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Innovation and Commercialisation Assignment - “Essence drink”

   

Added on  2020-12-09

20 Pages4505 Words67 Views
INNOVATION ANDCOMMERCIALIZATION

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3The comparison of innovation, invention or its values..........................................................3Roles of leadership, vision, teamwork and vision help to give shape commercialisation andinnovation...............................................................................................................................54P's of innovation...................................................................................................................7Examine how to develop innovation frugal............................................................................9The commercial funnel for product development................................................................10Build innovative for an organisation....................................................................................13The different tool's organisation used for develop to protect knowledge............................15CONCLUSION .............................................................................................................................17REFERENCES..............................................................................................................................18

INTRODUCTIONInnovation is introducing and implementing ideas, techniques ormethods. It is the processwhich is involves various activities for uncover the new ways of doing things. It creates thebiggest opportunity to company and also to business. Other hand, the commercialization isprocess which is introduce new product in the commerce. Present study show the “Essencedrink” which is operate Akshay kumar. Company is lunch drink which is mango lassi in the UKmarket. Study lays emphasis on innovation's importance of organisation in compare byinvention. Its show organisational culture, leadership, vision, and teamwork give proper shape toinnovation and commercialization (Chand and et.al., 2018). Report will cover by the 4 P'sinnovation to use its funnel to analyse and shape the ideas of innovation. The development infrugal innovation with specific example of organisation. The importance of commercial funnel.This will apply on new product innovation with showing business case for organisation. It is alsohighlighted by the different tools that are use by organisation for develop, protect knowledge orproperty intellectual.

TASK 1 The comparison of innovation, invention or its values.Innovation thing which is help to create and make change to the exists product, servicesor process by introducing new way or ideas. It refers the development of new thinks, product,process, technology, services are improved or redesign the current and existing products.Innovation is essential for growth of Essence drink. It is important for giving new ways tobusiness and spread all over organisation and business. The intensity of competition isdeterminant by innovation and productivity (The importance of innovation, 2017). It is help tomake combination of view, ideas, objects that are leads the innovation result new business ideasfor the Essence drink. It has significant for employees who are working with Essence drink. Itt is help to firmfor assure its practices and benefits from the opportunity which are not only related to firm andalso to employees (Beard and Burger, 2017). It is necessary for organisation, processing anindependent business. Increasing in innovation tended to rise the staff retention a profitabilitywith culture. Innovation has effective and advantageous for future growth of the company andalso to achieve goals or objectives of it. The importance and benefits are as follows:Illustration 1: importance of innovation(source: The importance of innovation, 2017)

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