organizations to think differently, generate new ideas,apply different theories for management at all levels of organization. Innovation needs open-minded leaders who are ready to face uncertainty and can bear risk and can handle changes asthese are the outcomes of innovation(Shakeel, Takala and Zhu, 2017). Innovative leaders arepositive minded as they dare to handle risk as the person has no idea about where innovation willlead them. Innovation means anything new, new means progress, and only progress will helporganization to grow further. By attracting and retaining best talent an organization has a upperhand over other organizations. 1
DIFFERENCE BETWEEN INNOVATION AND INVENTION1.Invention means producing a new product for the first time that means the product isnewly launched and initially try on capturing the market on the other hand innovationmeans making improvement in the existing product which simply means the product wasalready into market but now some changes are made in them. 2.Invention means developing a new product and innovation means adding value to theexisting product.3.Invention is an original idea and working on it and innovation means practical executionof new idea. Original idea is implemented and is brought to the market for the very firsttime and executing a idea is a different concept it only includes adding changes to theexisting product.4.Invention occurs when a new concept strike and innovation occurs when it is needful toimprove the quality of a existing product. New idea can strike when you see thesurroundings, study them and innovation comes due to technological changes and whenyou know improving this product will make life easier(Datta, Mukherjee and Jessup,2015).5.Invention is concerned with single product whereas innovation is concerned withmultiple products.6.Invention activities are limited to Research and Development Department and innovationis spread in whole organization. As the new product basically need research about it,what purpose it holds, whom to target and improving a product is the task of the wholeorganization.2. Value and Importance of Innovation Values and Importance that support innovation are:-QUALITYFor the growth and development of any organization employees try to produce quality product.As customer's nowadays are very conscious about their health as well living so they want qualityproducts and innovation is based on improving the quality of the product that satisfy customersneed(Rasmussen and Eliason, 2017).INDIVIDUALITY2
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