Business Report on Innovation and Frugal Innovation for Delamere Dairy

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 Innovation tend to happen and should take Invention of new product tend to occur in a
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ence place on regular interval that is based on
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).
much longer time and it also require a
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
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