Innovation and Commercialisation Assignment - Doc
Added on 2020-10-22
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Innovation andCommercialisation
ContentsIntroduction............................................................................................................................................3Task 1....................................................................................................................................................3P1. The importance of innovation to the organisation in comparison to invention:..........................3P2. Vision, leadership, culture and teamwork helps in shaping innovation and commercialisation...4Task 2....................................................................................................................................................5P3. 4 P’s of innovation and use of innovation funnel.........................................................................5P4. Development in frugal model to simplify the innovation process in the organization..................7Task 3....................................................................................................................................................8P5. Importance of commercial funnel and application of new product development.........................8P6. Innovation business plan for Essence Drink................................................................................9Task 4..................................................................................................................................................11P7. Different tools used by the organization to develop, retain and protect knowledge...................11Conclusion...........................................................................................................................................12Reference.............................................................................................................................................13
INTRODUCTIONThe market is changing rapidly with the change in the customer preferences. There isa huge competition in the market. Every company is facing competition in the market in itsrespective industry. In order to survive in the market, it is necessary for the organisation tocreate new ideas for innovation and commercialisation. The study shows the importance ofinnovation for an organisation. The report also shows the 4P’s of innovation, innovationfunnel and development in frugal innovation. The report also highlights the ways foraccessing the fund and application of new product development process forcommercialisation and innovation.TASK 1P1. The importance of innovation to the organisation in comparison to invention: There is no single definition for innovation but in laymen’s language it can be definedas a process where ideas and invention is translated into goods and services for which thecustomer pay. Peter Drucker define innovation as: “Innovation is the specific instrument ofentrepreneurship the act that endows resources with a new capacity to create wealth”Innovation introduces the new product in the market, it helps to introduce new productionprocess and modify the existing one. In order to be successful in the changing marketscenario and to survive in this competitive era and to meet ever changing market demandevery organisation has to continuously work on the innovation process (Muthukrishna,Henrich, J., 2016). Every organisation is facing the impact of migration, climate changes,technological change, and globalization. Innovation is one of the important issues which theorganisations are facing today. About 90% of business executive thinks that innovation iscritical to the organisation. An organisation which continuously grabs the opportunities in themarket and innovate new product and service does not only survive in the organisation butalso prove to be successful.Innovation and invention are both essential for an organisation.As the company has introduced lassi in the UK market but has to face a failure due toincrease of competition in the market. So in order to be successful the company has to applythe following strategy. Doing market analysis in order to understand the trend in the marketand to understand what the customer want and the reason that why the customers are shiftingto other brands. Secondly, a company has to keep an eye on the market and continuouslyprocess on the innovation in order to beat the market. Company should try to innovate new
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