Innovation and Commercialisation Assignment (Solution) - Essence Drinks
Added on 2020-10-22
17 Pages5385 Words399 Views
Leadership ManagementMarketingDesign and CreativityChemistry
|
|
|
Innovation andCommercialisation
TABLE OF CONTENTSTASK 1............................................................................................................................................3P1. Defining innovation and determination of its importance to company in comparison withinventions. ..................................................................................................................................3P2 Analysing the way organization vision and leadership, culture and teamwork can shapeinnovation and commercialization. ............................................................................................6TASK 2............................................................................................................................................7P3. Identifying the 4 P's of innovation and identifying utilization of innovation funnel forshaping innovative ideas.............................................................................................................7P4. Development of frugal innovation and analyzing the way it is used in the organizationalcontext ........................................................................................................................................8TASK 3 .........................................................................................................................................10P5. Importance of commercial funnel and application of new product development ............10P6. Building innovative business case for an enterprise ..........................................................10TASK 4..........................................................................................................................................11P7. Evaluating the different tools which company can utilize for developing, retaining,protecting intellectual property ................................................................................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation can be defined as changing procedure which is conducted in order to makemore effective products. It includes implementation of new ideas in order to bring improvementin existing goods or services. In present competitive environment, innovation is essential in orderto achieve leading position in an industry. Commercialisation can be referred to as procedurethrough which new product or services is launched in the market. Innovation is also very muchessential in order to drive an organisation towards success. The report have focus on analysing the difference between innovation and invention.Study also emphasizes on exploring the way organisational vision, leadership, culture and teamwork can shape innovation in context of Essence drinks. The importance of commercialinnovation will be highlighted in the report. Some tools will be suggested which can be used byorganisation for retaining as well as protecting knowledge and intellectual property.TASK 1P1. Defining innovation and determination of its importance to company in comparison withinventions. Innovation can be defined as the process of developing new products or services. It is theprocedure which can also be executed for bringing improvement in existing goods or services.Innovation can also be referred to as procedure of translating the ideas into products or serviceswhich creates value for customers. It can also be considered to be as application of bettersolutions for meeting the requirements of customers or market. Whereas, invention can bedefined as execution of fresh thought into reality. In context of essence drink, it is very muchessential for an enterprise to facilitate both invention and innovation as it will assist them inaccomplishment of desired business objectives. In addition to this, by facilitating innovation aswell as invention, essence drink company can gain competitive advantage in the market(Pynnönen, Hallikas and Immonen, 2019).Innovation is very much crucial in order to deliver high level of satisfaction to customers.In context of essence drink, an organization should facilitate innovation as it will assist them inmaintaining the business sustainability in long run. Innovation is basically a creation of newideas which are not just represented by implementing new ideas and processes. For instance,digital payment method. In context of essence drink company, the drivers of innovation arecourage, thinking, differentiation and intellectualize.
Invention is completely different from innovation. Invention is basically involvescreation of completely new products. For instance, invention of mobile phones.Distinguished between innovation and invention are :InnovationInventionMeaningInnovation can be defined asinnovating or creation ofsomething new. It alsoinvolvesbringingimprovement in existing goodsor services.Invention can be referred to ascreating completely newdevice or procedure whichnever exist before.SignificanceInnovation is important inorder to drive firm towardssuccess. It is also very muchcrucial for maintaining theleading position in industry.Innovation is very muchessential in order to retainprofitable customer from longtime. Innovation is alsoimportant in order to fosterbusiness growth.Invention is very muchimportant in order toaccomplish desired businessobjective. It is very muchessential in order to attractmore new customers. PurposeIn context of Essence drink,the main purpose of innovationis to gain competitiveadvantage.The main objective of firm incontext of invention is to solvespecific business problem innew way.ActionsInnovation includes bringingimprovement in existingproducts or services.Invention involves discoveryof new procedures as well asideas.ReachIn context of essence drink,innovation is spread within anenterprise.Invention is restricted to theresearch and developmentdepartmentwithan
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercialisationlg...
|17
|4754
|76
Innovation and Commercialisation: Importance, 4Ps, Frugal Innovationlg...
|14
|4147
|44
Innovation and Commercialisation: Concepts, Benefits, and Frugal Innovationlg...
|17
|5064
|417
Innovation and Commercialisationlg...
|16
|5085
|438
Innovation and Commercialisation Assignment - Essence Drinkslg...
|15
|4904
|440
Innovation & Commercialization in Essence Drinkslg...
|14
|4516
|72