Innovation And commercialisation Research

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Innovation and how it is different from invention..................................................................1
Value and importance of innovation......................................................................................2
Different type of innovation along with their pros and corns ...............................................3
4 P’s of innovation mix..........................................................................................................4
New product development process and innovation funnel used by YOYO drink.................5
Frugal Innovation ..................................................................................................................7
PART B............................................................................................................................................8
Company background and problem........................................................................................8
How group use commercial funnel for providing solution to problem..................................8
Innovative new drink product proposed.................................................................................9
Marketing opportunity of innovative new drink and how it will meet stakeholders needs. . .9
Overview of industry and competition...................................................................................9
Financial project.....................................................................................................................9
Sources of funding available to YOYO drinks.......................................................................9
Funds that are required to be raised......................................................................................10
Techniques for testing the effectiveness of new drinks produce..........................................10
Different tools of YOYO drink use for protecting intellectual property rights of new drink10
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................12

INTRODUCTION
Innovation is the procedure through which an business firm implement something new
within their existing product or process. Simply it create value for the amount paid by customer
for any goods and services as well company implement innovation with the motive of satisfying
need and wants of potential customers (Paraszkiewicz, Długoński and Trzmielak, 2016). As per
given information YOYO Drink offering Mango lassi within market of United Kingdom and its
founder is Sameer. Respective organisation generate revenue in three year from its foundation
after that in fourth sale of YOYO drink decrease due to entrance of several competitors. So to
overcome with this issue respective business firm decide to bring some innovation within their
product or process which help in increasing sales again.
This report will going to discuss several aspects of innovation along with its value and
importance as well how innovation is different from invention. In addition to this, different type
of innovation and its 4P's as well as new product development process and frugal innovation.
Apart from this, business case of YOYO drink will be discuss along with intellectual properties
which utilise for protecting innovative product.
PART A
Innovation and how it is different from invention
Innovation is the procedure through which an organisation bring new as well as creative
product and services within market area for long term sustainability. YOYO Drink is offering
mango lassi as well this is small scale business firm in United Kingdom. As large number of
competitor enter in market sales of respective organisation which result in decreasing sale within
fourth year. Thus, Sameer who is founder of YOYO Drink bring some innovative lassi for
increasing sale again i.e., different flavour preservative lassi such as banana, saffron and
strawberry (Hunady and Orviska, 2016). Bringing innovative product have its several importance
for respective business firm such as :-
 New product will result in building brand image of YoYo drink which is essential for
attracting large number of customers from market area. Along with this, innovation also
result in increasing sale and accomplishing goals as well as objective in appropriate
manner.
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 Moreover, innovation within lassi result in satisfying customers needs and wants in more
effective manner.
Invention is considered as development of new idea for products or procedures that have
never been created before. Moreover, this is a process into whole product development process
or engineering as well as an improvement on product, system or machine for making an object or
outcomes. Apart from this innovation and invention both are different from each other in several
manner. Explanation of these are as follows :-
Basis Innovation Invention
Meaning Innovation is the idea which
implemented within any
product or process for very
first time.
Invention is related to
occurrence of new idea for
particular product as well as
process which have never
made before.
What is it Innovation is the procedure in
which value
Invention is simply creation of
new product.
Concerned with Combination of several
procedure as well as products.
Related to single product and
procedure.
Activities Activities of innovation spread
across organisation.
Limited towards Research and
development division.
Skills required Many skills are needed like
technical, marketing etc.
For this scientific skills is
needed.
Occurs when This requires when they feel to
develop product or increase
the existent one.
This occurs when new ideas is
developed.
Concept New ideas is executed in
practical manner.
Original ideas and their
operations into theory.
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Value and importance of innovation
Innovation is related to creating product, process as well as ideas more effective. For
YOYO drinks innovation simply means implementing new ideas, creating dynamic product or
enhancing services. Innovation act as an catalyst which help in growth of business as well as in
adapting within market area (Ma and et.al., 2018). There are several value and importance of
implementing innovation within YOYO drinks explanation of these are as follows :- Beat competitors – Innovation help in beating competitors within effective manner and
help in gaining competitive advantages. As market sale of YOYO Drink decrease
because of high level competition. Thus, they bring innovative Lassi of different flavour
and preservative which help in beating competitors and again increasing sales.
 Increases productivity – New product or process become more effective for an
organisation as it result in increasing productivity. Same as YOYO Drink also increases
their productivity by doing innovation in their product i.e., preservative different flavour
lassi such as Banana, strawberry and Saffron.
 Meet consumer requirements: Consumers requirements are changing constantly. One
day they required something else another day different. So, innovators assumes
modification into market area as well as facilitates solution to before individuals realize
that required that. Therefore, any company can not meet the consumers requirements for
long term unless they keep on doing innovation in their products. In case the respective
company stay stagnant its business will yet flounder. So, they has to come up with new
concepts or thoughts which excite their consumers as well as accomplish its needs.
Thus, innovation result in creating values for YOYO Drinks and also play important role
in again increasing their sales within market area of United Kingdom.
Different type of innovation along with their pros and corns
There are mainly several type of innovation which can be use by an organisation for
doing something new within their product or process. Explanation of these are as follows ;-
 Incremental innovation – It is most common type of innovation as well in this existing
technology will utilise and result in increasing value for customers within present market
area. This is aids YOYO Drink to perform changes into their existing products and also
develop its functionality as well as costs. Its cons is this enhance the cost of the product.
Its main pros that it proved helpful to remain always competitive in marketplace by
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bringing best products in market. The main cons of that it is only possible to implement
to limited people.
 Disruptive innovation – This innovation is also known as stealth innovation which
involve implementation of new process as well as technology within organisation
(Purchase, Kum and Olaru, 2016). YOYO drink is using disruptive innovation as they are
bringing new range of flavour lassi. Also, its drawbacks is, it have high risk factors as
well as lengthy procedures. Here, they do not have to compete for market share, it can
develop its own. The main pros of that concept that it requires separate strategy to
implement in proper manner. The main cons of that innovation is to that it proved
beneficial for organisation as well as individual to remain always competitive.
 Radical Innovation: This is considered as an invention which destroy the existent
business model. It also blows up the existent procedures or methods as well as replace
this with new one..
 Architectural Innovation: This is considered as the destructing the usefulness of
organisational architectural knowledge but protecting the knowledge effectiveness
regrading company's products elements.
4 P’s of innovation mix
Innovation mix is developed by John Bessant and Joe Tidd. It is generally adopted by an
organization when they are planning to adopting innovation at a market area so that they can
attract more and more customers. In this there are 4 P’s of Innovation which help an organization
in adopting innovation in proper way i.e. product, position, process and paradigm. Explanations
of this in order to conduct innovation of preservation flavoured lassi offer by YOYO Drinks are
mentioned below:-
Product innovation: By conducting innovation in products and service a company able to
attract more and more customers which help them in attaining their objective in effective
manner. In respect of YOYO drinks, they are going to introducing new flavoured lassi which
help them in attracting new customers and retaining old customers. Through this respective
company able attract customers and satisfying their needs.
Process: At this stage an organization develop or innovate its procedure so that they can develop
products and services in effective manner. The YOYO drinks is a small company which offer
healthy as well as flavoured lassi which help in attracting customers and encourage them to
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purchase it. Through this process respective company able to adopt procedure which is
appropriate for them and help them in developing lassi without mistake
Position: It refers to technique of how effective company positions their products at market so
that customers get attracted and purchase it so that they can attain huge profit. For this YOYO
Drink conduct market evaluation so that they know about market and its trends that help them in
positioning their flavoured lassi in market in proper manner.
Paradigm: It is a last stage of innovation mix which is related to transforming perspective of
business so that customer and other related to company understand effective of products and
service (Saebi and Foss, 2015). Along with this YOYO Drinks able to analysis things but with
diverse prospective and it will also help them in maintaining effectiveness of particular drink.
Through innovation mix YOYO drink able to introduce new lassi in effective manner at
potential target place as well as this will also help them in developing products and selling it in
market properly and effectively.
New product development process and innovation funnel used by YOYO drink
Innovation funnel is a tool which is adopted by a firm in order to develop proper position
at market place by offering attractive products and services to customers. In or order to introduce
flavoured lassi YOYO drinks develop and adopt funnel innovation, which is given below:-
 Assessment of opportunities: At this management of YOYO drink conduct market
research which help them in identifying need and requirement of customers. Through this
they can develop lassi in effective manner.
 Insights based ideation: At this stage respective company will identify which type of
idea or strategy is more appropriate for them which lead to attracting customers in
effective manner (Mohammed, Haswell and Gibson, 2015). For this they conduct
analysis through various methods such as survey, online analysis, focus group and many
more.
 Conceptualization: It is the third stage and at this YOYO Drink will hire consultant so
that they can develop proper strategy which help them in developing strategy related to
introducing flavored lassi.
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 Analysis and benchmark: At this stage respective company will offer product to
customers in order to conduct testing. Through which they able to know effectiveness of
respective lassi which is developed by company for attracting customers.
 Go/ No Go: This step will conduct after collecting feedback from customers. Through
this YOYO drink able to determine effectiveness of their flavored lassi according to
customers. In this respect if customers like respective product they will continue and
serve it in large market area. On the other hand if customers not like it they will close the
procedure and develop new one which is more effective. Herein, if customer likes to
purchase the respective company products then it is refers as go where as if do not then
no go. In that stage the testing should be accomplished in proper way by gather important
knowledge and information from various sources to test the feasibility of the project in
better way.
 Launch or introduce: After knowing effectiveness respective company will launch their
flavored lassi at their target and potential market place.
NEW PRODUCT DEVELOPMENT
New product development is considered as the whole procedures of firm, concept
generation, strategy, commercialization and many more.
Idea generation: with help of brain storming new ideas and concepts comes in mind. With help
of it organization can always remain competitive in marketplace.
Idea evaluation: From various ideas best idea should be evaluated. In context of Yoyo lassi they
select to bring new flavor in their product.
Concept definition: In that stage specializations such as technical feasibility of the product
should be judged in proper manner.
Product development and testing: In that stage proper testing of the project should be
implemented in proper manner by evaluating major deliverable.
Commercialization: After testing the viability of the project organization begins test marketing of
it before implementing it.
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Launch or introduce: After knowing effectiveness respective company will launch their
flavored lassi at their target and potential market place.
Frugal Innovation
Frugal innovation refers to a process which is adopted by a company in order to identify
new business model, conduct redesign of product, know value chain and many more through
which company attain objective effectively (Eftekhari and Bogers, 2015). along with this, it is
adopted by various companies in order to develop extra element for presenting offerings at
market place. In respect of YOYO drink they are introducing their new innovation in lassis at
competitive market place, frugal innovation of which is explained below:-
 New market opportunities: For a company it is necessary that they conduct market
innovation so that they can develop their products and services in effective manner. in
respect of YOYO drink they need to conduct market evaluation through which they their
understand need and requirement of customers properly.
 Resource: It refers to stage which is related to optimum utilization of resource so that
product will develop in effective manner. In respect of YOYO drink they conduct use
each and every resources in effective manner so that they can develop product with
minimum wastage.
 Frugal innovation: At this stage company introduce new product at market place so that
they can gain competitive advancement at market. In respect of respective company they
adopt frugal development strategy because through it they able to introduce new product
properly.
Frugal innovation is generally comprised of major two segments which are explained below:-
 Problem: - According to this there are several problems which are face by a company
when they are introducing new product and service at marketplace. In respect of YOYO
drinks when they are introducing new lassi they also face issues related to time, funds,
customers preference and so on.
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 Related to products: - It refers to issues which are related to marketing and
communication. It is necessary for respective company to conduct proper communication
so that customer know about new lassi and encouraged to purchase it.
RECOMMENDATION:
It has been recommended that organization have to evaluate each and every attributes in proper
way while launching a new project into marketplace by finding various opportunities. In that
marketers find out the new flavor of lassi to remain always competitive in marketplace.
PART B
Company background and problem
YOYO drink is small scale organisation who deals in mango flavour lassi within United
Kingdom. It was started three years ago and has been rapid growth in three years as well as
achieve rapid gradual rise in sale. Because of their innovative formula and organisation
distribution capabilities. But when YOYO drink enter in fourth year of trading they face
significant decrease in their sales. As number of competitors enter within market which become
problem for respective organisation.
How group use commercial funnel for providing solution to problem
In an organisation commercial funnel is the framework which have three phase that assist
in reforming present product by implementing various beneficial plans as well as policies (Birch,
2016). Commercial funnel is essential for YOYO drink in bringing preservative lassi within
market area. Explanation of these are as follows :-
 Pricing policy – YOYO drink is offering flavoured preservative lassi at moderate
price that can be affordable by every type of people easily. With the assistance of
respective funnel business firm can set price by analysing buying behaviour of
customers as well as their taste and preferences.
 Improving way of growing business – Within this process respective funnel hae
indispensable concept for growth as well as development of company. At initial
stage it has been identified that commercial funnel will assist particular company in
making their customer satisfied within effective manner. If YOYO drink will
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satisfy their customers in effective manner then automatically it will result in
increasing sale and gaining competitive advantages.
 Emergence of advance technology – In this YOYO drink acquiring funnel for
introducing their innovative offering within competitive market area.
 Implement investigation programmes – For a organisation it is important to conduct
proper market research for identifying taste, preferences and need of customers.
Within this process funnel play crucial role that is important for bringing
preservative flavour lassi in market and increasing sale from it.
Innovative new drink product proposed
YOYO drink introducing preservative different flavour lassi such as Banana, Saffron and
Strawberry. This will help in them in attracting large number of customers as well as increasing
sale again.
Marketing opportunity of innovative new drink and how it will meet stakeholders needs
There are several market opportunity for YOYO drink to bring their innovative new drink
in market. As respective organisation can collaborate with some famous company which help
them in gaining market opportunities as well as increasing sales. Along with this, they can
provide some discount offers which help in attracting customers.
Overview of industry and competition
YOYO drink is working in food industry as they are supply drinkable item named as
healthy mango lassi. As within this industry level of competition is high due to which sale of
respective organisation decreases.
Financial project
Their requirement of funds for bringing innovative product which is preservative flavour
lassi such as banana, strawberry and saffron within market area of United Kingdom. Thus fund
required will be £ 20,000.
Sources of funding available to YOYO drinks
Funds are backbone of organisation without these it is not possible to conduct daily
operations within effective manner. There are several source of funding available for YOYO
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drink which help them in conducting their operations within effective manner. Explanation of
these funds are as follows :-
 Bank and financial institutions – This is suitable source for an organisation to rise funds
as they can take help of bank and other financial institutions. Because it is safe source but
YOYO drink have to pay interest amount along with principle.
 From family and friends – YOYO drink can generate funds by borrowing money from
friends and family member (Ono And et.al.,2017). There are several advantages which
respective company will gain by generating funds from this source such as their will be
no requirement of security as well as any interest amount also not require to paid.
Thus, YOYO drink can rise their funds through family and friend because in this their
will be no requirement of giving any extra amount.
Funds that are required to be raised
There are several funds that YOYO drink have to raise such as funds for production,
marketing, technology and so on. That will help respective organisation is taking better place
within competitive environment.
Techniques for testing the effectiveness of new drinks produce
For testing effectiveness of preservative flavour lassi it is important for YOYO drink to
first test this product in market by providing free sample. Because this will help in identifying
that respective product is like by customer or not.
Different tools of YOYO drink use for protecting intellectual property rights of new drink
It is important for YOYO drinks to protect their innovative product i.e., preservative
flavour lassi through intellectual property rights. Because they help in saving product or process
from any type of risk such as copying by others. There are several type of intellectual property
rights that can be use by respective organisation for protecting their product. Explanation of
these are as follows :-
 Patent – It is an intellectual property right which help in protecting any type of product
or process by exploring through others. In patent, if owner give right to other people for
selling their product or services then only they can sell that as well as can use for import
purpose. Thus, Sameer can take patent as an intellectual property right for protecting their
preservative flavour lassi within competitive business environment.
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 Copyrights – This is also type of intellectual property right which an innovator can use
for protecting their product and services (vascu, Cirjaliu and Draghici, 2016). These are
mainly utilise for music, original product, literary and many more as well as it help
individual in controlling utilisation of these product. So, YOYO drink can use copyright
also for protecting their innovative lassi.
 Trade secrets – This is intellectual property right which help in protecting secret or
proprietary information of commercial values. Further more, there are several aspects
which not get secure by taking trade secret an intellectual property right. These are
employment law, contract law, company law and many more (Shengrong, Zhu and
Jingzhong, 2016). So, respective intellectual property right is not suitable for YOYO
drink because it will not help in protecting their preservative flavour lassi from any type
of hazards.
So, for YOYO drink patent and copyrights both are suitable for protecting their
preservative flavour lassi from any type of harm and copying activity.
CONCLUSION
From the above discussion it has been summarised that, for an business firm innovation is
important because it help them in gaining competitive advantages as well as in generating
revenue. It is necessary to implement innovation because after some time customer get bored
from same type of offering and they want something new. Thus, YOYO drink also doing
innovation in their existing mango lassi by bringing preservative different flavour such as
saffron, strawberry and banana. All this will result in enhancing sale, profit maximisation and
also help in making customer satisfied. In addition to this, innovation in product and process
need intellectual property for protection so that no other an copy it. Innovation Funnel is the tool
which help YOYO drink in coming with some innovative product within market area.
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