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Innovation and Commercialisation

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Added on  2021-01-01

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Innovation and Commercialisation INTRODUCTION 3 TASK 13 P1.Define innovation and solve difference with invention.3 P2. Innovation and Commercialisation INTRODUCTION 3 TASK 13 P1.Define innovation and solve difference with invention.3 P2.

Innovation and Commercialisation

   Added on 2021-01-01

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Define innovation and ascertain its importance to organisations and difference withinvention.................................................................................................................................3P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................5TASK 2............................................................................................................................................6P3.The 4Ps of innovation and explain the use of the innovation funnel to examine and shape 6innovative ideas......................................................................................................................7P4. Frugal innovation and its use in organisation...................................................................9TASK 3..........................................................................................................................................10P5.The importance of the commercial funnel and the application of NPD processing forcommercialisation of innovation..........................................................................................10P6 Build an Innovation Business Case for an organisation, including ways to access funding...............................................................................................................................................12TASK 4..........................................................................................................................................14P7.The different tools that organisations can use to develop, retain and protect knowledge andintellectual property..............................................................................................................14CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONInnovation is the process of converting the invention or idea into the products andservices which produces the value for which the clients or customers are paying. The innovationwill further result in satisfying the needs and demand of customers (Aarikka-Stenroos, Sandbergand Lehtimäki, 2014). This is all about making the product new by innovate it by which theexpectations of the customers are fulfil. In present report, the discussion will take place incontext of Essence Drink, which is a UK based company and sells the mango Lassi about twoyears. The organisation earned the great profit in two years but the sales tends to decline whenthe firm entered in third year and now they want to enhance their sale by innovate their productof Lassi. This report will mainly emphasize on the invention and innovation along with the 4P'sof marketing. Essence drink will also be going to apply the frugal innovation and innovationfunnel in the context of the firm. In addition with this, the development of new product and thecommercial funnel will also be discussed to commercialise the process of innovation. Along withthis, the budget is also estimated for the firm and at last, the tools for protecting the knowledgeand intellectual property will also be discussed in the context of the organisation. TASK 1P1.Define innovation and ascertain its importance to organisations and difference with invention.Innovation is said as the significant of the positive change. This is all about somethingnew or making changes to the existing product. This is to create or produce something moreeffective by the unique ideas. This is not just meant of inventing something but it is aboutbringing the change in your business model and adopt the change in the working environmentjust to deliver the better products and services to the buyers (Brunswicker and Van de Vrande,2014) . Thus, this is to recommend to the manager of the Essence Drink to innovate their productof Lassi by adding some more flavoured to it, just like with mango Lassi, they can also sell thepineapple lassi, apple lassi, mix fruit lassi so that the fruit lovers customers get attract and buy
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their product and their sales tends to increase. Innovation can be beneficial for the firm in thefollowing different ways -1.Innovation will help the firm to solve the impossible problems in the organisation. 2.Innovation will also help the workforce to enhance their productivity and profitability byincrement in the sale of their products.3.Innovation shows the unique and hidden qualities in the employees by which they cameto an unique idea of innovating something new in the existing products. 4.Innovation can help the firm to beat their tough competitors and rivals.5.Innovation will also aid in increasing the brand value and brand recognition.6.The main benefit innovation provide is have the new partnership and positive , strongrelationships with the employees as well as with customers (Brusakova and Kosuhina,2015) . Hence, the firm Essence drink will able to enhance their sale by the above benefits, asthese advantage of innovation will aid them to increase their sale by innovating their existingproduct of Mango Lassi. Comparison Chart of the Innovation and InventionThis is clearly stated that invention is the process of creation of entirely new productwhich is never seen before and on the other hand, Innovation is the process of making changes inthe existing product so that firm can increase its sale and maximise more profits. Thus it isknown that the Essence Drink has decided to innovate the Lassi product rather than inventing thenew product. Here is the comparison chart which will define better about both terms -Basis of ComparisonInventionInnovationMeaningThis is about the occurrence ofan idea or invention of theproduct which is never beenproduced by anyone.The innovation is define as theimplementation of the idea inthe existing product in order tomake it the new innovativeproduct. What is it ?It is the creation and formationof the new product. It is about adding the value tothe product which alreadyexists in the firm in order toinnovate it.
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