Innovation and Commercialization in Organizations - Desklib

INNOVATION AND
COMMERCIALIZATION

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Difference between innovation and invention and their importance to organization..................3
Organizational vision, culture and leadership can promote the innovation and
commercialization........................................................................................................................5
4Ps of innovation.........................................................................................................................6
Use of innovation funnel to promote innovative ideas................................................................7
Use of Development for frugal innovation in organization.........................................................8
Importance of commercial funnel and Application of New product Development.....................9
P6) Innovative Business ideas for success.................................................................................10
P7) Tools of organization development.....................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Innovation is the process of creating something new. Turning ideas into reality, in
business association improvement of their product for better result also termed as innovation. It
is an iterative process that matches business requirement for the new technologies. Product
design, new technology involvement, processing, marketing, manufacturing all are part of
innovation. Commercialization is the process of promoting or introducing new products in the
market. Distribution, marketing, sales, promotion, success of new product are all part of
commercialization. Essence drinks a UK based organization popular for their product “mango
lassi” company has earned many revenues in its first two years due to its innovative ideas and
formula. After completion of successful two years, company's sales fall in its third year as many
distributors are introduced in the market.
For that reason they hired a brand strategy consultant who give full analysis of the new
product. They need to provide 4p's of marketing innovative report. Therefore, in this assignment
there is a discussion of new product and commercial funnel to commercialize the innovation
process. Innovative case of business will be discussed, includes all budget required for new
product. The assignment includes frugal innovation that used in organization, innovative
business plans and tools for retaining intellectual property also includes how teamwork,
leadership, culture, vision impact the organization (Andrew, 2019). Innovations is a process for
better solutions to fulfil new requirement and customer satisfaction. It is a new method for
increasing performance of business activity. In this present situation many company's are
applying new technology for surviving in competitive market. Essence drink company establish
in UK. They are providing various drinks to their customers. They launch healthy drink Mango
lass is into the UK market. This company believes in applying innovative ideas and innovative
sales process, for achieving great success.

MAIN BODY
Difference between innovation and invention and their importance to organization
Innovation is one of the most important process for any business, for leading to
achievements and discoveries. It is the process of developing or modifying the product in order
to achieve more revenue. Product is renewed or modified and brought up to the market.
Establishing new ideas, processing new technologies all are concern with innovation. Innovation
for the essence drinks organization is very important to earn good revenues as their first product
earned more popularity in the UK. But due to the increasing of competition in market essence
group loses its position. They need an innovative idea to develop new product. Innovative idea
for any organization is useful, it has to be concern with full information and be a budget friendly.
Innovation enables organization to learn or adapt new things. It gives an idea of evolving and
grow their integrating strategies. For essence drink to gain their position again they have to come
up with innovative ideas to introduce new product it should be consist of complete report of
marketing analysis.
Invention is the process of creating something for the first time. It is a product
development process. Invention for any organization is very useful and consider as a growth for
the company. Invention simulates the imagination and ideas for the organization. It allows the
ability to overcome any barrier. Physical development of any idea is considered, as invention on
the other hand exploitation of new ideas termed as innovation. Essence drink company requires
innovation idea to establish themselves in the market again. For new product invention essence
drink wants to invent new healthy drinks so that they can compete with other companies and gain
much of the revenues. Essence drink can choose any innovative idea to raise their market value.
Invention of new product will allow them to rebuild their marketing values. Company can come
up with many marketing technologies. They can promote their product on digital platform. It will
help the essence drink company to connect with more new customers across the whole UK
(Audretsch and Link, 2018).
Essence drink company wants to invent new product. They need to invent it with new
flavours differ from their first product. The innovative idea for developing new flavoured
products attracts the consumer. Invention of new product of essence group requires scientific
skills. To check its temperature its expiry date. While innovation for the product requires
technical and marketing skills to introduced it to the consumers. To gain the market value again