Innovation & Commercialization: A Case Study of Mr Green's Healthy Drinks

INNOVATION & COMMERCIALIZATION

Table of Contents
INTRODUCTION.................................................................................................................................... 3
BODY.................................................................................................................................................... 4
LO1................................................................................................................................................... 4
EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE DIFFERENCE BETWEEN
INVENTION AND INNOVATION.........................................................................................................4
P1 INNOVATION AND ITS IMPORTANCE TO ORGANIZATIONS IN COMPARISON WITH
INVENTION................................................................................................................................... 4
P2 EXPLAINING HOW ORGANISATIONAL VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN
SHAPE INNOVATION AND COMMERCIALISATION........................................................................6
M1 ANALYSE DIFFERENT SOURCES OF INNOVATION, AND HOW ORGANISATIONS CAN FOSTER
AND DEVELOP AN ENVIRONMENT AND CULTURE OF INNOVATION............................................7
LO2................................................................................................................................................... 9
DIFFERENT TYPES OF INNOVATION..................................................................................................9
P3 THE 4PS OF INNOVATION AND THE USE OF THE INNOVATION FUNNEL TO EXAMINE AND
SHAPE INNOVATIVE IDEAS IN MR GREEN’S HEALTHY DRINKS......................................................9
P4 DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE EXAMPLES OF HOW IT IS USED IN
MR GREEN’S HEALTHY DRINKS...................................................................................................11
M2 ANALYSING AND APPLYING THE INNOVATION FUNNEL IN ORGANISATIONAL CONTEXT OF
MR GREEN’S HEALTHY DRINKS...................................................................................................12
M3 EVALUATE THE ROLE OF FRUGAL INNOVATION IN ORGANISATIONAL CONTEXT OF MR
GREEN’S HEALTHY DRINKS.........................................................................................................13
LO3................................................................................................................................................. 14
DISCUSS THE PROCESS REQUIRED TO COMMERCIALISE INNOVATION..........................................14
P5 THE IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE APPLICATION OF NEW
PRODUCT DEVELOPMENT (NPD) PROCESSING FOR COMMERCIALIZATION OF INNOVATION...14
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P6 BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION, INCLUDING WAYS TO
ACCESS FUNDING.......................................................................................................................17
M4 DETAILED INNOVATION BUSINESS CASE WHICH INCLUDES HOW TO MEASURE ITS OVERALL
EFFECTIVENESS USING APPROPRIATE TECHNIQUES AVAILABLE TO TEST, ITERATE AND
IMPROVE.................................................................................................................................... 18
LO4 EVALUATE THE RANGE OF METHODS FOR PROTECTING IDEAS AND UNDERSTAND THEIR
ADVANTAGES AND DISADVANTAGES.............................................................................................18
P7 DIFFERENT TOOLS THAT MR GREEN CAN USE TO DEVELOP, RETAIN AND PROTECT
KNOWLEDGE AND INTELLECTUAL PROPERTY.............................................................................18
M5 EVIDENCE-BASED EVALUATION OF ABOVE TOOLS IN THE CONTEXT OF THE WIDER
BUSINESS ENVIRONMENT.......................................................................................................... 19
CONCLUSION......................................................................................................................................20
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INTRODUCTION
In today’s marketing environment new companies are being launched day by day, the new
companies may sometimes become successful and sometimes unsuccessful. It has become difficult
to run a business without bringing any innovations and technologies in on-going products. The
innovations brought into products help in maintaining the unturned positions. In this report, we will
see the importance of innovations in products of the company by taking in consideration the case
study of Mr Green’s Mr Green’s Healthy Drinks. Mr Green’s Healthy Drinks was once a market hitter
when it was launched but with the commencement of new market rivals it has lost its glory and this
report will underline the important innovations which have to be carried out in accordance with the
current market trends to boost up the company to compete again in the marketing ring of the
globalisation.
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BODY
LO1 EXPLAIN THE CONTEXT FOR INNOVATION AND
DETERMINE THE DIFFERENCE BETWEEN INVENTION AND
INNOVATION
P1 INNOVATION AND ITS IMPORTANCE TO ORGANIZATIONS IN
COMPARISON WITH INVENTION
 INNOVATION:-
According to Kline and Rosenberg, (2010) innovation is the creative idea which is implied in the
organisation in order to bring the systematic change in the sales and to improve the quality and
standards of the product. Innovation is a process in which the personal knowledge is converted into
the economic strength of wellbeing. Innovation requires much study and it also requires series of
the commercial advancements and scientific knowledge which is to be carried out for the successful
execution of the product in the market (Camisón and Villar-López, 2014).
 COMMERCIALIZATION:-
It is the method by which a new product is introduced in the market talking in to account the role of
marketing leaders, retailers, distributors for the commercial success.
 INVENTION:-
The scientific data, perceptual knowledge practices and several other innovative factors when
summed up together in a collection to form something patentable is called Invention. Inventions
make the work easier and fast and make life easy (Ariga et.al, 2013).
Inventions and innovations both make work easier but have a big difference between them. An
invention is a tool which is obtained after the continuous process of thinking and practice on the
current technologies; basically, they are obtained after the continuous efforts whereas, innovations
are the application on inventions applied to get the perfect benefits by eradicating flaws and
mistakes (Lane et. al, 2013).
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 Differences between innovations and inventions have been described below:
Invention Innovation
1. Creation of something new which is
patentable.
1. Applying knowledge and skills to already
created things.
2. It is non-contingent. 2. It is contingent on inventions.
3. Requires technical knowledge 3. Requires technical knowledge as well as
knowledge about market trends.
4. The invention is the introduction of the
almost new product in the market
4. Innovation is the introduction of newer
and better solution of the product that is
already available in the market.
5. The invention can be patented. 5. Innovations cannot be patented.
6. The invention requires huge financial
Aids.
6. Innovations don’t require huge financial
capital.
7. The invention makes the life of
individuals smooth because inventions
are done after analyzing the needs of
individuals.
7. Innovations are done after seeing the
flaws in inventions.
8. For example Invention of the printing
press, the invention of the telephone.
8. Introduction of LED’s, LCD’s and flat
screen TV’s, Introduction of Touch Screen
Mobile Phones.
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