Innovation Management Assignment

The provided assignment details a comprehensive analysis of innovation management, focusing on the significance of new product development procedures. It includes references to academic journals and books that emphasize the need for innovative approaches in achieving optimal results. The assignment title suggests a broader focus on innovation management, while the meta title and description highlight specific aspects related to product development procedure.

INNOVATION AND
COMMERCIALIZATI
ON

TABLE OF CONTENTS

INTRODUCTION
This research work deals with the study of complex development of innovation and
commercialisation processes using the organisation, project and system levels as units for
analysis. Main purpose or aim of this is to understand various innovation and commercialization
ideas and theories and apply them effectively in the given organization. In this project,
discussions are in context of a health drink company. Healthy Juice is a UK based firm which
started to sell a healthy milkshake for two years. It developed rapidly in these years due to
distribution capacity and innovative formula, but as company is entering into its third year of
trading, there has been a decline in sales due to the increased number of competitors in market.
Therefore, the founder of company had decided to introduce some new innovative drinks to
compete in the market.
TASK 1
P1.Innovation and its importance to organizations in comparison with invention
Creativeness is a new thought, method or launching of something new that may be goods
or services, devices, products by translating invention which creates some value for which the
customers pay. It might be brought in for further development of a company in the marketplace
to gain competitive advantage among rivals and to boost up sales along with market share (Shi,
and Yan, 2014). Innovation is the creativity of a mind which modifies the existing business
models, adapting to changes and attracting more customers towards the organization that may
improve quality of the products and services. It is simply invention, designing or making of a
new product and services afterwards introducing them in the market.
There are many benefits of implementing innovation in an organization for a successful
business as it is a vital tool for companies to penetrate into the markets faster and develops
connection to industry which may lead to better opportunities.
Creation of competitive advantages: In today's fast changing and developing world, it is
crucial for an organization to have the best ideas and capabilities in order to compete with
competitors and gain commercial advantage. It is needed for the growth of Juice Company and
attain a good market share and sales (Yu and et.al., 2016).

Satisfaction of customers: Fulfillment of customers is guaranteed by the process of
innovation. Attracting new clients or buyers for the product is an assured benefit of invention. To
increase the revenue, satisfied customers are most important factor which in turn will increase
market share. Healthy Juice will be able to satisfy their customers by following the innovation
process. It can bring changes in the products thereby bringing new or fresh products that too
desired by the consumers. They might not like the new product and it may take time for them to
understand attribute of fresh product.
Stakeholders: Involvement of the stakeholders in business is also a part of innovation and
is important to implement or include them to gain economic advantage. They are one who are
straightaway associated with the working of company. Their involvement may help Healthy
Juice to understand just about innovation and attain suggestions for it.
Increase productivity: Innovation process increases the productivity of a company by
bringing needed changes in operations of an organization. Increased productivity enhances the
profits and sales of a firm. Innovation takes time to get enforced and may not benefit the business
all of a sudden.
All this helps in understanding that invention is a way different from innovation. They
both are contradictory terms having different concepts and purposes. Creativity is the execution
of new ideas or thoughts for a good. It is adding some value to the existing product when some
need occurs or for improvement. Invention is creation of a brand-new idea using scientific skills.
It is an original idea based on a theory which works (Song and et.al., 2016).
P2.Importance of organisational vision, leadership, culture and teamwork in shaping innovation
and commercialization.
By way of bringing together several ideas and views benefits innovation. Diversity
permits the viewpoints to be expressed and a strong team may turn these views into goods and
services and set a broad vision which will help to identify the benefits. Strong culture of
company results in more sales and profits through success which in turn will increase company’s
goodwill.
Organisational vision- It is what that an organization wants to become. Vision is a
statement concentrated on future which renders a clear-cut decision making method and is also
inspiring. It also gives direction with a specific purpose (Yin and et.al., 2014).

Leadership- It is the ability to lead a company's management by setting up some goals
and achieving them, taking crucial actions as well as motivating others to perform by leading.
Leaders are optimistic and they make the staff work together to achieve better results efficiently
and effectively.
Culture- Improved innovation comes with a good culture of company. Keeping a
professional culture of environment is essential to implement innovation. It is a shared system of
beliefs, values and thoughts which will have a great impact on the people and organization
(Shahid and et.al., 2011).
Teamwork- It is the combination of group of employees working together. This provides
better innovation as employees work together efficiently and effectively for the success of
company.
By the use of all these forces a company can build innovation and commercialization in
its business by making it all easier. Organisation's vision provides direction, leadership and will
lead and manage the process of innovation with efficiency, finer culture makes a safe
environment to implement innovation and commercialization in the Healthy Juice company.
They want to innovate their existing products so as to increase sales, profits, and market share
through a better vision,leadership, culture and teamwork.
TASK 2
P3. The 4 P's of Innovation as well use of Innovation procedure for examining and shaping the
innovative ideas of the employees of the Healthy Juice
In the Healthy Juice company the process of innovation is an important factor that may
help them to achieve more business in the market. To introduce fresh or new specific
organizational operations of governance and functionality the use of 4P's will be useful.
Innovation establishment helps in covering all the fields of organization's operations and have a
major impact on Healthy Juice's productivity (Snow and et.al., 2011). Using of innovation funnel
starts with a strategic thinking and can be sure about the outputs of it which is fully aligned to the
strategical motive of Healthy Juice. Its not about the resources available the goal is to increase
value of the firm and therefore aim is creation of strategic advantage in the market by adding
value. Product innovation consists of strategic thinking, plan, concept, developing and launching.
Important factor to use innovation funnel is the practice of strategic plan. This renders a

graphical composition of thoughts just about the creation and monitoring of development options
then combining them in a product concept. It can be of many forms: Disruptive, Radical,
Incremental, Architectural. The 4p's of innovation are the following:
Product- Every organization needs to modify specifically their goods and services in an
unique way to compete with the rivals in the market. Innovation of product leads to singularity to
help attract customers and gain market share (Guha and Yang, 2010). A product cater the need of
the customers and before the marketing of a particular good or service its uniqueness should be
ensured.
Process- To attain process innovation procedure innovation is the key. If process of
manufacturing an innovative commodity is unique the result of yield or produced good will be
innovative. A firm must modify their production activity according to time period.
Paradigm- It refers to change in the thought or perceptions of the people of both intrinsic
and extrinsic of an organization. This factor is essential to build a good relation or bond within
and outside the company.
Position- The companies for launching a new or fresh product in an innovative way
keeping in mind about gaining good market position this method is used. It can be done with re-
launching, re-packaging etc. This is a must to attain customer attention.

P4.Ways to Develop Frugal Innovation with suitable examples.
In an organization scarcity of resources or out of stock state maybe even too expensive
stocks are under the status of insufficiency and affect innovation. Healthy Juice following a
economic creation, staff and workers also the organization uses methods to know various
problems and issues (Walsh, 2012). The main objective of this method is to achieve goals and
missions with efficiency and effectively. Here Healthy Juice is planning to operate their business
functions by considering a frugal innovation procedures. They are aiming at goods and services
with hard-hitting pricing and promotions to get the customers draw towards the organization and
its products leading to maximization of sales and brand image creation. It is required to meet the
changes in organization and rivalry in the international market to create a better position with
high market share . Frugal innovation is the activity of cutting down complexity and worth of
commodities and their manufacturing. It removes the unwanted features of a lasting product.
Illustration 1: 4 P'S of innovation
source : Innovation mix , 2016

Healthy Juice researches and thinking of introducing innovative products to the industry
to hold their old position and be a competitor to opposite products of related brands in the UK
market. Entry of new products in the market help the company to increase attention of the
customers and also induces growth in market share value. For an organization creating a hold
and better position in the market frugal innovation practice may be helpful.
TASK 3
P5.Importance of Commercial funnel and Utilization of the New Product Development
procedure for the Commercialisation of Innovation
The symbol of a funnel is used for several decades as of now it is visual
description of a new product development process. It implies and works well that product
development is a refine process which takes place in the early stages of a project. The main
motive of the new product development procedure are to borrow thoughts and ideas from the
conception of content through joining with any specific product that is able to meet the supply of
market, needs both economic and manufacturing norms. Healthy Juice's entire process starts with
a wide concept of input consideration and choosing the first among the development of projects,
which can be practices towards introduction and completion (Shahid and et.al., 2012). Innovation
funnel render a graphic sort up for advanced and unique ideas of showing, creating many
secondary preferences and plans of improvements along with combining subject of the matter
and ideas or thoughts into a supporting one. Various services or products with different ideas,
procedures, and thoughts are awaited to enter in the funnel for query but only a definite portion
becomes a part of the strategy in the project development of Healthy Juice. The primary motive
of innovation funnel lies expanding the cone so as the organization may alter its basic knowledge
and experience by increasing availability of new products and innovational ideas of procedures.
Second aim is to include dwindling of funnel so that a persuasion developed can be centered on
resources and screen the fetching possibilities. Third motive are ensuring transportation of
project over the objectives determined when the development project is being approved. An
organization like Healthy Juice formation a commercialized funnel is needed to develop the
marketing and sales of the products in the market.
New product development a procedure which is considered as the stage level creation
method due to query and research on how a product wins or fails. Steps to be followed by

Healthy Juices are creation, presentation of ideas and thoughts, research, business, marketability,
commercialization and after launching review with total valuation. Creation of this should be
after the consideration of internal and external examination along with present marketing
tendencies, preferences which anybody could own from the market rivalry, generate thoughts on
capability, distribution value and appreciable accounts. The concepts for scrutiny should need
proper investigation and plan along with other problems including the new product improvement
program intended to run the marketing results which is usually well thought out to be the sizable
component of examine thoughts. Such kind of rankings believe developing measuring progress
where general time period set in every level would be able to measure the cost of launched
products and other figures must cater responses (Jagoda and et.al., 2011). Important test reach
testing groups working privately by initiating the main variant, forming test after proving which
supplies main content that accepts betterment. Consideration of condition technical feature
should be done by work improvement and technicalities which might be complete without any
modifications to the main products and easily head towards the next following measure. New
products which attracts the customers to buy them from the company must be included by
commercialization. The cost launcher is the final element or distinct valuation with an aspect of
continuity in development and introducing new and innovative products with improvement.
P6.Building an innovation business case for an organization, including ways to access funding
Healthy Juice passed through a quite normal way where the financial management
collected the relevant details to create thoughts and tools. To retrieve from the taste issue and
price of the products they had to introduce production of new drinks and varieties as well as
prices to get rid of the issues. It have a special composition of features that could fill demands
and wants of the customers in every manner. Proper extended marketing mix is to be followed by
Healthy juice to gather all of their targets and goals. The prospective customers are who mainly
consumes the drinks and products which is readily available all the time. In today's world
technology and production procedure in the organization is progressed and independent that
assists the firm in achieving global recognition.
To bring in innovation in the firm they need to implement the innovative techniques for
that they require efficient funds (Ke and et.al., 2016). There are many ways to generate funds
like bank loans, share capital, personal savings etc. If a company is lacking funds they cannot
reach out to innovation procedures. Thus a firm must concentrate in various sources of funds

from which they can raise capital or funds in turn can implement innovation and
commercialization. Huge capital required by the firm or investment in innovation they generate it
through banks in form of loans.
TASK 4
P7.The different tools that Healthy Juice can use to develop, retain and protect knowledge
and intellectual property.
Learning continuously: Staff of the establishment should have the learning potential to
learn new and advanced things and they must also adapt to the changing environment of the
organization. They can concentrate on many skills which may help them in learning fresh
techniques and skills in the company. This help the employees and organization in achieving the
important goals and objectives in a beat possible ways.
Training and improvement: Providing training and development sessions to the workers
about the new changes which occur in the company may help the staff to know about the
changes. Employees in an organization must be provided with better training programs to
intensify their skills and to improve knowledge which may help them, in attaining innovation in
their work, different functions and operations in the organization (Yin, Shi, and Yan, 2014).
Management of Knowledge: To meet the strategical and technical requirements
implementing knowledge management system as an effective tool will help the organization
meet innovation. Managing, creating, and sharing relevant necessary information from which
they can gain or attain their objectives or goals as well as helps in attaining correct knowledge
and ideas which all can be enforced to innovation.
Directing: Appointing leaders by the organization at each phase or department of a firm
can help to assist and control respective employees under them and function effectively for the
company. Delegation of authority and responsibility will help in the attainment of innovation and
commercialization.
Patent: These are the integrities provided to a person for his innovation or invention and
given for a specific period of time in the company. Healthy juice as an innovative organization
must acquire copyrights of their products so that their innovation cannot be traced by other
companies or rivals in the market (Yu and et.al., 2016).

Rights to property: This is the authority given to an individual for the securing purpose of
organization's property to avoid them from robbery,theft or steals. It is sanctioned by the
government to a firm to protect the resources and assets owned by them. This is seen as an
attribute of economic benefit or security.
Branding: For a smooth execution of the business Healthy juice has to implement
various branding strategies. Operations and functions includes copyrights protection and patents
along with development and protection of knowledge of innovation. Branding helps in
computation of the revenues and sales would sooner or later need investments which can be
refunded through sales revenues and profits. It assists to create an authorized good making them
practicable, dependable and genuine in the customer's eyes making an impression for brands at
the rime of purchase.
Corporate image: Holding and developing the image of the organization is necessary to
retain and secure the intellectual properties like Patents, trademarks etc. With a corporal image a
firm could increase powerfulness and capability to yield the best sustainable actions for
development, secure, retain knowledge and intellectual properties. To achieve success in the
market having a good corporate I,age is important (Song and et.al., 2016).
CONCLUSION
It is understood from this report that innovation and commercialization are important
elements in every business organization. The study includes engagement of procedures,
innovation and commercialization of Healthy juice company. It is explained that importance of
innovation and its benefits to employees and organization to shape up commercialization to
leadership. The types of innovation types for Healthy juice has been analyzed along with the
4P's forms concerning innovation funnel for analyzing innovative ideas has been discussed
briefly. Various procedures of commercialization and innovation in the Healthy juice have been
discussed with examples. Value of commercial funnel as well as importance of new product
development procedure is needed to achieve revolution and materialistic benefits for an
enterprise.

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