Innovation and Commercialization: A Review of Literature

This assignment provides a detailed analysis of the literature on innovation and commercialization. It reviews various studies and research papers that explore the factors affecting technology innovation and its commercialization in firms. The assignment includes a list of references from academic journals and books, providing a comprehensive understanding of the topic. The summary of the assignment is as follows: The review of literature covers topics such as open innovation models, networking innovation, product innovation processes, external technology commercialisation motives, social capital, strategic networking, word-of-mouth communication, and perceptions of innovation climate. The references cited are from international journals and books, offering a global perspective on the subject.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
PI Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................2
M1 Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation ......................................................................................3
D1 Critically analyse how innovation is developed, embedded and measured in an
organisational context.................................................................................................................4
TASK 2............................................................................................................................................4
P3 4Ps of innovation and use of innovation funnel to examine and shape innovation ideas......4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................6
M2 Analyse and apply the innovation funnel in an organisational context................................7
M3 Evaluate the role of frugal innovation in an organisational context. ...................................7
TASK 3 ...........................................................................................................................................8
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation. .....................................8
P6 Innovation Business Case.....................................................................................................9
M4 Build a detailed Innovation Business Case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve. ..................10
D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence based judgements on how organisations can overcome challenges to
develop successful innovations.................................................................................................10
TASK 4..........................................................................................................................................11
P7 Tools that organisations can use to develop, retain and protect knowledge and intellectual
property.....................................................................................................................................11

M5 Present supported evidence-based evaluation of these different tools in the context of the
wider business environment. ....................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the process of converting ideas or thoughts into development of a product
or a service and creates maximum value for the customers and thereby maintains its
sustainability in the competitive business environment (Ahn, Minshall and Mortara, 2017). The
project is based on Essence Drinks which is providing healthy mango lassi in the market of
United Kingdom. This concept was introduced by Akshay Kumar in order to capture the large
market share, but due to the existence of number of competitors, company made innovation in its
lassi for targeting larger customer base by adding flavours to its lassi such as providing
strawberry saffron lassi to its customers.
The project will throw highlights on importance of innovation within the organisation and
comparison between the innovation and invention. It also explains different types of innovation
and details 4 p's of innovation to examine and shape innovative ideas. Furthermore, it also
discusses process required to commercialise innovation and evaluate the different tools that the
organisation use to develop, protect knowledge and intellectual property.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention
Innovation is the process of converting ideas and thoughts into action and provide
differentiated products to the customer by providing them value for the money.
Commercialisation is the process of developing and introducing a product or adopting the
effective production method and hence making the products easily available in market. Essence
drink has brought innovation in lassi by adding strawberry and saffron flavours to their product
and effectively survive in the competitive market place. Innovation creates high challenge for the
small business to continuously innovate their products as it would be highly expensive for the
company to research and develop differentiated products. This proves to be a challenge for the
company to maintains their sustainability in competitive market place (Ajagbe and et. al., 2015).
As it has been analysed that Essence Drink can bring innovation in its existing product rather
than inventing a new product in order to enhance the sales of the company. Moreover, there are
some importance for Essence Drinks for bringing innovation in their product. These are as
follows-
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 This will allow Essence Drink to target larger customer base, leads to enhanced
productively level and improved profit margins for the company. This will allow
company to accomplish its goals and objectives in a positive manner.
 It will allow Essence Drink to build a standard reputation within the market of United
Kingdom and able to maintain its sustainability in the competitive market place(Reasons
Why Innovation Is Critical To Businesses, 2019).
Apart from this invention is different from innovation as it is concerned with developing
a new product which doesn't exist in the market. It leads to the development of new product.
There are some other differences between innovation and invention which is described below-
Basis Innovation Invention
Meaning Innovation is defined as
developing new ideas for the
product and converting them
in the development of
innovative offerings to be
provided to the customers.
Essence Drink has innovated
its lassi product by adding
flavours to the existing product
(Difference Between Invention
and Innovation, 2019.).
Invention is concerned with
developing a new product
which is not available in the
market. Essence Drink has not
invented a new product as their
core product is lassi, it has just
added flavours to their existing
product.
Skills In order to bring innovation it
requires effective marketing
and strategic skill to develop
innovative offerings
It requires technical and
research and development
skills regarding introducing a
new product. Hence invention
is created within an overall
development process with an
use of updated machine or a
new product or process.
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Invention can be turned into innovation by making modifications in the existing product
by use of latest technology. This also doesn't lead to making of new product like Essence drink
has innovated its existing products rather than developing a new product.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
Organisational vision, leadership and culture assist in bringing innovation within the
organisation. When the mission, vision of the Essence Drink is clear to the employees it assists
them to work effectively and innovatively, thereby enhances the market share and profitability of
the company. Moreover, leader should adopt effective leadership style to motivate the employees
to work effectively and results in the smooth operations of the business activities of Essence
Drinks. These points are explained in detail below-
Vision- Vision of the Essence Drink is to provide strawberry saffron lassi to its customers
which are high in quality and to maintain a healthy life style. Thus by providing innovative
offerings to the customer Essence drink can gain the competitive advantage and able to create
enhanced brand image in the market. As the vision is to provide high quality products to ist
customers it led employees to think more innovatively and led to generation of new ideas and
thoughts which shapes innovation and commercialisation within the company.
Culture- It is concerned to specific norms, values rules and regulations within the
internal environment of Essence Drinks. Management of the company should maintain an
effective culture by enhancing improved communication level and involving employees in
decision making process which leads to effective generation of ideas and thoughts regarding
bringing innovation in lassi product (Azarmi, 2016).
Leadership- Leadership is the style of guiding and influencing other employees within
the organisation to work effectively and achieve the goals and objectives of Essence Drinks.
Effective leadership style will provide proper guidance to its subordinates and involve employees
in decision making process. This will lead to reduced issues and conflicts at workplace and allow
employees to think differently and innovatively, enhancing the productivity level within the
Essence Drinks.
Team work- Team work is the key to success within the Essence Drinks. When
employees work collaboratively it leads to attainment of the common goals and objectives. It is
essential for Essence Drinks to formulate various teams within the organisation each having
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specific purpose of task. This will motivate and encourage team members to work effectively
and provide innovative ideas and suggestion regarding the flavours of Lassi and helps
organisation to gain competitive advantage.
M1 Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation
There are various sources of innovation which can be used by the organisation for
achieving the targeted goals and objectives in the best possible manner. Some among them are
analysing the current market conditions, knowing the perception of customer's and gathering
adequate knowledge about the competitors plans and strategies. Organisation can easily foster
its environment by making better plans before introducing any new product in the market. This
can also be done by managing team work and following the rules and norms in the systematic
manner.
D1 Critically analyse how innovation is developed, embedded and measured in an organisational
context
Innovation can be easily measured in the organisation. This can be done by analyse the
current and past performance of the organisation in the market. If the organisation is able to earn
profitability and sale in the proper manner than it can be said that strategies for the innovation
was successful. The vision and mission of the organisation is achieved in the proper and
systematic manner than innovation can be measured (Dodourova and Bevis, 2014).
TASK 2
P3 4Ps of innovation and use of innovation funnel to examine and shape innovation ideas
Innovation is the 4 p's model which enhances innovation process and brings improvement
within the business. 4 p's of innovation consist of Product, Process, Position and Paradigm.
These 4 Ps or innovation space strategy elements are described as follows-
 Product- Essence Drink should analyse its product and demand of the customer and
therefore brings innovation in products to meet the requirement of the customers. As the
company is launching strawberry saffron lassi to provide different taste to the customers
and meet their satisfaction level. This leads to improved sales for the company.
 Process- As the Essence Drink is providing flavoured strawberry saffron lassi to its
customers, for this it includes the effective selection of the process which is concerned
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with choosing the effective raw materials and proper hiring and training to the employees
so as maintain quality of lassi, thereby making the product differentiated in market
(Fuertes-Callen and Cuéllar-Fernández, 2014).
 Paradigm- It is concerned with perceiving the changes within the business in distinct
way. It is concerned to changes made within the product doesn't always leads to positive
results. Effective decision should be taken at Essence to maintain its sustainability.
 Position- It is concerned with the position of Essence Drinks within the market of UK,
i.e. how customers perceives its products in relation to its competitors. Therefore, by
analysing the market conditions, company can modify their products and choose effective
strategy to maintain enhanced reputation in the market.
Innovation funnel is an approach or a medium used by the company to convert their constant
stream of ideas into realistic action plan. It will assist Essence Drink to gain competitive
advantages. This also assist the companies to manage and develop new products. Explanation of
this stages in relation to Essence Drinks lassi are as follows-
 Opportunity Assessment- This is concerned with analysing the market and deriving
information out of it so as to identify the business opportunities for the developing
product (Katzy and et. al., 2013).
 Insights based ideation By conducting market research and analysing information
strategies are framed by the mangers to choose the most effective one. Different ideas
are formulated and the best one is selected by analysing the market conditions.
 Conceptualisation-Under this step, Junior Innovation consultant conceptualises the
whole business idea which is been developed by analysing the business opportunities.
The new innovative idea in Essence Drink is introducing Strawberry saffron flavoured
lassi for the customers.
 Evaluation and Benchmarking- Product is developed and test marketing is done so as
to feedback from the customers regarding their innovative product to make modifications
further.
 Go/No Go- After taking feedback from the customers, decision are taken regarding
manufacturing and hiring process as well as profit margins are decided and products are
developed according to demands of customer.
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 Launch- Under this step innovative strawberry flavoured lassi is introduced in market
within UK (Khan and et. al., 2014).
Therefore innovation funnel helps to shape innovative ideas by proper collection of information
through customers and conducting market analysis, it assist them to choose the most effective
idea which results in the launch of new innovative products to customers.
Different types of innovation
There are different types of innovation which can used by Essence Drinks to provide
differentiated products in the market place. These are as follows-
 Incremental Innovation- It includes existing technology to add new features to their
existing products within the existing market. This innovation is used by Essence Drinks
to add flavours to their existing products and captures larger market share within UK.
This has advantage of improving the brand image and leads to enhanced profit margins
but when innovation is not according to the demands of the customer nit leads to
downfall of the costly and makes difficult for them to sustain in competitive environment.
 Disruptive Innovation- It is concerned with applying new technology or process to
provide goods within the existing market. Advantage associated is that Essence Drink
could apply new technology and make high innovation in their products to target larger
customer base. This leads to improved profit margins but has major disadvantages new
technology is expensive to use for small companies like Essence Drinks (Kutvonen,
Savitskaya and Salmi, 2014).
 Architectural Innovation- It is concerned with developing skills and technology and
applying them in the different market. It has a benefit of attracting larger customer base
within the new and existing markets but has a disadvantage of risk associated with it
using new technology in the new markets, it becomes difficult for company to match
requirements of market.
 Radical Innovation- It is concerned with transforming the whole industry and leads to
the development of new product. This innovation would be costly for the small business
to adopt and requires more time. But advantage associated is company can easily attract
the prospective customers and maintains their sustainability.
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P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Frugal innovation is the activity or process of reducing cost of goods and complexity and
its production in an market. It refers to removing non-essential features from durable goods
which are, phone, electronic, car, home appliances etc. so, that sales volume can be raised in the
global market. Frugal innovation is useful for Essence Drink company can be explained as
follows:
Finding opportunity in adversity: To flourish in the global market, firm need to search
out opportunities in adverse conditions. Essence Drink is coming up with strawberry Saffron
flavoured lassi in the UK market to meet the emerging needs of the customers. Here,
organization is the first to come up with flavoured lassi in the market (Mazzarol, 2013). It helped
the business in capturing huge market ratio as well raise customer base for strawberry lassi.
Example: Essence Drink search out the opportunity for Lassi in the UK market and are coming
with flavoured lassi to attract customers towards their drink. By this firm was able to get
competitive advantage.
Do more with less: Innovation in product or services should be done with less resources
so that best results can be achieved in the market. Essence drink did innovation by adding
different flavours in lassi, in other words it can be said that firm did more with less resources. It
helps the company to raise their sales ratio in the competitive market place. Example: By adding
strawberry flavour in lassi it assit company to gain competitive advantage.. By doing so
profitability ratio increased which was further used in growth and development (Mazzarol and et.
al., 2014). Apart from this respectively company could provide its lassi in small tetra packs
which is easily affordable by the customers and leads in huge sales for the company. This
becomes easy for the customers to carry and use during their travelling time and maintains their
healthy lifestyle.
These are the effective development in the Frugal innovation and used effectively within
Essence Drink.
M2 Analyse and apply the innovation funnel in an organisational context.
Innovation funnel is used to convert the ideas for innovation into realistic plans and
actions. This method is generally used after analysing the market situations in the systematic
order. Different plans and strategies are made before applying the innovation funnel. Customer's
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needs and preferences are also taken into consideration and plans are made to increase the
market share in the limited period of time. After proper implementation of this funnel
opportunities can also be used in the best possible manner.
M3 Evaluate the role of frugal innovation in an organisational context.
Frugal innovation is a concept which leads to redesigning of products, choosing the
appropriate production method and recognising effective value chain to make the innovative
products easily affordable to the customers. This innovation is done in concept to market driven
by analysing the marketing factors and analysing opportunities to provide differentiated offerings
in the market (Pellikka,and Malinen, 2014). Therefore, Essence drink provides innovative
products with the less use of resources and finds an effective opportunity to provide healthy lassi
to its customers.
TASK 3
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.
Commercial Funnel consist of the framework having three phases which is concerned
with utilisation of resources in an effective manner so that improvements can be made in the
existing products. Importance of Commercial Funnel are as follows-
 Pricing Policy- It is concerned with setting the price of the products after analysing the
behaviour of the customers. Thus Essence Drink is offering their flavoured lassi at a
moderate price to attract larger customers within UK.
 Improving ways of growing business- Commercial funnel plays a vital role in the
success of the company analysing the need of the customer and thereby providing
products according to their requirements. This enhances the sales of the company and
helps in the growth and development of Essence Drinks by providing innovative offering
to the customers (Plewa and et. al., 2012).
 Enhanced Use of advance technology- Essence Drinks is using the use of advanced
technology to make innovations in their existing products in order to gain competitive
advantage.
Moreover, in order to develop the new product or bring innovation in their existing products,
systematic process is followed by the company such as-
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 Planning Innovation: In this step company decides to innovate its products by proper
conducting research and development. This leads to collection of information from the
market related to consumer and determining information from social networking
platforms as well as the emergence of advanced technology determines the need for
innovating products. This led Essence Drinks to plan for flavoured lassi.
 Idea Evaluation- When the idea for the innovation has been it leads to selecting the most
viable plan i.e. to introduce strawberry saffron lassi and meet the requirements of the
customers and gain competitive advantage Moreover idea is evaluated with the proper
information management i.e to analyse the idea of innovation carefully and cocern for the
advanced technology required for manufacturing innovative product..
 Concept Definition- This step is concerned with defining the whole concept that essence
drink is introducing its new flavoured strawberry saffron lassi within the market of UK so
as to provide different taste to the customers and provide a healthy lifestyle (Razak,
Murray and Roberts, 2014).
 Consideration of big data and cognitive system- Before developing the strategies it is
necessary to analyse the current and future trend of the the demand of the customer. This
could be done through collecting information via social media platforms and taking
feedback from customers through online portals.
 Strategic Analysis- Under this step manager at Essence Drinks develop effective
strategy to target larger customer base. Company keep the price of the flavoured lassi at a
moderate rate as well as takes into account different types of funding sources such as
effective office space require for effective commercialisation of resources and formulates
effective strategy to manage the business operation.
 Product Development and Testing- It is concerned to have product testing to few
consumers before bringing them in the market and take feedbacks from them for quality
and taste to determine whether the product is as per the demand or not.
 Commercialisation-It is necessary for the company to commercialise its product by
developing effective marketing plan stating the promotion and distribution methods and
thereby making the effective use of resources. Its also needs to take into consideration
different resources required for commercialisation such as large amount of finance,
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qualified personnel, advanced tools and technology and effective office space to
manufacture and supply products.
 Product Launch- Under this step, innovative flavoured lassi will be introduced in the
market of UK.
Importance of NPD process in Innovation and Commercialization
 NPD process assist Essence Drink to meet the increasing competition by generating new
ideas and methods to innovate its products according to customers demand and gain
competitive advantage.
 It enhances the respective company brand image in the market as a way of providing
innovative products.
 It helps in risk diversification as with innovation Essence Drinks frames and adopts
effective strategies which helps them to provide their innovative offerings according to
the demand of the customer.
NPD process helps in meeting customer needs and allows the company to meet their satisfaction
level and leads to improved profit margins.
Application of the NPD process and its importance in
commercialisation of innovation.
In order to provide innovative products to the customers, respective
company has modified healthy mango lassi into strawberry saffron lassi in
order to meet the demands and requirements of the customers. Moreover
this concept was introduced by analysing the customer demands and then
providing the products accordingly. This assist them to capture larger
market share and maximum profitability for the company. In addition to this
for the development of new product, respective company needs to frame
appropriate strategies so as to market new products effectively in the
market. Therefore this concept of new product helps to meet customer
demands and helps in the proper innovation of products. Therefore this
application of NPD process helps the respective company to innovate mango
lassi into proper saffron lassi and meets the requirement of the customer.
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P6 Innovation Business Case
Business Case is a document which determines project manager to start or to continue a
new project. It also contains all the necessary information for the business to make a decision.
This results in effective performance of business activities in Essence Drink. These are described
as follows-
Executive Summary- Business Case of Essence Drink contains all the necessary
information related to introducing strawberry saffron lassi to the customer. This new product will
assist in capturing larger market share and improved profit margins for the company. Thus
effective management and control of business activities led to success and growth of small
business.
Mission- Mission of the Essence Drink is to provide healthy flavoured lassi of strawberry
enriched with Saffron to attract large customers and provide them maximum satisfaction. It leads
to enhanced brand image in the market and able to get competitive advantage.
Resources- Effective resources are needed by Essence Drinks to gain competitive
advantage and get success in the market. Resources needed are raw material for production work
and large amount of finance and qualified personnel to perform business activities in an effective
manner (Robertson, 2014).
Market Analysis- Gathering information from the market is of vital importance in order
to determine the current and the future trends as well as determines the level of competition
within the competitive environment.
STP Approach
Segmentation- It is concerned with segmenting the customers on the different factors such as
age group, income level. For this new product customers are segmented according to their
changing lifestyle and trends.
Targeting-New product is targeting all age groups of customer such as children, youths and
adults. by providing quality lassi to maintain healthy lifestyle.
Positioning- It is concerned how the new product is positioned in the market. Hence strawberry
lassi will avail a good reputation in the market and able to get competitive advantage.
Financial Projection- For effectively managing their business operations it requires
£20,000 to launch new innovative lassi in the market of UK.
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Ways of Funding- In order to perform business activities and bring their new innovative
products in an effective manner company requires large amount of funds. Company needs to
have access to funding for product development I.e. to provide innovative strawberry saffron
lassie to the customers ans well as need funds for effective marketing of new products via
advertising through print and online media. There are different ways through which funds can
be generated are explained below-
 Banks and Financial Institution- It is the most effective and popular way of generating
funds. This is easiest way to get funds at a minimum rate of interest. This will lead
Essence drink to effectively get funds from bank and continue their business operations.
 Through Family and Friends- This is also the best way to raise funds from family and
friends without giving any security against the loan and there is no fixed data of
repayment of principal amount (Katzy and et. al., 2013).
Monitoring and Controlling- At last different business activities are monitored by manager of
Essence drinks and if any deviations are found correction action and appropriate strategies are
implemented to reduce the negative outcomes.
M4 Build a detailed Innovation Business Case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve.
Business case contains all the necessary information to manage business functions
effectively. Therefore, company should use effective techniques such as available to test, iterate
and improve in which new business idea of strawberry flavoured lassi should be test with the
customers before introducing them in market. Therefore, after taking feedbacks modifications
should be made in the existing product to meet satisfaction level of customers.
D2 Critically evaluate the nature of innovation and the context in which it is developed,
providing evidence based judgements on how organisations can overcome challenges to
develop successful innovations.
In order to overcome challenges of innovation Essence Drink should properly analyse the
business environment factors and identify the opportunities and thereby do the innovation
properly so as to avoid the issues and challenges and therefore develops effective strategy
regarding developing the incremental innovation within the Lassi product and could copy right
its innovative strategies to overcome challenges to develop successful innovations.
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TASK 4
P7 Tools that organisations can use to develop, retain and protect knowledge and intellectual
property
Intellectual Property refers to the ownership of the idea or the design by an individual so
that it cannot be copied by any other business. It gives the individual the right of have distinct
type of creative design so that nobody can copy or reuse. Therefore, it is necessary for Essence
Drinks to protect their innovative products so that it cannot be used by any other. There are
several tools that the Essence Drink could adopt to protect innovation. These are explained as
follows-
 Trademarks- Trademark is a special sign or a design which is used to identify product
from a particular source. Its symbol is TM Which is displayed on the product and thereby
gives protection to the company as well provide insight to the customer that the product
is registered. Hence innovation in lassi product doesn't require any protection or
trademark (Khan and et. al., 2014).
 Copyright- Copyright is the form of an intellectual property that grants the owner the
right to copy. These are normally done on software, movies and blog spots.
 Patents- In order to effectively survive in competitive business environment Essence
Drink should patent its products so as to protect other to copy their innovative strategies.
Thus Essence Drink should patent their innovative strawberry saffron lassi product so
that competitors do not copy their patent products and Essence drink can improve their
overall performance and gain the competitive advantage.
These are the effective tools that Tools that Essence Drink can use to develop, retain and
protect knowledge and intellectual property. From all the above tools discussed that the
organisations can use to develop , retain and protect knowledge, patent is a effective tool which
can be adopted by respective company so as to avoid other companies to copy their strategies
and market their products. Therefore Essence Drinks should patent their products and protect
their knowledge from being sharing to other competitors. It is recommended to the company to
use appropriate intellectual property tools such as patents to protect knowledge and properly
market their products and attains maximum profit. In addition to this when patent its products it
increases its corporate value and maintains goodwill. Moreover it doesn't grant authority to the
the other sellers to sell the products under their own brand name.
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Moreover, Branding plays an important role in protecting the innovation as when the Essence
Drinks captures a larger market share and enhances its brand image in the market it becomes
difficult for other companies to copy the strategies of Essence drinks. Apart from this there are
several disadvantages of Intellectual Property such as additional cost for the company if it has a
complex product involving designs, methods and processes. Moreover, it also leads to more
innovative offering as the company has the IP rights which cannot be copied by others. Thereby
it doesn't take extra efforts to design new products.
M5 Present supported evidence-based evaluation of these different tools in the context of the
wider business environment.
There are different tools such as copy rights, trademarks and patents which can be used
by the company to protect their innovative strategies and successful enhances their brand image
in market. These tools do not allow other business to copy their designs and methods. In order to
effectively survive in competitive business environment Thus Essence Drink should patent their
innovative strawberry saffron lassi product so that competitors do not copy their patent products
and company can maintain high reputation in the market.
CONCLUSION
From the above report it has been concluded that it is vital for the companies to bring
innovation in their products so as to gain competitive advantage and maintains its sustainability
in business environment. Moreover, there are different types of innovation such as incremental
and disruptive innovation in which incremental innovation is followed by the company.
Furthermore, innovation funnel assist the company in coming up with their new products and
services as well as it is necessary for the company to protect their innovation strategies from
being copied by any other. This will result in huge sales and profit margins for the company.
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