Report on Concept of Innovation in Product

Added on - 06 Jun 2020

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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1P1 Innovation and its significance in comparison to invention..................................................1P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2............................................................................................................................................4P3 4Ps of Innovation and the concept of innovation funnel.......................................................4P4 Explanation of developments in frugal innovation................................................................4TASK 3............................................................................................................................................5P5 Importance of the commercial funnel and the application of New Product Development....5P6 An innovation business case for an organisation, including ways to access funding............6TASK 4............................................................................................................................................7P7 Tools used to develop, retain and protect intellectual property and knowledge....................7CONCLUSION................................................................................................................................8REFERENSES.................................................................................................................................9
INTRODUCTIONWith the change in the current business scenario need for innovation and invention hasalso changed. It is a broad concept as thorough implementation of innovative technique growthand advancement in the operations of business can be experienced. Innovation is a processthrough which the capacity of an existing product is increased which further helps in producingmore and reducing the total cost of production (Aarikka-Stenroos and Sandberg, 2012).Contradict to it invention is another technique which brings an entirely different way of doingwork. To raise the customer satisfaction level changes are required so that their interest can bemaintain (Walsh, 2012). Essence drinks was introduced two years back and received a very goodresponse. It deals in beverages which has a very big market. Therefore, it is important for themanagement of refereed organisation to ensure continuous improvement changes in the productso that it can be considered as better from other in the same field. The following report will talkabout the need of change and how it can be made possible by discussing the different concept ofinnovation in the products so that more business can be earned.TASKP1 Innovation and its significance in comparison to inventionSince the beverage industry has a very good number of consumer innovation has becomemore of requirement instead of being just a choice to it. It by making changes in the existingproducts can attract more and more customers. The importance of innovation for Essencebeverages are listed below in the following manner:Assist in facing increasedcompetition– Rivalry is the biggest factor that hampers thegrowth and development of an organisation. Pressure for essence drinks increases when a newproduct is launched in the market which has different feature that can attract more customers.Since entrepreneur are now becoming cleverer and faster by conducting the market research theycome with a product that can capture more market share. In that case innovation can help therefereed organisation in achieving the competitive advantage. It by adding something new to theexisting product can maintain the interest of customers (Bagchi-Sen, 2010).Help in surviving in globalisation– In the previous time the competitors were presentwithin the boundaries of own countries but now the scenario has changed. Brands from globallevel are available which offers new variety to consumers and hence become a major problem for1
the companies like Essence drinks. This way it is left with no other option but to implementdifferent innovation programs in the business so that apart from maintaining hold in the owncountry new open market can be captured.Adapting to black swan events– Since the business environment is dynamic in nature itis important that culture of being innovative is being implemented in the organisation. Beinginnovative mean that the work force is ready to accept the change which are beneficial for thebrand (Bogers and West, 2010).It is observed that the concept of innovation is being considered same to that of inventionwhich is not true (Thore, 2012). Innovation is a process through which better solutions areprovided in order to meet the demand and on the other hand invention can be refereed as aunique system that results into an entirely fresh process or application. The big differencebetween both the terms is further described in the following table:InnovationInventionIt is a part of whole organisation as innovationcan be done in any division by making changein its existing code of conduct.This concept is related to the research anddevelopment department as they work towardsdiscovering what new can be introduced.Alteration in the existing practices or productcan be observed after implementinginnovation.It results in a completely changed productservice.Can be made possible even with a very lessamount of investment.It is a costly and a time consuming activity.Require normal or basic knowledgeTo invent something purely different it isnecessary that skilled individual is employed.M1With the help of communicating the advantage of implementing change in the organisation thereferred enterprise can foster change and experience a better working surroundings.P2 Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisationOrganisation like Essence drinks cannot ignore the significance of innovation as it has towork on marinating change on continuous basis to survive in the market. They are doing2
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