Innovation and Commercialization: Assignment
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Added on 2020-12-18
Innovation and Commercialization: Assignment
Added on 2020-12-18
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INNOVATION ANDCOMMERCIALIZATION
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance to firm as compared to invention.........................................3P2 How business vision, culture, leadership and team work can shape innovation andcommercialization ......................................................................................................................5TASK 2 ..........................................................................................................................................6P3 Explain 4P's of innovation and use of innovation funnel .....................................................6P4 Development in Frugal Innovation .......................................................................................7TASK 3............................................................................................................................................8P5 Importance of commercial funnel and new product development application......................8P6 Build an Innovation Case.......................................................................................................9TASK 4..........................................................................................................................................10P7 Tools that firm can use to retain and protect knowledge & intellectual property...............10CONCLUSION .............................................................................................................................10.......................................................................................................................................................11.......................................................................................................................................................11
INTRODUCTION Innovation refers to the process and outcome of creating something new that also hasvalue. In simple words, it can be termed as an introduction of “new method, device or idea”. Thepurpose of innovation in organizational context is to make existing product, process,technologies and ideas more effective that provide high competitive edge to enterprises. It isoften viewed as catalyst for business growth and development (Amit and Zott, 2012). It involveapplication of initiatives, imagination and information in deriving higher value from the givenresources that benefits company enormously. The given report is based on Healthy Juice whichis a UK based two year old start-up that deals in providing healthy milkshake to vast consumers.This report covers how with the help of innovation Mr. Green (owner of Healthy Juice) expandits product line so as maximise its overall sales and profitability ratio. It include innovation mix,commercial funnel, application of new product development and different intellectual propertyrights tool. TASK 1P1 Innovation and its importance to firm as compared to inventionInnovation is defined is the concept which deals with transformation of a new idea intovaluable goods or services for which consumers are willing to pay. For bringing any kind ofinnovation, a good idea is required. So, it is crucial for an entrepreneur or an individual toconstantly come up with ideas & creative ways of doing things in distinct manner. Introductionof innovation within business organisation provides it competitive edge in market and firm isenable to take advantage over its competitors. It helps the businesses to make themselves distinctfrom others. It acts as catalyst for an enterprise in terms of its growth and success. It administerscompetitiveness to firm to face challenges effectively in today's competitive world. Innovation & invention are not similar, these are 2 different terms. Invention does notmean to bring innovation in company. It is the procedure of change and its adaptation as per thechanging environment. It helps company in offering such services and products that assists inmeeting needs and requirements of customers in more better and effective manner (Ariga and et.al., 2013). In business organisations, it must be require by business managers to develop aninnovative culture within firm so that skills of manpower can be enhanced and they get
opportunity to think outside the box. It assist in increasing their creativity and they enable to dealwith issues in more better way and resolve problems effectively. Innovation providessustainability to business in market so, firms are needed to continuously bring innovation in theirproducts for maintaining its strong position in market. The main key to success of company is anunique idea. Healthy Juice is a rapidly growing company and earn significant profits in marketplacefrom last two years. Firm is started with one drink, i.e., healthy milkshake in UK and attaindramatic increase in sales in first year because of their distribution capability and innovativeformula. As it enters in third year, a significant decline is seen in its sales as various newcompetitors have entered in market. As a result, Mr. Green has decided to expand their productline by introducing Black apple juice (Davila, Epstein and Shelton, 2012). The reason behindlaunching this juice is concern of population of UK regarding their health. People of country aremore conscious about their health and in order to take advantage of this, Mr. green decided tolaunch this drink. It is a healthy juice and is rich in vitamin A and C. This will assist inincreasing its profitability of firm and also helps in maintaining its position in market. Somesignificance of innovation are defined below: It helps in increasing sales and profits of company. Assists in building strong brand image.Provides competitive edge to firm and supports in acquiring large portion of marketshare.Helps in maximizing satisfaction of customers in effective way. Difference between invention and innovation: Innovation Invention In innovation process, improvements are madein form of adding features in those productswhich are already exist. In invention process, product is completelynew and it never exist before. It is a kind ofdiscrete creative act. A modern idea is applied to existing condition.It can be assessed by individuals as it is apractical aspect. It is related with making product available toend users.It involves transformation of novel notion inidea that is substantial.
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