Innovation and Commercialization INTRODUCTION
Added on 2020-10-05
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Innovation andCommercialization1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Explanation of innovation and its importance and comparison with invention.....................3P2 The way in which vision, leadership, teamwork and culture can shape innovation andcommercialisation........................................................................................................................5M1 Different sources of innovation.............................................................................................6TASK 2............................................................................................................................................6P3 Explanation of 4Ps of innovation and Innovation funnel.......................................................6P4 Developments in frugal innovation and their use...................................................................8M2 Application of innovation funnel in an organisation.............................................................9M3 Evaluation of role of frugal innovation.................................................................................9D1 Analysing development and measurement of innovation in an organisational context........9TASK 3..........................................................................................................................................10P5 Importance of commercial funnel and application of new product development process...10P6 Innovation business case for an organisation.......................................................................11M4 Business case that includes the measurement of all its effectiveness techniques...............11P7 Tools that can be used by the organisations to develop, retain and protect knowledge.......12M5 Evaluation of tools in the context of wider business environment.....................................12D2 Impact of small business on different level of the economy...............................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................142
INTRODUCTIONInnovation is a sales promotion tool which is used by most of the organisations in order toenhance their sale by modifying their existing products and services. Commercialisation is anintroduction of a new and innovative manufacturing method in the market in order to grabattention of customers. Both the elements are mainly used by companies in situation of decreasedmarket share, sales and number of customers and helps to revive them with a modified orinnovative product or service. This assignment aims at the importance of innovation andcommercialisation of an enterprise who is dealing with business issues like reduced profits andunsatisfied customers. Organisation taken for this report is Ragus Sugars which is established inUK and operating business activities. Various topics are discussed under this assignment likedetailed explanation of innovation and its importance to an organisation as compare to invention,different types of innovations that may help an organisation to overcome all its challenges andprocess required for commercialise innovation. Evaluation of range of methods for protectingideas and their advantages and disadvantaged are also discussed under this report (Abebe and et.al., 2013).TASK 1P1 Explanation of innovation and its importance and comparison with inventionOverview of Ragus Sugars: The organisation is running its business effectively inSlough, England, UK and offering good quality sugar and syrups to the public there. It is alsorendering sugar manufacturing services and providing sugar to food, brewing, baking andpharmaceutical industries all around the world.Innovation: launching a new product with modification in the market so that thebusiness can be expanded is called innovation. it is chosen by those companies who are willingto retain their existing customers and willing to acquire prospects. An innovation is verybeneficial for an organisation as tastes and preferences of customers always changes with timeand modifications can help to fulfil their needs. In Ragus Sugars innovations are used in the formof modification in their process of producing sugar with less artificial ingredients (Avimanyu,Reed and Jessup, 2012).Invention: It refers to a new idea which has not been introduced in the market as yet andis going to be launched for the first time. It helps to attract higher number of customers by3
providing them such product or service which is new to market. In Ragus Sugars managers areusing a machine which is not used by any other company and that provides such sugar syrupsthat are made with natural ingredients and not having any fatty acids.Difference between innovation and invention:InnovationInventionIt is important for the company to provideinnovative products to the customers so thattheir needs get satisfied.It is essential for Ragus Sugars as it is tool thatmay help to attain organisational goals.Professional skills of employees and otherstaff members can help the organisation tointroduce an innovative product in themarket.It required technical skills as it is a new ideawhich have not yet been introduced in market.It is essential while Ragus Sugars is willingto retain all its customers by offering themgood quality products with innovation.If Ragus Sugars want to expand the businessin different location than invention is veryimportant because it helps establish a goodmarket image as an inventor organisation.If organisation is thinking to invest lessmount but want to increase sales thaninnovation is a good option as it is made inexisting product.When organisation is having sufficient moneyto invest and able to take risk than invention isa right option and it may help to grab attentionof large number of individuals.Innovation and invention both are very important for Ragus Sugars but if organisation iswilling to invest less money and get good result than innovation is a good option becausemodification in existing products costs less and there is a possibility of getting positive results. Itis an element that may help to attain all the individual and organisational goals because if all theorganisational objectives achieve than workforce may attain their by getting good benefits in theform of monetary and non monetary resources (Batkovskiy and et. al., 2015). Innovations is veryimportant for the employees of the organisation because it helps to attain all the organisationalgoals that may help to provide benefits to the workforce of the organisation according to theirefforts. It also guides the employees to attain their personal goals with the help of theirengagement in the work of the organisation.4
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