Innovation And Commercialization - Assignment Sample
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Added on 2020-12-10
Innovation And Commercialization - Assignment Sample
Added on 2020-12-10
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Innovation AndCommercialization
Table of ContentsINTRODUCTION ..........................................................................................................................1LO1..................................................................................................................................................1P1 Innovation, its Importance & its comparison with Invention.................................................1P2 Shape of innovation and commercialization in Essence Drinks Company............................2LO2..................................................................................................................................................3P3 4P's of Innovation and use of innovation funnel....................................................................3P4 Development in frugal innovation and its use........................................................................5LO3..................................................................................................................................................6P5 Importance of commercialization funnel and application of New product developmentprocessing....................................................................................................................................6P6 Innovation business case and ways of access funding............................................................7LO4..................................................................................................................................................9P7 Different tools for develop. Retain and protect knowledge and intellectual property............9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Innovation is the term used for creation of new ideas, thoughts that is being used bycompanies. It is often used as applying new concepts and models into business that enhancesgrowth in future. It takes place in many products, services, technologies etc. Innovation isdifferent from invention as innovation is creating new product or services while invention meansimplementing ideas to product that is already exist in the market. It needs marketing and strategicskills to implement idea. It includes combination of different products that occurred from manyideas. It is used in all the departments of organization. Commercialization means implementingnew product and method that is available to everyone in marketplace.Present study will be based on Essence Drinks company. It is founded by Akshay Kumar.The company was launched with one drink that is healthy mango lassi into the UK market. Thenafter there is rise is in the sales of the company in its first year because of innovative formula andvarious strategies used by company to promote its product . After third year its sales decrease ascompared to other competitors in the marketplace. Report will include about the innovation and its importance to organisations incomparison with invention. It also includes vision, leadership, culture and teamwork that helps inshaping innovation and commercialisation. It explains 4Ps of innovation and use of innovationfunnel in shaping new ideas in the company. Further more it will include importance ofcommercial funnel and the application of new product development for commercialisation ofinnovation.LO1P1 Innovation, its Importance & its comparison with InventionINNOVATION AND ITS IMPORTANCE FOR ESSENCE DRINKS COMPANY Innovation is the most common term used in today's business world. It refers to the termwhich is new and fresh even have never been thought or seen before. Innovation is the newideas, thoughts and imaginations which is in the form of methods, processes or devices or tools.Innovation is basically occurred when businessmen or entrepreneur make improvement in theexisting process, products and services (Pellegrino and Savona, 2017).Essence drinks company did innovate and make a healthy mango lassi which attract theUK customers and the company's sales and profits increases rapidly. Thus, innovation plays veryimportant role in the business. These importances of innovation are as follows - 1
Innovation in products or services helps organisations, customers and societies to solvethe problems easily. It increases the organisation and employees' productivity because whencustomers love organisation's innovative products and services, this lead to increase in theproduction and sales of the products and services. Increasing production make employees' expertin their work which increase their productivity and overall organisation productivity alsoimproves. It leads company to create a new and different market where customers and theirdemands are increasing. It leads company to create brand image for the organisation andenhances its goodwill. Innovation helps to maximize the return on the investment which is madeby the investors of the company. Innovation also helps company to gain competitive advantagesover its competitors by beating competition due to offer something new which has never donebefore. It helps company to stand out differently. DIFFERENT BETWEEN INNOVATION AND INVENTIONInvention refers to the creation and introduction of the processes or products or servicesfor the very first time to the customers, employees, societies or another businesses (Cowen andShenton, 2017). Difference between Innovation & InventionBASISINNOVATIONINVENTIONMeaningIt is the introduction of a newversion for the better usage ofproducts and services.It is the new products,services, process, device orconcept. Core ConceptAdding new values to theexisting products and services.Completely new creation ofproducts and services.Required Skills and knowledgeIt requires technicalknowledge, competencies,knowledge about the markettrends and usage of theproducts. It requires scientificknowledge, competencies andfinancial aids. ActivitiesIt is done by any department ofthe organization. It is only done by Researchand Development departmentof the organization. Relationship withInnovation need to beInvention may not need to2
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