Innovation and Product Development
Added on 2020-06-04
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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its significance to company in comparison with invention...........................1P2 How vision, leadership, teamwork and culture of firm can shape innovation &commercialization.......................................................................................................................2TASK 2............................................................................................................................................3P3 4P's of Innovation and use of innovation funnel to analyse & shape innovative ideas........3P4 Developments in frugal innovation & how it is utilized in organisational context...............4TASK 3............................................................................................................................................5P5 Significance of commercial funnel & application of new product development processing5P6 Develop innovation business case for firm including methods to access funding................7TASK 4............................................................................................................................................8P7 Evaluation of various tools use by firm to develop, protect and retain intellectual propertyand knowledge............................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation refers to a process that is utilized by company in order to make themselvesdifferentiate from others. In this, firms modify their products by adding new feature in it thatassist in attracting large group of customers (Anthony, 2017). For innovation, new ideas arerequired and these are applied by business enterprise to further satisfy expectations and needs ofcustomers. In current scenario, implementation of innovation becomes necessary in order tomaintain sustainability in market. This report is based on Essence Drinks which deals inbeverage sector and offer variety of drinks to customers. This assignment includes innovationand its importance as well as role of vision, culture, leadership and teamwork in shapinginnovation and commercialization. 4P's of innovation and use of commercial funnel is alsodefined. Apart from this, process required to commercialize innovation and range of methods forprotecting ideas are included in this report. TASK 1P1 Innovation and its significance to company in comparison with inventionInnovation refers to a process that is implemented by company in order to satisfy needsand requirements of customers in an effective and efficient manner. It often viewed asapplications of solution that meet unarticulated, new or existing needs of market. Every firmbrings innovation in their existing product on regular basis in order to maintain their strongposition and long term sustainability in market. For bringing innovation in product, service orprocess, an idea is required. Essence Drinks is a company that deals in beverage industry andoffer various flavours of drinks to customers. Innovation assists firm in offering better productsto customers. It provides competitive advantage to company in market and support in its growthand success (Bain and Kleinknecht, 2016). Significance of Innovation:Increase productivity of firm: Innovation is a process that supports business firm inattaining high productivity and profits. New idea helps business in bringing innovation in theirexisting goods which attracts customers more. Innovative idea helps company in makingoptimum utilization of resources and producing goods at minimum cost and in minimum time. Administer competitive advantage: Introduction of new goods and services in marketthat completely satisfy needs and requirements of consumers provides competitive advantage to
company in market. By bringing innovation in their products, Essence Drinks enables to getattention of large group of customers and gain competitive advantage over their rivals in market.Optimum utilization of funds: Innovation concept is utilized by firm to differentiatethemselves form others in market. It helps firm in making appropriate use of available resources.All this assists Essence drink in enhancing efficiency of their production process that assists inproducing high quality drinks and offering them to consumers. It also assists in reducing cost ofproduction (Bar-Cohen, 2016). Difference between innovation and invention: BasisInnovationInvention MeaningIt is defined as a process ofimplementing new ideas orconcept for manufacturing ofnew goods and services. Inthis, a new feature is added inexisting goods. When a company introduced acompletely new product with anew idea for the very first timein market, then it is termed asinvention. Those goods areintroduced which has beennever made before. ConceptMain concept of innovation isto add value in existingproduct. In this, a completely newproduct is developed that isbeen never introduced before.Required skillsMarketing, technical as well assome other skills are requiredfor bringing innovation. Scientific skills are required inprocess of invention. ActivitiesActivities related to innovationare interrelated with variousfunctional departments ofcompany. Activities that are associatedwith invention are limits up toresearch & developmentdepartment of company. P2 How vision, leadership, teamwork and culture of firm can shape innovation &commercializationThere are various factors which affect business either in positive or negative way, so it isessential to consider these factors (Biemans, 2018). As per change in external factors of business
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