(pdf) Importance of Innovation & Commercialization
Added on 2021-01-01
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INNOVATION ANDCOMMERCIALIZATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P 1. Innovation and importance in the organizations in comparison with invention..................1Importance of innovation in market............................................................................................1TASK 2............................................................................................................................................3P2. Importance of organizational vision, leadership, culture and teamwork in shapinginnovation and commercialization..............................................................................................3P3. The 4 P's of Innovation as well use of Innovation process for examining and shaping theinnovative ideas of the employees of the Hartridges soft drink..................................................4P4 Develop Frugal Innovation with suitable Examples..............................................................6TASK 3............................................................................................................................................6P5.Importance of Commercial funnel and Utilization of the New Product Developmentprocess for the Commercialization..............................................................................................6P6.Building an innovation case for Hartridges soft drink including various ways of accessingfunds............................................................................................................................................7TASK 4............................................................................................................................................7P7 Tools used for Hartridges and develop, protect, retain knowledge for the intellectualproperty.......................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation and Commercialization is a process when it can be developed and innovativenew ideas for market purpose and that helpful for the business process. It is a very importantfactor in market. The main purpose is to innovating their new ideas for development and providethe best services to customer. In this way, the customers are using this product and the cost ofeconomy is increasing. In this report, they understood the innovation idea for business processand with the help of this concept generated innovation for commercialization.In this report, it determines actual business strategies that would helpful for businessplanning innovate new ideas and it can provide good services to customers. Innovation is adynamic process to create their own design that would be applicable for business and it iscreating a new design product in market. TASK 1P 1. Innovation and importance in the organisations in comparison with inventionInnovation is the best process to understand the concept of new market approaches thatare useful for the development with the help of these approaches the market level has beenincreased and their share value also increased (Thomson, 2015). In this way, The competitionlevel has increased in market that would be tough for every organization to maintain their levelin market.It is the best approach to identifying the requirement of customer and according they areplanning to create new idea for the development (Kwan, 2017). This is very important for thebusiness operations because most of the people are interacted to their new product and they haveto change their plan according the need. Innovation increases quality and their services inmarket. Hartridges Soft Drinks Company will provide new product in market and launched softdrink with different flavours because of the customer requirement.Importance of innovation in marketIncreasing productivity- Productivity is an important part of every organization where they use new ideas andapproaches that can be applied for business process so that it is automatically the demand ofcustomer has been increasing that would be beneficial for the Hartridges Soft Drinks. They canbe change their interest regarding the product. They can be used new technologies in HartridgesSoft Drinks. This is the best way to explore their product in market so that people are interacted 1
to this product. The Hartridges Soft Drinks can be increased their productivity because of newtechnologies are used in the market. Sometimes, the innovation can be taking so much time forthe implemented and it can be not sure about the profitability.Customer satisfaction-The customer satisfaction is main objective of the organization because the companyprovides the best services to their customer and it can be innovate idea are used for the newproduct launch so that the customer are attracted to their product. In this way, the new customeris also attracted to the product. This is very important for the organization to increasing theirrevenue so that it is important to customer can be satisfied (Hodges, 2016). The Hartridges SoftDrinks can be satisfied their customer because of their innovation and they can be launch newproduct in market. Innovation is totally changed the quality of services and their product. It isvery important to customer understand the quality of product. This is main objective of theHartridges Soft Drinks Competitive advantage-It can be increased the competition level of market is increased in day by day becausethere are many products launched in market. This is the best way to identify the level of productin market, it determines the market value, and it also increases their share value because ofinnovation (Braunerhjelm, Ding and Thulin, 2018). It can change the quality of product andprovides the best services to the clients. The new ideas are always attracted to the customer inwhom they are provided so much new feature and taste that people likes so much. They arealways increasing their profit value.Involvement of stakeholders-Stakeholder is a important part of organization that can be implemented new ideas for theinnovation. Stakeholder is the main part of Hartridges soft drink because they will manage thecompany in which it can be identifies the innovation ideas that are helpful for business process.They will provide some effective suggestions for development. They are helpful for providingnew ideas to business. In this way, It states that determines the innovation for the business process and it isprocess to manufacturing a new product in market. Sometimes, the organization is used oldproduct and they are only putting some extra feature while it launch in market. Innovation is that2
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