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Unit 8 Innovation and Commercialisation Report - Essence Drinks

   

Added on  2020-09-03

14 Pages4029 Words91 Views
Innovation and Commercialization

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Describe innovation and its importance to organisations incomparison withinvention.....................................................................................................................................1P2 Explain how vision, leadership, culture and teamwork can shape innovation .....................2TASK 2............................................................................................................................................4P3 Describe 4 Ps of innovation and their use in innovation funnel to examine ideas ...............4P4 Assess developments in frugalinnovation and provide example their use in organisation ......................................................................................................................5Task 3 ..............................................................................................................................................6P5 Importance of commercial funnel and new product development process............................6P6 Build an innovation business case for an organisation..........................................................7Task 4 ..............................................................................................................................................8P7 Techniques to develop, retain, protect intellectual property..................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONInnovation is the process which helps business organisation in attaining goals andobjectives. It includes translating a idea and invention into goods or services to increase theirvalue. This involves application of information, imagination and initiative in getting greateroutput from resources. It is very important concept in achieving business growth byintroducing new range of products and services. This report is about Essence Drinks which is acompany incorporated before 2 years in UK. Currently, they are facing decrease in sales oftheir drink and as innovation consultant recommendation will be given to bring innovation inproduct line so as to increase sales. This study will consist explanation of importance ofinventions and ways in which it can be adopted in company. Various approaches to developinnovative ideas would be discussed. This report includes steps this company can take tointroduce new and innovative products in market in order to enhance sales. TASK 1P1 Describe innovation and its importance to organisations in comparison with invention.Innovation refers to process of applying new ideas on business operations. It includesall practices by which creativity can be generated and it is converted into useful products(Cunningham, and Porter, 2011). This concept is very essential in order to satisfy needs andexpectations of customers which directly leads to increase in sales of company. It helps increating new methods to develop a particular product so that purchasing power of buyer can becreated. As this company ' Essence Drinks' is facing decline in its sales due to increase innumber of competitors, so it is required to adopt innovation in order to launch new variety ofdrinks. This will help in grabbing more attention of consumers. There are various significanceof developing new ideas. These are as follows-

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