Innovation and Commercialisation: Importance, Risk Assessment, and Techniques for Testing Effectiveness

This presentation discusses the importance of innovation and commercialisation for companies, risk assessment, and techniques for testing effectiveness. It also covers the use of frugal innovation and commercial funnel. The case study of Delamere Dairy is used to illustrate the concepts. References are provided at the end.

UNIT 8 INNOVATION AND
COMMERCIALISATION

INTRODUCTION
Innovation is the process that organization and individual undertakes to the conceptualized brand-
new processes, ideas and products or to approach of existing processes, ideas and products in new
and different ways.
The presentation highlights company backgrounds and problems. The presentation also analyses
importance of using innovation funnel as a solution of the problem and assessment of risk.
The presentation will also discuss management by concise importance of commercial funnel and
some techniques for testing the effectiveness of new drinks.

Overview of the company
 Delamere dairy is a united kingdom based company which is founded in 1985, located in
Knutsford UK. Company deal in dairy products such as yoghurt, cheeses, butter and
goats milk etc.
 Now company provide UHT milk as well. Company offers organic to the customers'
door. Organization products are source of the calcium and also have bonus to bring
delicious too.
 Delamere dairy provides good quality products so the customers are more attract to the
company.

Innovation funnel
 It is a process or tool that will help in make sure that the best ideas are been executed. Innovation funnel
is type of funnel that will screen various innovative ideas for profitability and viability so, that best
processes, propositions, business model and products are realized.

Assessment of risk
Risk likelihood Mitigation action
Technology risk low Advance manufacturing partner
and add some capabilities to the
project team
Finance risk high Proper research conducted so
the company know about the
investment risk and developed
accordingly.
Supply chain risk medium With the effective decision and
communication company can
convert this risk into advantage.

New product development process
It is the process of taking product from the conception to market. This process is
formulated to increase sales of organization when its time period of market emergence.
There are certain stages of product development are as follows:
 Idea generation
 Concept definition
 Market testing
 Product development
 Commercialization

Frugal innovation
It is a process of decreasing the cost and complexity of goods. In simple words it
minimizes the use of various resources in the development, delivery and production or
leveraging them in different or new ways. By frugal innovation :
 Low cost design
 Capital efficiency
 Optimizing customers and interface feature
 Product development efficiency
 Eliminating non valued features
 Manufacturing simplicity

Commercial Funnel
Commercial funnel is also known as sales funnel. Commercial funnel contain process by which organizations
can generate more positive treads and more engage customers to the business.
Importance of commercial funnel
 Increase productivity: The step of funnel allows company to measure effectiveness of the strategies, but
it works also to measure company productivity.
 Predictability of result: To get advance in the commercial funnel, individual need to be performed certain
action. So, performance of each stage of funnel depends on success of previous step, which creates
possibilities for monitoring results. So, this help in better target customers to meet the organization goals.

 Management optimization: the commercial funnel is worked for standardized and segment sales
cycle, making evaluation of stages of the process more agile and objective.
 Better use of the opportunities: With a commercial funnel in the place, company can easily track
status of each sale in the real time. By this process company can monitor all movement of individual
who are had interest in the company in buying journey. From this, it becomes very easier to identify
opportunities to raise the chances of sales.
 Answers for the product development: during relationship with the customers, company have
valuable information that will points to various ways to enhance products and services developed by
the company.

Techniques for testing the effectiveness of the
new drinks
 Laboratory testing: it is use to measures a products quality, safety, performance as well as
compliance with the recognized standard.
 Offer a sample: the company also give sample to the people to know their reviews, so they will
get result that their product that is drinks is need improvement or fit for the market.

Company could use to protect intellectual
property rights of the product
There are many tools that can be utilized by the organizations so that they could develop and protect privacy of
the company and their different products. For saving or protecting there are many intellectual property rights such
as:
 Patents : It is utilized for the purpose of saving or protecting improvements and inventions that have taken
place in products of the company. In simple words it is used to protect design, invention and other things of
the company.

 Trademark: It is generally used for differentiate company products or items from the competitors
goods or products. It also used for protecting rights over symbols, name image that are majorly
used by the managers for making company unique and products so that the customers easily
identify them. Trademark could utilize to protect logo of the company.
 Copyright: this is also an important tool, that help businesses to secure their working style and
many more things. It is a legal term which is used o describe rights that company have over their
artistic and literary works. Or in other words it is legal rights of the company owners of the
intellectual property.

CONCLUSION
 From the presentation it has been concluded that the innovation is very important for the every
company to survive in the market place.
 Innovation help company to improve their productivity, increase competitiveness, increase
turnover, reduce costs, new relationships and partners, improve brand value and recognition and
improve profitability.
 Innovation helps company to differentiate themselves from others.

REFERENCES
 Kahn, K.B., 2018. Understanding innovation. Business Horizons. 61(3). pp.453-460.
 Sampat, B.N., 2018. A survey of empirical evidence on patents and innovation.
 McKenna, M.P., 2019. Property and Equity in Trademark Law. Marq. Intell. Prop. L.
Rev,. 23. p.117.
 Klingebiel, R., 2022. Motivating Innovation: Tunnels vs. Funnels. Strategy Science.