Innovation Business Case for an organisational context
Added on 2020-10-22
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INNOVATION1
ContentsContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance to employees in comparison to invention.........................3P2 Shaping of innovation and commercialisation..................................................................5TASK 2............................................................................................................................................5P3 4Ps of innovation and explain the use of the innovation funnel.......................................5P4 Developments in frugal innovation and how it is used in an organisational context........7TASK 3............................................................................................................................................8P5 Importance of the commercial funnel and the application of New Product Development8P6 Build an Innovation Business Case for an organisation, including ways to access funding................................................................................................................................................8TASK 4............................................................................................................................................9P7 Different tools that organisations can use to develop, retain and protect intellectualproperty...................................................................................................................................9REFERENCES..............................................................................................................................112
INTRODUCTIONInnovation is an important concept that helps an enterprise to grow. In order to develop andexperience higher scale in business it is required that change is brought in the enterprise so thatinterest of customer is maintained. Innovation is a process through which the development ofexisting product or process is done which increases its capacity to produce. By implementingsame it becomes easy to raise the customer satisfaction level without doing any compromise withthe total cost of business as it remains controlled (Hemert,Nijkamp and Masurel,2013). Inventionon the other hand is a separate system in which an entirely new product or service is producedwhich is a result of a need identified in market. it is a broader concept and require high scale ofinvestments. Essence drinks is a known brand in the beverages industry and is famous for usingbest ingredients which are available in the market to create final product. The following reportwill talk about how innovation and invention needs to be practiced in referred enterprise so that itcan do better business in long run. Various concepts associated with the same will be discussedthat will further help in implementing it in business.TASK 1P1 Innovation and its importance to employees in comparison to inventionEssence drinks is dealing in an industry which has a great number of customers belongingto different age group and class. Beverages belong to the food category in which it is requiredthat change is maintained as users get easily attracted towards same and response positively tosame. By innovating the existing drinks or the process through which they are produced there arechances that business may become capable of improving its existing scale of operations. In orderto understand better that how innovation helps the referred enterprise the importance of same isdiscussed below:Facilitates adaption of black swan events – Business surroundings are dynamic in natureand keeps on getting effected by the changes that take place on regular basis. To maintainsurvival and manage to earn minimum returns it is of great importance that the enterprise iscapable of responding to the change that occur due to alterations in internal or external factors ofthe company. Organisation which is capable to innovate its existing system are more skilled torespond the sudden changes (Aryal and et. al., 2016). 3
Helps in achieving the competitive advantage – there is tough and close rivalry existingin the drinking products industry. it is important that each brand dealing in same has the capacityto compete with the other beverages which is possible only if innovation in the same ismaintained on regular basis. This way a particular enterprise develops a brand name andinfluence the choice of its users. Alterations in the existing offerings helps in developingcuriosity among the users that what next will be launched and hence this way the targeted salesare achieved. Makes the global existence more effective – To increase the market share it is firstimportant to satisfy the needs and wants of the domestic customers. This is done by providingthe consumers with range of beverages on continuous basis so that they feel content afterspending a particular amount on their purchase. Once the home customer is made happy with abrand it become easy to go at global level. this way innovation can further assist the referredenterprise to increase its scale of operations and will hence develop its business (Breznitz andEtzkowitz, 2016).Invention is an entirely different concept from innovation as the process how they arepractised and resources involved are different from one another. To analyse how they vary fromone another a comparative study of both is given below:Innovation InventionIt is a process through which alteration in the existing system of an enterprise is made with a view of raising the existing efficiency of operations.This is a different model in which an entirely new system is launched which has the capacity to take business at next level. Investment in order to innovate is made in less amount as only some change is brought by altering the current systems.This on the other hand is an expensive concept which demands adaption of an entirely new technology.It increases current customer satisfaction level.Through invention a new segment of customer is attracted towards the brand.The above discussion shows that both invention and innovation are two separate conceptsand are implemented in a distinct manner. 4
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