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Innovation And Commercialisation Leadership

   

Added on  2021-01-01

15 Pages5304 Words361 Views
INNOVATION ANDCOMMERCIALISATION

Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Importance of innovation for organisation and comparison with invention. ...................3P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................5TASK 2 ...........................................................................................................................................6P3 The 4 P of innovation and the use of innovation funnel for examine and shape innovativeideas........................................................................................................................................6P4 Developments in frugal innovation and example of organisational context. ...................8TASK 3............................................................................................................................................9P5 Importance of commercial funnel and application of new product development.............9P6 Innovation business case and ways of access funding....................................................11TASK 4 .........................................................................................................................................12P7 Tool that use to develop retain, protect knowledge and intellectual property................12CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTION Innovations is concerned with using new ideas for the growth and development ofbusiness. Innovations is generally done in the existing product or service. The major motivebehind using innovative ideas and strategies in the business is to attract more customers. If thefirm is successful in implementing new plans regarding innovation than market share of thecompany will be automatically increased (Atkeson and Burstein, 2010). Innovation is mostimportant for every firm because with the help of this better competition can be given to thecompetitors. Organisation taken in this report is essence drink which deals in providing variouskinds of soft and healthy drinks to potential customer's. Essence drinks is launching theirchocolate lassi for improving their growth and market share as well as to satisfy the needs ofcustomers. The major topics covered in this report are importance of innovation for theorganisation, difference between innovation and invention, 4P's of innovation, importance ofcommercial funnel and the various tools which can be used for developing and retainingintellectual property of the organisation. Proper plans for the innovation can help theorganisation is achieving its goals and objectives in the effective and efficient manner. TASK 1 P1 Importance of innovation for organisation and comparison with invention. Essence drink is a beverage organisation which deals in mango lassi. The business of theorganisation is at the growth stage because innovative idea and plans are used to attract more andmore customer's. But the organisation is facing huge threat of competition for its competitors.Due to this it becomes essential for organisation to implement innovative plans and strategies forsurviving in the market for longer period of time. Essence drinks is launching their chocolatelassi for improving their growth and market share as well as to satisfy the needs of customers.The innovation is essential for company in this product so as to attract a large number ofcustomers.Innovation is the continuous process of using new ideas and techniques which are usedby the organisation for increasing the satisfaction level of potential customer's. Innovative ideasand strategies can be implemented in the organisation by encouraging employees to take part inthe decision making process(Bhatti, 2012). Innovation directly helps the organisation inachieving long and short term goals in the effective and efficient manner. Proper plans for the

innovation can lead to growth and profitability of the organisation. As with the help of thisemployees can be encouraged to work in the proper manner. Better competition can be given tothe competitors and rivals present in the market. Invention is very much different frominnovation, as both the terms are used for different motive and purposes. Invention is the processof inventing something new which is typically a process or device which can provide ease tocustomers in living their life properly. The invention is useful for the customers so that they cansatisfy their needs and demands.Importance of innovation for Essence DrinkInnovation is very essential for Essence drink in new product for attracting morecustomers by modifying the existing products. Whereas invention takes time in attracting thecustomers as customers are not aware of new products in the market till they become successful.Through the innovation in products, company can enhance the satisfaction and experienceamong the customers whereas invention may not be successful in terms of providing satisfactionto customers.Difference between innovation and inventionBasisInnovationInventionDefinitionIt is the process of introducingand implementing new ideasfor increasing the performanceand sale of the organisation. It is the process of using newtools and techniques forconducting the operations inthe effective and efficientmanner as well as to developnew products which hasn'tbeen developed ConceptConcept of innovation isrelated with improvingexisting product or service ofEssence Drink. It is related with developingnew product for increasing thesatisfaction level of potentialcustomer's. FocusThe major focus of this is toincrease the efficiency ofexisting product. The major focus of this is onrecruiting new employees forthe new product.

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