Business Report on Innovation and Frugal Innovation for Delamere Dairy

This business report discusses the importance of innovation for Delamere Dairy, the difference between invention and innovation, and the value of innovation in terms of vision, leadership, culture, and teamwork. It also analyzes different forms of innovation and the 4Ps of innovation. The report recommends next steps for deriving new and innovative drinks and ways to access funding. The PPT and pitch presentation includes the background of the company, matching goals to resources, value analysis of frugal innovation, and an innovation business case.

Business report
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Table of Contents
PART A: REPORT..........................................................................................................................3
Introduction......................................................................................................................................3
Difference between invention and innovation........................................................................3
Value and importance of innovation focusing on vision, leadership, culture and teamwork 4
Analysis of different forms of innovation and four direction of change along with 4Ps of
innovation...............................................................................................................................5
Approaches to process innovative ideas.................................................................................7
Explain and recommend nest steps to derive new and innovative drink and ways to access
funding....................................................................................................................................7
Development of frugal innovation in response to necessity vs market driven innovation.....8
Conclusion and recommendation.....................................................................................................8
PART B: PPT AND PITCH............................................................................................................8
Background of company and problem...................................................................................9
Matching goals to resources...................................................................................................9
Value analysis of frugal innovation........................................................................................9
Innovation Business case........................................................................................................9
Resources required...............................................................................................................10
Tools to protect intellectual property rights.........................................................................11
REFERENCES..............................................................................................................................12
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PART A: REPORT
Introduction
The concept of innovation can be defined as making changes and modification in a pre-
exiting product while invention can be defined as the as creating and designing something
completely new (Bigliardi and et. al., 2022). The current business report is based on the
Delamere Dairy that tend to started its business few year ago and had seen a rapid early stage
growth along with dramatic rise in sales. But during recent years a decline in its market share and
productivity is seen because of increasing competition level. Therefore, current business report is
focused on creative innovative ideas that includes a comparison between the invention and
innovation along with importance of innovation. Further, discussion about the 4Ps of innovation
and frugal innovation has been also provided in current business report.
Difference between invention and innovation
The concept of invention can be defined as coming up with entirely new product and
services thus it tends to be more complex, costly and time consuming. On the other hand, the
concept of innovation is focused and associated with the making required modification and
changes in a pre-exiting product which creates a continuous process of improvement and attract
larger number of customer (OUECHTATI, MASMOUDI and SLIM, 2022). A difference
between the concept of innovation and invention has been provided as below:
Basis Innovation Invention
Aim The main aim and focuses of the concept
of the innovation is to have better qualities
as well as lead to improved usefulness
within the existing form of the services
and products.
It main focus of invention is on inventing
and creating some sort of entirely new
product.
Occurr
ence
Innovation tend to happen and should take
place on regular interval that is based on
Invention of new product tend to occur in a
much longer time and it also require a
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the current market situation to meet the
prevailing opportunity in connection with
the rivals as well as meeting the taste and
preference of customers (Baofeng, Wang
and Li, 2022).
strong ground-breaking thought in order to
comes creative idea in the brain to fulfil
the need of clients.
Cost Innovation tend to be a required use of
lesser assets as well as fewer resources
Invention of new product needs
moderately a bigger number of assets to
have invention and then to do development
R&D The degree of Research and Development
exercises is lesser as compared with
invention.
Higher Research and Development
exercises is required to decide and come
up with an effective idea for invention.
Value and importance of innovation focusing on vision, leadership, culture and teamwork
Based on above discussion it has been seen and analsysed that innovation tend to be vital
and important for all business organisation as it tend to support the continuous improved in pre-
exiting services and product in less costly manner and also attract larger number of customer for
modified product.
Culture
Within Delamere Dairy a positive as well as the coordinated set of the organisational
culture has been adopted that is aim and lead to supports higher innovation by the way of
overcome the complex situation through culture of improvement and innovation (Saunders and
Radicic, 2022).
Leadership
Delamere Dairy has adopted the use of participative leadership with the aim of creating
and having innovation and commercialisation at its workplace through leading improved
guidance as well equitable participation of all employees based on proper involvement which
supports higher creativity.
Vision
The vision of Delamere Dairy tends to effectively align to the innovation and
commercialization attributes in order to lead the workforce of the firm in the right direction.
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Further, implicating proper vision by Delamere Dairy also provide assistance to the organisation
in attaining higher growth and development in the long run (Ebolor, Agarwal and Brem, 2022).
Teamwork
Effective collaboration between team has been led by Delamere Dairy to have better and
innovative ideas that can be utilized by the firm for improving its product line into a profitable
venture. Thus, Delamere Dairy tend to encourage team building within the organisation to ensure
higher collaborate with each other that lead to come up with better ideas and effective concepts
that assist the firm in acquiring higher gains in the market.
Analysis of different forms of innovation and four direction of change along with 4Ps of
innovation
The four main forms and types of innovation reflecting the four direction of change has
been discussed as below in context of Delamere Dairy:
Incremental innovation- It tend to be one of the most common type of direction of
innovation that comprises of the making use of more efficient exiting technology with the aim of
increasing the value for customer through supporting improved quality in existing feature.
Descriptive innovation- It tend to includes the making use of some new technology or
updated business process in current market thus it tend to be more expensive as includes use of
newer technology (Qi and et. al., 2022).
Architectural innovation- It has been seen that implication of the architectural innovation
ensures increasing of number of customers for Delamere Dairy by the impaction of risk of
making use of some proven technology.
Radical innovation- This form of the innovation includes and comprises of supplant and
destroy the exiting business and coming with radical blow up this it tends to most costly and
risky form of innovation for Delamere Dairy.
4P’’s of innovation
A discussion about the 4 P’s of innovation in context of the Delamere Dairy has been
provides as below:
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Figure 1: 4P's of innovation, 2021.
Product- This element of innovation comprises of the product of the company and how
the firm make application of techniques to support improvement in its offering. The Delamere
Dairy are making continuous effort to modify and improved its drink as per the current needs of
customers thus is planning to come up with sugar free drinks as innovation.
Position- It comprises of the ways taken by the Delamere Dairy to have better market
position for which use of efficient promotion strategy based on digital and online marketing has
been made (Spicka, 2022).
Process- It tend to includes and comprises of the entire flow of operation of business
which comprises of having lose operation and monitoring of each operation by Delamere Dairy
to have higher efficiency level and lower the amount of wastage through optimism use of
resources.
Paradigm- It comprises of leading positive improvement in the product for which the
Delamere Dairy has made shift towards a heathier drink to attract and cater larger number of
customer through leading sugar free drink (Baofeng, Wang and Li, 2022).
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Approaches to process innovative ideas
The approaches to innovation for Delamere Dairy comprises of the use of innovation
funnel that supports and bring a continuous stream of the innovative ideas. The key step of
innovation funnel in context of Delamere Dairy has been provided as below:
Figure 2:Innovation funnel, 2021.
Investigation- It is the first phase where effective market research and analysis is made
by Delamere Dairy to have better glimpse and underdoing of prevailing meet scenario and
situation (Kampouri, Hajidimitriou and Mouratidou, 2022).
Development- Under this step the creation and development of the new innovative idea
take place. In context of Delamere Dairy coming up with a healthier and suagr free drink is
comprises of development of innovative product.
Shipping products- It comprises of final step associated with delivery of product thus, the
Delamere Dairy makes use of digital and online services for ensuring regular and effective
supply of drinks even during the times of covd-19.
Explain and recommend nest steps to derive new and innovative drink and ways to access
funding
The next step that are recommended for Delamere Dairy to derive new and innovative
drink is presented as below:
 Idea generation- It comprises of creating and come up with new idea based on prevailing
market conditions.
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 Concept definition- Delamere Dairy tend to illustrate and evaluate the specification of the
product under this step to improve its key feature.
 Marketing strategy- Use of the online and digital form of marketing would be made by
Delamere Dairy for promotion of its new sugar free drink.
 Product development- It comprises of making efforts to improve the key features and
quality of sugar free drink of Delamere Dairy to meet needs and expectation of
customers.
 Commercialisation- It comprises of leading proper exhibition and lunch of Delamere
Dairy based on creating positive image of product.
Making use of banking loan is recommended for Delamere Dairy for meeting its financial
needs as it supports simplest and easy form of funds along with low interest rate.
Development of frugal innovation in response to necessity vs market driven innovation
the use of frugal innovation has been made by Delamere Dairy in response to minimize the
cost of production through meeting the necessity vs market driven innovation.
Archive suitable cost reduction- Delamere Dairy need to have optimum use of innovative
machinery and their resources (Tao and Shuliang, 2022).
Concentrate in core functionalities- To ensure minimisation of cost it is essential for
Delamere Dairy to keep a check and control on the core functionality whole creating new
product.
Achieving optimal performance- The next step for Delamere Dairy is to have continuous
improved in its product to reach the optimal performance level that best fit the needs of
customers.
Conclusion and recommendation
On the basis of above report a conclusion can be made that innovation comprises of
modification in exciting product while invention is costlier process that costs of coming with
entirely new product. Further, a making use of Frugal innovation is recommended for
organisation to have and achieve optimal performance level by the way of concentrating on
reduction of wastage and optimum use of resources.
PART B: PPT AND PITCH
Slide 3:
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Background of company and problem
the Delamere Dairy has been launched and started as some year ago who gained and
revived higher sales in starting phase because of its innovative product. But after some time and
because of rising in the competition level the productivity level of Delamere Dairy tend to
decline which is main problem addressed in current project.
Slide 4:
Matching goals to resources
The Delamere Dairy tend to makes use of the innovation funnel along with other
approaches to ensure and have higher sales level to meet its set goal of having higher
productivity and sales level. Along with this, the Delamere Dairy also emphasis on NPD (new
product development) to effectively meet and achieve its set goal by the way of creation of new
product in form of suagr free drink to have overall higher profit and revenue level.
Slide 5:
Value analysis of frugal innovation
The value analysis of the frugal innovation can be made based on following two points in
context of Delamere Dairy:
 Higher value creation for customers- Use of frugal innovation supports development of
improved and better quality product and services that lead to higher customer value and
effectively meets their expectation and satisfaction level (Angrisani, Dell'Anno and
Hockaday, 2022).
 Growth of company- Thus, having optimism utilisation of resources along with limited
wastage tend to support higher profit level for the firm and ensures improved growth for
Delamere Dairy.
Slide 6:
Innovation Business case
Following innovation business case are prepared for coming up with suagr free drink of
Delamere Dairy:
Steps Description
Summary Delamere Dairy started few years ago and has seen a rapid early stage but
with entrance of new competitors a decrease in productivity is currently
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faced by this firm.
Objective The main objective of Delamere Dairy is to cater a larger number of
customers for its new Sugar free drink .
Solution Efforts are made by Delamere Dairy to reduce and neglect the use of sugar
along with making use of antimicrobial packaging
Innovation in
services
The innovation by Delamere Dairy comprise of the making use of other
natural substances in place of sugar to offer healthy sugar free drink to
attract and cater health conscious and diabetic customers
Research Use of internal as well as external research has been made to analysis
current market to satisfy the prevailing wants of customers thorough
innovation
Funding With the help of bank loan.
Benefits The suagr free drink is effective in meeting the needs of health conscious
people along with attracting more customers who are suffering for
diabetes and other health issues.
Slide 7:
Resources required
It has been seen and analysed that two ensure and effective coming up with a new
innovative idea need of various resources and assets is seen. Thus, to ensure meeting of all set
expenses and allocation of resources an analysis of key options of funding has been provided
below in context of Delamere Dairy:
Slide 8:
Bank Loan- It tend to reflects and comprises of the capital amount borrowed from some
financial intuition and nationalized bank. The main advantage of meeting funds through bank
loan for Delamere Dairy comprises of the fact that it supports higher level of transparency along
with low interest rate. Further, the drawback of bank loan comprises of the fact that its requires
more paper work and documentation.
Making use of Bank loan is tending to seem more appropriate for Delamere Dairy as it is
more easy and transparent way of getting funds along with involved low interest and no threat to
ownership of the firm is created.
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Slide 9:
Tools to protect intellectual property rights
There are various Laws and legislation that are focused on protecting the intellectual
property rights of Delamere Dairy which are listed and discussed as below:
Copyright- this tool tends to supports and provides an exclusive right to Delamere Dairy
on creation of the innovative product comprises of sugar free drink and protects its right to
modify, display, distribute and copy its innovative product (Ebolor, Agarwal and Brem, 2022).
On the basis of above discussion, making use of patent tool of protecting intellectual right
is recommended for Delamere Dairy as it supports a legal framework and authority of the
Delamere Dairy on its new innovative product and safeguard it from copying and making
duplication of its product.
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REFERENCES
Books and journal
Angrisani, M., Dell'Anno, D. and Hockaday, T., 2022. From ecosystem to community.
Combining entrepreneurship and university engagement in an open innovation
perspective. International Journal of Technology Management, 88(1), pp.71-92.
Baofeng, H., Wang, B. and Li, Z., 2022. How to deal with technological turbulence for
improving innovation performance. Technology Analysis & Strategic Management, pp.1-
14.
Bigliardi, B. and et. al., 2022. Introducing the implementation of open innovation approaches by
academic entrepreneurship as a viable solution to tackle the lack of resources. Int. J.
Technology Management, 88(1), p.1.
Ebolor, A., Agarwal, N. and Brem, A., 2022. Fostering the Sustainable Development Goals with
technologies underpinned by frugal innovation. International Journal of Technology
Management, 88(2-4), pp.155-174.
Kampouri, K., Hajidimitriou, Y. and Mouratidou, E., 2022. Innovation Tendencies in
Internationalised Family Firms During Periods of Crisis: A Conceptual Framework.
In Business Under Crisis, Volume III (pp. 257-279). Palgrave Macmillan, Cham.
OUECHTATI, S., MASMOUDI, K.K. and SLIM, C., 2022. THE IMPACT OF SOCIAL
CAPITAL ON OPEN INNOVATION: THE TUNISIAN SMEs CASE. International
Journal of Innovation Management, p.2250001.
Qi, Y. and et. al., 2022. Choosing the right collaboration partner for innovation: a framework
based on topic analysis and link prediction. Scientometrics, pp.1-32.
Saunders, K. and Radicic, D., 2022. Managing the knowledge for innovation in Eastern
European firms: open or closed innovation?. Journal of Science and Technology Policy
Management.
Spicka, J., 2022. Cooperation in a minimum-waste innovation ecosystem: a case study of the
Czech Hemp Cluster. International Journal of Emerging Markets.
Tao, Z. and Shuliang, Z., 2022. Collaborative innovation relationship in Yangtze River Delta of
China: Subjects collaboration and spatial correlation. Technology in Society, p.101974.
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