Innovation and Commercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................2
PART 1............................................................................................................................................2
explain innovation and its comparison with invention...........................................................2
Value and importance of innovation to organisation.............................................................3
Types of innovation with focus of disruptive and incremental innovation with its pros and
cons.........................................................................................................................................4
4Ps of innovation and supports capability and management of innovation...........................5
Explain Frugal innovation in organisation context................................................................7
PART B............................................................................................................................................8
BACKGROUND OF COMPANY WITH PROBLEMS.......................................................8
Use of commercial funnel to provide solution to problem.....................................................9
Details of innovative new drinks product proposed...............................................................9
Marketing opportunity of innovative new drinks and meets the needs of stakeholders........9
Overview of industry and competition.................................................................................10
Financial projection and source of funding..........................................................................10
Sources of funding................................................................................................................10
Techniques for testing the effectiveness of new drinks........................................................11
Evaluate the tools to protect the innovation.........................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Innovation is the modern term that means unique idea in the form of methods or style and
the creative thoughts. Commercialisation refers to the process of introducing new goods and
services into the market place. It does mean to direct launch in the market but includes a move
from laboratory into commerce. In current market area company are working up with the
innovative idea and products that will enable to beat the competition and attracts more
customers. This report is related to YOYO drinks which is found by Mr. bond in UK. Here,
company provide a healthy mango lassi to achieve the global market. Firm face the problem of
decreasing its sales and increase its competitors. To overcome this problem they innovative their
lassi with organic multi flavour lassi which is very healthy. It explains the the concept of
innovation with their difference. Different types of innovation and method to require to
commercials it, also explains the frugal innovation with NPD funnel and at last make a business
plan and find tools to protect it(Ge and et. al., 2017).
PART 1
explain innovation and its comparison with invention
Innovation and invention – Innovation refers to an activity of improving on or making a
essential contribution in an existing goods, services and a process. On the other hand invention is
the process of creating and launching a product offering of a company for the first time into the
market(Henttonen and Lehtimäki, 2017). For instance, when YOYO drinks manufactures drinks
is called innovation but when they modified it by using different organic flavours is called an
invention according to the customers taste and preferences(Liao and et. al., 2016).
Comparison between innovation and invention
Basis Innovation Invention
Concept Turns a new idea into
commercial success or
widespread use.
Fragmentation of new idea or
concept
Activities Innovation is spread across the
organisation
Invention is limited to research
and development department.
Skills It requires multiple skills like It needs a scientific skills
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marketing, finance and
planning.
Example When a company owner thinks
to innovate new idea
according to the customers
preferences like innovation in
drinks as per demand etc.
It is related to product designs,
business model and working
prototypes.
Value and importance of innovation to organisation
Importance of innovation
Meeting customers needs- It is an important term in innovation because it requires the
business to know the customer's needs and according to that they provide the products this will
increase the profitability of the firm. In context of YOYO drinks, Bond analyse the customers
taste and make a innovation so they can fulfil demand and satisfy customer. It helps in earning
more profits and give competitive advantage in the market place.
Gaining competitive advantage- It is very important to gain the rivalry advantages, when
there is many competitors are available in the market it can reduce its sales to overcome this
company need to innovate their product and enhance its sales. In YOYO drinks, they decrease in
its sales while increase in number o0f competitors so the owner of the company think to launch
its innovation in its existing products this will help in reduce the competitors and increase the
sales(Yin and et. al., 2015) .
Reinforcing brand name - Develops the brand name is the most essential task for any
company. It also shows the effective corporation of the team members in increasing band image.
In context of YOYO drinks, owner think to innovate in existing product “lassi” to attract more
customers and earns more profits.
Explain organisation vision, culture, leadership and teamwork can shape innovation and
commercialisation
Innovation and invention both are essential part of the business growth and survival of the
company. It can provides information regarding vision, leadership, culture and teamwork who
support the organisation to increase its proficiency and sales(Mollick and Robb, 2016). In this
YOYO require to analyse this terms to innovate new product which require workforce, a healthy
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