Innovation and commercialisation - YOYO Sample Assignment

Added on - 21 Feb 2021

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INNOVATION ANDCOMMERCIALISATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1Difference between Innovation and Invention.......................................................................1Importance of Innovation.......................................................................................................2Types of Innovation and their positive and negative approach..............................................24 P's of Innovation..................................................................................................................3New Product Development Process.......................................................................................4Frugal Innovation...................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONInnovation refers to something new. It can be a new idea, some creative thought orimagination in form of method. It is also viewed as the better solution that fulfil newrequirements in the existing market. Innovation can be in any product, process, technology,service or model that is available in the market, society and government. YOYO Drinks wasfounded in 2016 in UK. The firm was started with one drink (mango lassi) and in the first 3years, the company successfully achieved a rise in sales as the drink was something unique forthe people of UK. This report includes importance of innovation, types of innovation, 4P's ofinnovation, new product developments to again capture the UK marketPART 1Difference between Innovation and InventionINNOVATIONInnovation simply means making improvement in the existing product, service or processof the company. Innovation means implementing the idea for the product for first time. It meansadding value to an already existing product(Bashmakovand and et.al., 2015).. When there is aneed for improvement in the product. The activities are spread within the company. The skillsrequired are of marketing, strategic and technical skills. It is something that is already invested.Innovation means making a significant contribution. It is concerned with the combination ofproducts and processes. It refers to changing a product into something more unique and differentthat is in demand and satisfy customer’s needs. Innovation brings newness into any product orprocess, it can be in technology so that the operations cost of a product is reduced. Thus willincrease the sales of the product and eventually increases the profits.INVENTIONInvention is something new that means the idea or occurrence for a product for the firsttime that has never been done before. It means generation of a new product. The concept ofinvention is an original idea(Eberhardt and et.al., 2017). This requires the scientific skills todevelop a product. It occurs when something new strike the scientist. Invention is concerned withsingle process and product. The activities of Invention are restricted to Research andDevelopment Department. Invention is something that comes out of a scientist's mind to developa new product. For example: The company (YOYO Drinks) has brought the new invention of1
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