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Innovation and Commercialization in UK - Assignment

   

Added on  2021-01-01

15 Pages4666 Words81 Views
Innovation AndCommercialization

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Define innovation and it's importance to an organization in comparison with invention....1P2) Study how vision, teamwork, culture and leadership are helpful in shaping innovation andcommercialization. ....................................................................................................................2TASK 2............................................................................................................................................3P3) Study 4ps of innovation and uses of innovation funnel in an organization. ........................3P4) Describe the frugal innovation with examples and how it is used in an organization. .......6TASK 3............................................................................................................................................8P5) Describe the importance of commercial funnel and application of NPD. ...........................8P6) Design business case including ways to access funding......................................................9TASK4...........................................................................................................................................10P7) Study distinguished tools of firm to develop, protect knowledge, retain and intellectualproperty. ...................................................................................................................................10CONCLUSION..............................................................................................................................11.......................................................................................................................................................11REFERECES.................................................................................................................................12

INTRODUCTIONInnovation can be defined as new concept, idea or product which is derived fromscientific research or from individual's idea which is able to create value and customers are readyto pay for it. In other words it can be said that innovation means new products, organic changesand business processes which creates social welfare and wealth in the society as well in theglobal market. Essence Drink was Founded by Akshay Kumar two years ago in the UK market.Company is coming up with new drink which is Jalgira lassi in the market. This report includesmeaning of innovation and difference between innovation and invention and how they areimportant to the firm success. It focus on company's vision, teamwork, leadership and cultureand how they are helpful in shaping innovation and commercialisation in the market.Additionally, 4ps, frugal innovation and innovation funnel are studied and how they are usefulfor an organization it's growth and development in the long run (Bernstein, 2015). It throw lighton the importance of commercial funnel and applications of NPD in the business to examine theoutcomes. A business case has been designed and various tools are used to protect theintellectual property. TASK 1P1) Define innovation and it's importance to an organization in comparison with invention.Innovation refers to as imaginative activity which is designed or framed in order toproduce outcome which is real and can create commercial value in the competitive world. Inother words it can be said that practical transformation of creative idea or thought into improvedproducts or services so that customers are willing to pay value for it in the market. It is importantin an organization because it helps the business to sustain in the cut throat market as well turnout to be competitors for other business associates in the market place (Datta and Jessup, 2015). The importance of innovation can be explained as follows: The use of Social Media: When Essence Drink used social media platform in it'sbusiness it helped the firm to draw ideas from a wide range of people on social sites. Theyprovide the business a successful outlets of new idea which helped the company to introducenew product which is jalgira lassi in the market. Jalgira lassi helped to business to raise customerbase and shared hands in it's growth and expansion in the competitive world. 1

Responding to Competitors: Through Innovation business associates can respond totheir competitors in the competitive world. Essence drink came up with Jalgira lassi which ishealthy drink and is able to attract huge customers base in the global market (Dutta and Folta2016). Through innovative drink firm not only respond to the competitors but also predict futureneeds and demands and plan out idea to satisfy them with health any innovative drink. It helps tocreate brand image in the eyes of the customers. Reinforce brand image: Essence drink is coming up with jalgira lassi in the cut throatmarket which is benefiting the company as it can again reinforce it's brand image after two years.Innovative drink is helping the firm to attract potential customers who are more conscious abouttheir health and diet. Organization's innovative drink that is jalgira lassi is able to capture hugemarket ratio and further growth and expansion can be done of the bushiness.The difference between Innovation and Invention are as follows: BasisInventionInnovationMeaningInvention can be explained asoccurrence of creative idea fora product or services whichhas never been made ordesigned earlier. Innovation can be explained asit implies the implementationof creative thinking for aproduct or services for the veryfirst time . What is it all about?Invention is about creating anew product in the market. Innovation means adding valueto existing product or services .Skills requiredInvention requires scientificskills. Invention requires technical,strategic and marketing skills. P2) Study how vision, teamwork, culture and leadership are helpful in shaping innovation andcommercialization. Commercialization can be described as the process of discovering or introducing a newproduct or services into commence by making it available in the market (Engel, 2015). EssenceDrink vision, culture, teamwork and leadership are helpful in shaping innovation andcommercialization which can be explained as follows: Vision: The vision of the Essence Drink is to provide quality and healthy drink to thecustomers at a affordable price. Vision of the company is motivating the firm to perform better in2

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