Innovation And Commercialization Assignment PDF

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................2
INTRODUCTION...........................................................................................................................5
TASK 1 ...........................................................................................................................................5
P1. Innovation and determine its significance to organization in comparison with invention5
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................7
TASK 2............................................................................................................................................9
P3 4P's of innovation and its use for innovation funnel'........................................................9
P4 Development of frugal innovation and its usage ............................................................10
TASK 3..........................................................................................................................................11
P5 Importance of commercial funnel and application of new product development...........11
P6 Build an innovation business case for an organisation, including ways to access funding 12
TASK 4..........................................................................................................................................13
P7 Tools for developing and protecting rights of customers ...............................................13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is a multi-faceted process starts with conceiving an unique idea, nurturing it
into a concept and then applying it for creating a new product, technique, process or service that
add ons to its value and helps in its commercializing in the market and to earn higher profits.
For a firm it is of critical importance to keep on innovating new products and services so that it
can remaining figurehead and can gain advantage over its rivals in this dynamic business
environment (Archibugi, 2017). The project is based on Healthy juice established by Mr. Daniel
Green. Company has achieved large success in UK market with its one drink -milkshakes.
However in its third year company is facing decline in its sales. The report thus evaluate
importance for innovation for a firm and how it integrates with leadership and culture of a firm.
It will also discuss 4P's of innovation and various approaches that could be adopted by Healthy
Juice top process innovative ideas.
TASK 1
P1. Innovation and determine its significance to organization in comparison with invention
Innovation forms a key factor for in success of both established and new start ups as it
proves to be asset to gain an advantage by offering something more distinctive and better for
consumers as well as for environment and society. Innovation represents a new concept, method,
technology or method having distinctive features and some value addition that induces consumer
for promptly into availing that specific offering . It can been seen as new way of doing things or
to introduce modification in business model to absorb and implement changes for making
existing goods and services into something better and more advanced. Invention on other hand
could be explained as process of designing and developing a unique idea that has never been
introduced before through study and experimentation (Difference Between Invention and
Innovation,2016).
With the emergence of a number of competitive forces in business environment Healthy
Juice has launched a new range of its sugar free fruit juices of all flavors. This is considered as a
big innovative move by the company which is to expected to assist company to enhance its sales
volumes. Thus innovation is significant for company as:

 Innovation provides Healthy Juice to come up with new products that enables company
to meet frequently changing preferences i.e. need for a healthy sugar free drinks for
health conscious people.
 Innovation helps firm to differentiate its new juice range from the other products that are
been provided by its market rivals. For instance, by improving sugar content of its juices
Healthy Juice has improved its products features and characteristics that is to be key
factor in gaining edge over its competitors (Balsmeier, Fleming and Manso, 2017).
 Innovation is also to assist firm in creating its brand image. It is because in today's; time
where in people have become quiet health conscious and thus expects products to be
more natural, organic and healthy. In this aspect new range of sugar free juices by
Healthy Juice will provide its customers the best and most healthy option that will
directly establish firm as a healthy drink brand. This ultimately will enhance firms market
position and its profits.
Difference between innovation and invention is mentioned below:-
Innovation Invention
 Innovation is associated with creative
ideas that are nurtured into profitable
offerings . It involves making
modifications in existing product,
services or method to intensify its
functionality thereby making it
competitive.
 Innovation leads to adding value to
for commercial success of a particular
product, process or service.
 Invention implies creating or discovering
something new or distinctive i.e.
product, service, technology etc. that has
never been introduced or utilized before.
 Invention is introducing an entire new
exclusive product, service , method etc.
that meets up consumers demands and
needs.