Report On Innovation & Commercialisation
Added on 2021-02-20
11 Pages3070 Words19 Views
Innovation andCommercialisation
Table of ContentsINTRODUCTION..................................................................................................................3P1 Explain the concept of innovation and determine the difference between invention andinnovation...............................................................................................................................3P2 Explain the different types of innovation..........................................................................6P 3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas............................................................................................................7P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.............................................................................................................9Evaluate the role of frugal innovation in an organisational context.......................................9REFERENCES .............................................................................................................................10
INTRODUCTIONInnovation refers to creating something new which is not sell be any one in themarketplace. It is develop by an entrepreneur in order to satisfy the requirements of society. Inthe present context of YOYO Drinks, company wants to bring something new in the marketwhich will aid them in order to enhance their sales at the marketplace. The present report isdistinguished into four basic parts which includes advantages as well as disadvantages alongwith some tools and techniques of innovation (Bagchi-Sen, 2007). Along with this, the presentreport includes 4P’s of innovation along with difference between invention and innovation. P1 Explain the concept of innovation and determine the difference between invention andinnovation.The process of translating any kind of inventions in order to serve the society for whichcustomers will liable to pay. Innovation means creating and developing new products andservices in order to satisfy the requirements and expectations of customers. In context of abusiness, innovation provide outcomes to the company when they apply and earn profitability aswell as goodwill at the marketplace. INNOVATIONINVENTIONInnovation mainly explained as a tool forattracting large number of consumers. Ingeneral, it is the method of adding value to theproducts. But on the other hand, invention means tocreate and develop something new and fresh. In the present context of YOYO Drinks,company wants to raise their sales by addingsomething unique features. It is known asinnovation. But on the other hand, if company wants tolaunch totally new products in the newmarketplace, it is known as invention. In innovation, innovator can be any skilled,semi skilled or experienced person. They willcontribute their work and create somethinginnovative. But on the other hand, invention refers to theprocedure which includes skilled, talented andexperienced person. Invention, is the procedurewhich includes totally new and creativeproducts at the marketplace.
Explain innovation and determine its importance to organisations in comparison with invention.Innovation refers to the process in which company bring new products and serviceswhich highly affects the profitability at competitive marketplace. There are ample number offactors which pushes the innovation process. These elements includes courage, thinking,intellectuality, differentiating. Importance of Innovation: One of the biggest advantage for any company who innovates newidea, new products and new services, is that they gain competitive advantages at the marketplace.With the help of this they can attract large number of customers towards their products andgenerate more profitability.On the other, innovation helps in adding more value to the products and services offeredby the company and help them in maintaining their effectiveness at the marketplace. Explain how organisational vision, leadership, culture, and teamwork can shape innovation andcommercialisation.It is very essential for the organisation to have fair objectives in order to attain goals andobjectives of the company in an effective manner. In order to have good brand image of thecompany at the marketplace, it is very essential to convey its vision, objectives, mission and longterm goals to every staff member of the company (Aarikka-Stenroos and Sandberg, 2012) .Vision, leadership, team work and culture plays very important role while innovating somethingunique. Vision:- Effective goals and objectives of YOYO Drinks helps the management team ofthe company in order to gain more profitability and beat the competition at themarketplace. Vision is the statement of company which includes its purpose in order torun the business in a smooth and effective manner. Vision statement highlights the mainpurpose and motive for establishing the business at marketplace. Leadership:- Leadership refers to the process where an individual motivate, encourage,guide and direct other employees in order to perform their task in an effective manner. Incase of innovation, managers create innovative and creative idea and the role of a leaderis to direct their employees in order to attain the set target (Rafinejad, 2007) . Alongwith this, managers of YOYO Drinks can develop innovative ideas as they have thepower and authority. On the other hand, leadership helps in achieving these set targets inan effective manner as well as control and manage the whole staff members.
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