Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining what is innovation and its importance to organization in comparison with
invention......................................................................................................................................1
P2 Explaining how organisational vision, leadership, culture and teamwork can shape
innovation and commercialization..............................................................................................2
M1 Analyse difference sources of innovation through organisation can foster and develop an
environment and culture of innovation.......................................................................................4
D1 Critically analyse how innovation is developed, embedded and measured in an
organisational context.................................................................................................................5
TASK 2............................................................................................................................................5
P3 Explaining the 4Ps of innovation and explain the use of innovation funnel to examine the
shape innovative ideas.................................................................................................................5
P4 Explaining developments in frugal innovation to have a greater knowledge of innovation. 7
M2 Analysing and apply the innovation funnel in an organizational context............................7
M3 Evaluating the role of frugal innovation in an organizational context.................................8
TASK 3............................................................................................................................................8
P5 Explaining the importance of commercial funnel and the application of new product
development processing for commercialisation of innovation...................................................8
P6 Producing the detailed business case...................................................................................11
M4 Measure its overall effectiveness using appropriate techniques available to test, iterate and
improve. ...................................................................................................................................12
TASK 4..........................................................................................................................................12
P7 Evaluating the different tools that organisation can use to develop....................................12
M5.............................................................................................................................................14
D2..............................................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation and commercialisation is the process that engage the customer attraction and
build the good public image of the organisation in front of the market. This is the significant
practice that should be adopted by the organisation in order to maintain the business growth.
Present study is based on the innovation of “Essence Drinks” which is the founded by Akshaya
Kumar, he launched this company by one drink that is Mango Lassi into the UK market and
achieved a dramatic rise in sales in his first style due to the innovative formulate and distribution
capability. Besides, the report will launch the new flavoured energetic drink for the customers
that helps to regain the sales volume of Essence Drinks which is a new brand innovation strategy
for the company. This report will explain about the importance of innovation and differentiation
with invention. This study also explains about how vision, leadership and culture can shape the
teamwork within the organisation. It also explains the marketing 4Ps to explain the innovation
funnel to examine the shape of innovative ideas. However, to enhance the innovation, research
producing the new product development process to examine the new growth.
TASK 1
P1 Explaining what is innovation and its importance to organization in comparison with
invention.
Innovation is the process of creating new product or services with some new concepts
and ideas. Innovation is often also viewed as the application in form of devise or methods. This
is the complex process to discovers and inventions brought in the business and social
environment. Innovation is the complex process that company should needs to adopt while
operating the business so fast.
On the other hand, invention is the process which created by the company at very first
time with some new features and ideas. Invention is the idea or process that never been made
before but the innovation creates the new version of old.
Innovation means adding some more values to the process which is not leading and
managing the effective results. But on the other hand, invention is coming up with new concepts
or though process which is unique and different from existing services (Amabile and Pratt,
2016).
1