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Innovation and Commercialisation Assignment Help

   

Added on  2020-10-05

18 Pages5593 Words81 Views
Innovation andCommercialisation.
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Explain innovation and determine its importance to organisations in comparison withinvention......................................................................................................................................4P2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................6TASK 2............................................................................................................................................7P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas.................................................................................................................7P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................8TASK 3............................................................................................................................................9P5 Explain the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation. .....................................9P6 Build an Innovation Business Case for an organisation, including ways to access funding....................................................................................................................................................11TASK 4..........................................................................................................................................12P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property.........................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONInnovation is an new idea or concept, creative thinking and imagination in way of deviceor method. Innovation viewed as an application for better solution that helps in meeting newneeds or requirements and existing market demands in a better way. Innovation is one of mostimportant way or method to satisfy consumer needs and wants in better way to reach at desirablegoals and objectives (Mazzarol and et.al., 2014). This report is based on Essence Drinks whichestablished before two years and their co founder that established Essence drinks firm that isAkshay kumar. The main objective of that organisation is to serving best and healthy lassi inmarket of UK but due to fierce competition their sales decreases because their competitors alsoadopt that concept. To beat their competitors co founder of organisation want to bring someinnovation so that they can provide pleasant experience to consumer base. This report is based onthe importance and role of vision and mission with innovation to satisfy emerging needs ofconsumers. Further it explains significant factors of innovation and importance of funnel toshape creative ideas. Further it explains stages of new product development by building businesscase for funding. TASK 1P1Explain innovation and determine its importance to organisations in comparison withinvention.Innovation is an creative idea or thought that emphasis on emerging needs and wants ofconsumers to gain long term competitive advantage. In scenario of Essence drinks they bringnew idea into marketplace by accessing emerging needs and wants of consumers so that they canprovide delighted experience to them (Ahn, Minshall and Mortara, 2017. ). In that case theirbrand strategy team suggest about to bring lassi in healthy way and also convenient to bring itany where. In that way they suggest to adopt lassi with many flavours and also fat free that givesomething new to their consumer base. That innovative idea or concept proved beneficial fororganisation to enlarge business opportunities and enhance market share. Some key importantfactors that are as follows:Innovative idea or concept helps them to enhance productivity and revenue in case of Essencedrinks (Ajagbe and et.al ., 2015..). It also helps in compensate needs and wants of consumers inproper way that enhance their loyalty level.
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