Innovation and Commercialization Importance & Value
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Added on 2021-02-19
Innovation and Commercialization Importance & Value
Added on 2021-02-19
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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1PART A ..........................................................................................................................................11. Innovation and its comparison with Invention.........................................................................12. Importance & Value of innovation for the organization and conversion of YOYO drinkscompany into an innovative company by Mr. Bond....................................................................23. Different types of innovation and their pros and cons.............................................................34. 4P's of Innovation & its support to the capability and management of the Innovation andadvise to the YOYO drinks regarding the form of innovation....................................................45. Use of New Product Development processes and innovation funnel for the purpose ofdriving innovative ideas or products to the market by YOYO drinks.........................................66. Frugal Innovation & their usage by the organisations and recommendations for YOYOdrinks regrading frugal innovation...............................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation refers to the process of thinking or producing or doing something new whichis making existing ideas or products or process more comfortable for the users (Ogutu and Qaim,2019).YOYO Drinks Company is a British small company whose business is to sell the mangolassi in the market. It was started 3 years ago. Currently company is not making expected profitsdue to entrance of competitors in the market. Present report will highlight the innovation & its comparison with invention, importanceof innovation and innovation mix. It will tell about the types of innovation, innovation funneland frugal innovation. PART A 1. Innovation and its comparison with InventionInnovation Innovation is a concept which is popular in every aspect whether it is science or businessor human life or something else. Innovation refers to the term which can be define as the newideas or new process or new methods added to the existing products or services or devices orprocedures in order to make it more valuable and advanced for the customers and companies aswell (Tidd and Bessant, 2018).Invention Invention is an idea which is popular in every aspect whether it is science or managementor human life or something else. Invention refers to the term which can be define as the newideas or imagination or process or device or methods. It is the process of implementation ofintroduce freshways to do things or knowledge. For the creation of innovation, people need tothink out of box so that they can discover new things to which people never thought. It isconsidered to be a process of converting an idea into a solution which can increase the customervalue (Etzkowitz and Zhou, 2017). Differentiation of Innovation and InventionBasisInventionInnovationMeaningInvention is considered to besomething new which neverhappen before. Innovation is considered to bean up-gradation in existingthings in order to make it more1
easy. In simple wordsCreation of something newwhich never existed before(Berry and Berry, 2018).Adding features to somethingwhich is already existing forthe purpose of creation value.ScopeIt is limited to the research &development department of theorganization.It spread all over theorganization. Required SkillsFor the invention, scientificskills are required.For the innovation, marketingand selling skills are required.Example Introduction of computer is anexample of Innovation. Introduction of laptop is anexample of invention(Christensen, Raynor andMcDonald, 2015). 2. Importance & Value of innovation for the organization and conversion of YOYO drinkscompany into an innovative company by Mr. BondImportance & Value of Innovation for the OrganisationsInnovation is a common word in today's competitive corporate world where manycompanies and businesses are doing innovation in their products or services or productionmethods or supply chain methods or any another aspects of the business in order to make it morecompetitive for the companies. Importance of innovation for the companies are as follows - Innovation helps businesses to solve their problems permanently which improve theirefficiency of the activities, which is beneficial for the organisations. Innovation brings values to the products or services of the organisations by adding morefeatures in that which increase the productivity of the organisations (Biemans, 2018). Innovation helps business to stand out from its competitors because that particularbusiness has something new which another business don't have. This also helps in attraction ofcustomers and enhancement in the brand image of the company which is good for theorganisation to grow more.2
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