Impact of Chinese Imports on Innovation

This assignment requires an in-depth analysis of the impact of Chinese imports on innovation, particularly focusing on its influence on the Information Technology (IT) sector and overall productivity. Students are expected to examine relevant research papers from reputable sources like The Review of Economic Studies and Harvard Business Review. Additionally, online resources such as business case studies will be utilized to provide a comprehensive understanding of this complex economic phenomenon.

INNOVATION IN
A
SMALL BUSINESS
CONTEXT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Innovation and importance to the organisation in comparison with the invention................3
LO 2.................................................................................................................................................5
P3 the 4 P's of innovation and the uses of innovation funnel......................................................5
P4 Development in innovation frugal and examples. ................................................................7
LO3 .................................................................................................................................................8
P5 The importance of the commercial funnel and application of the products development
process.........................................................................................................................................8
P6 Building an innovation business case...................................................................................9
LO4................................................................................................................................................11
P7 Tools to protect intellectual property...................................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is a process to act for making the changes in the existing products and services and it
is an process and action of innovating the new things. The result which comes out from changes
is only for satisfying the needs of customers and increasing the sales and productivity of the
organisation. Essence Drinks is a company which create light and elegant drinks for the 21st
centuries. It is delicately low and light in the calories from suing the natural sourced sweetness
and also 20 calories per 100 ml. This report will study the context of the innovation and
determine the difference and comparison between innovation and invention and also the different
types of innovations. Furthermore, the study has discuss the process required to the
commercialise innovation and also the range of methods for protecting ideas and understanding
the advantages and disadvantages(Jensen and et.al., 2016).
LO1
P1 Innovation and importance to the organisation in comparison with the invention.
Innovation:- It is an action and process of innovating new things. Innovation word refers to
creative thoughts, new ideas, so many new imaginations in the form of methods and devices. It is
often viewed as the applications for the better solutions and also meeting the new requirements
existing needs of market and also the unarticulated needs etc. In Essence Drinks innovation
taking place as the provisions of the effective products with the better results and full-fill the
needs of customers. Essence Drinks innovations are more effective and something which is
original and also the consequences of Mix Fruit Lassie break the market in positive ways.
Importance of innovation
Solve problem easily:- One of the main importance as it comes with the better solution
and creation of the products. So, it needs better and creative answers for solving the current
situation which decrees the sales and innovate new products which easily increases the sales and
for all that it needs thinking of the innovator out of the box because it makes the Essence drinks
better( Etzkowitz and Zhou, 2017).
Improved productivity:- one of the main importance of the innovation is it increases the
productivity and also improve it in the Essence Drinks because it focuses on the becoming more
productive and also on the workflows and programme for increasing the productivity of the new
product Mix Fruit Lassie by Essence drinks.

Increases competitiveness:- From launching new product in the market it beat the
competitors because it only needs little efforts and creativity for innovate the new product by
Essence Drinks. It comes up with the better ways such as the new taste of mix fruit and
designing of the product which attract the customers and it help in finding out the better
techniques of market.
Building the range of product:- A business with limited range of products and single
products should be certainly benefits from the innovations. broader the products variety and also
the range gives the opportunity for increasing the sales and profits and also reduces the risk of
the Essence Drink towards their products(Weisburd and Braga, 2019).
Better quality:- Better quality term refers to the quality of the products and services
which is more likely to meet the needs of customers of the Essence Drink. For assuming the
effective market it should get the higher sales and profits of the Essence drink from the new
products which has been launch in the market.
Invention:- The word invention refers to the unique, methods, process and composition of the
products and new things. The process of the invention is and overall product development and
engineering of the Essence Drinks. It bring improvement in the Healthy Mango Lassie and make
a new process for the creation of new products or the results. It completely achieving the unique
an different functions for increasing the sales of Essence Drinks through launching the new Mix
Fruit Lassie.
Comparison between innovation and invention
Innovation Invention
It is an type of act for making the changes in
the existing products with the new ideas.
It refers with the creation of new product and
services.
Innovation is often advertising the potential
and growth for increasing the sales and
productivity(Berry and Berry, 2018.).
It is an creation of the new ideas and concepts.
P2 Organisational vision, teamwork, leadership can shape the innovation and commercialisation.
Vision:- the vision of the Essence Drink is building the large scale, economically and

Economically sustainable healthy lassies and drinks. It allows the customers for creating the
affordable, healthier and great tasting drinks for them.
Teamwork:- Its important to work in a team because it includes different groups across
the business for working together to maximizing the efficiency to reach on the common goals
and objectives. In addition to providing the team members with the experience, benefits of the
teamwork in the innovation and commercialisation of the new product in the Essence Drink. If
employees are not working in a team then its not easy to bringing up the innovative products in
the market. From working in a team it comes out with better performance. It increase the quality
in the work for Mix Fruit Lassie and it generate the more creativity and innovation in the taste
and designing of the Mix Fruit Lassie. So, its important to work in a team effectively which
brings the outputs in the future. It is very much helpful in the innovation and commercialisation
of the products and services of the Essence Drink(Wolin, 2016).
leadership:- it is important to have the leadership in the Essence Drink from that it does
not create conflicts and problems. Its not easy for employees to accept the changes and
innovation in the Essence Drink because its tough for them to work according to the new
dimensions and some of individuals are note collaborative and cooperative at that time it creates
conflicts. So, its important to have the participative leadership style in the organisation so each
and every individuals participate in the innovation and also maintain the social relationships.
From participation of each and every individuals its easy for them cooperative and generate
interest towards working.
LO 2
P3 the 4 P's of innovation and the uses of innovation funnel
4 P's of innovation
Paradigm:- In Essence Drink it uses the innovation for improving the way of doing the
business . Change in the company is radical, but also bear in the mind that not all the changes are
positive because it depend upon the taste of customers whether they like it or not. From
imagination and creative ideas it takes to so many possible changes for making the Mix Fruit
Lassie for leveraging the profits and revenues. It involves the changes in the model of the
business for publishing the changing product to the platform of the market(Christensen, Raynor
and McDonald, 2015).

Product:- it all depends upon the creation and innovation of the products and services. It
involve the suggestions for improving the product in better way and also know all the
incremental changes. From the suggestion innovation for making the products are completely
different and also the radical changes. For launching the new products and developing the
existing product helps in increasing the sales of the Essences Drink and raise the profit and
revenues.
Process:- it involves the distribution and manufacturing process of the innovation.
innovation of the product includes the preparation of the process of new product. According to
follow up al the steps it involves all the process of product manufacturing to marketing of the
products such as supplying, hiring people, workflow, training. All the process has been included
only for increasing the profits and revenues and also the increase the productivity and supply it
into market. It displays the new innovation of Mix Fruit Lassie in the market and increases the
sales of the products.
Position:- The area of working in the Essence drink is al about framing the new product
according top the strategy of the market. It means opened up with the new segments of the
market and targeting the individuals which is based upon the age and gender. For surviving in
the competitive market it is necessary for standing in the market with positive positions. From
using the innovation of new Mix Fruit Lassie it improves the aspects of the business and also the
differences from other products in the market(Biemans, 2018).
Innovation funnel to examine the shape and innovative ideas.
Innovation funnel:- it is an mechanism which enables the constant stream of the ideas
which can screened for the viability. Innovation funnel refers to the funnel management process ,
it is an popular approach which is used by the Essence Drink for the invention of new product
and creating the realistic action plans for the Mix Fruit Lassie. The core of making the
innovation funnel is for helping in shaping the product in new ways and also making the plans
according to the innovative ideas and creation. This funnel create the shapes and lots of ideas to
selecting the few ideas for implementing on the Essence Drink.
It is limited to generating the new innovation and process. Its important for making the
entire portfolio of the which align the strategy and also the strategic plans for helping the
channels of the innovative thinking. It takes a lot potential for shaping the existing products and
also implementing the new ideas on making new products. From shaping the existing healthy

mango lassie product it needs so many creation and ideas to change the taste and make it
according to the preference of customers and also the from innovative ideas it can launch the
new product such as Mix Fruit Lassie which is only manufacture for increasing the sales and
bringing up the new innovation for retaining the customers(DiMasi, Grabowski and Hansen,
2016. .).
P4 Development in innovation frugal and examples.
Frugal innovation is a concept which urges the business for responding the limitation in
the resources whether it is material, financial and institutional and it also turns the constraints
into innovative ideas and bring up the practical solution for changing the current product into
Mix Fruit Lassie. It increase and brings the growth and development of the business whereas it
gives equal importance for much longer standing and bottom-up development. The frugal
innovation encompasses the ideas, redesigning of the products, services, system, business models
in order to reducing the complexity and also the total lifestyle cost of the Mix Fruit Lassie of the
Essence Drink. For example; many of the frugal innovation in the Essence Drink are only for the
short term solutions and the quality as the frugal innovation on some indicators such as the low
cost, functional,affordable and it only helps for addressing the short term issues and problems but
sometimes it helps in longer term development solution for the Essence drink such as
manufacturing the new product.
Such innovation of drinks has been developed by the business as the commercial
positions. Frugal innovation also not contributing in the development because it is contributing in
the longer term developmental solutions form the effect of decreasing the sales of Healthy
Mango lassie. The special issues is to that the phenomenon of the frugal innovation toward the
Mix Fruit lassie. It discuss about the informations and also about the current frugal innovation
and also the development debt in the Essence Drink for increasing the sales of last three
years(Lusch and Nambisan, 2015. ).
To really the profit and benefits of frugal innovation which needs for emphasise the good
quality solutions which is accessible and affordable created to the developments and benefits. It
introduce the issues for innovating the product designing, services level, system thinking at the
micro level. New ways of designing the products and development of the existing products and it
also leveraging the new modern technologies for launching the new Mix Fruit Lassie for

delivering the low cost solutions. It also innovate the new models of the business for making the
solutions accessible.
LO3
P5 The importance of the commercial funnel and application of the products development
process.
Commercial funnel:- The sales funnel term basically known as the commercial funnel which
refers to buying the process for which the Essence Drink buying process which leads the
customers through when purchasing the products. It generate awareness in the Essence Drink
towards products and services and build up the demands for the new products(Bason, 2018.).
Importance of the commercial funnel;
 It helps in picking up the marketing strategy.
 The commercial funnel helps you know more how to relate the customers.
 It helps in generating more sale.
 the commercial funnel gives an edge against other newbie entrepreneur.
 it helps in improving the ways for growing the business.
The application of new products development for commercialisation of innovation.
New product development:- it covers the completing process of bringing the new product in the
market of the Essence Drink. It also along with the various considerations of business. new
developments of the products has been described as the transformation of the market
opportunities. There are some stages which has been define for the of the new products in
commercialisation innovation;
Fuzzy front-end:- It is one of the initial stage where the business sources regarding to the new
product development of the Essence Drink. The sources of the new products has been involving
the business customers, competitors, employees and suppliers etc. the development of the Mix
Fruit Lassie is done according to the set of activities of the employees which has been already
defined the requirements specification for manufacturing the product and completing(Bain and
Kleinknecht, 2016.).
Product design:- its important to developed both the detailed design and high level of the Mix
Fruit Lassie. It turn into the requirements into the specific and particular meet those
requirements. It typically overlap the design of the products in the Essence Drink and it also
include the industrial design and purely aesthetic aspects of the design of the Mix Fruit Lassie

which can easily attract the customers. On the side of planing and marketing, this phase has been
included the analysis of pre commercialisation stage of the innovation.
Product implementation:- the another stage is product implementation where all the detailed of
designing the products and as well as the taste process of the Mix Fruit Lassie which can be
used to validate the prototype to meet the designs and specification which were helpful in
establishing the new product in the market.
Fuzzy back-end:- it is the last stage of the Mix Fruit Lassie development where this phase
represent the actions which represent the production and market launcher occur. This is the last
stage where the Mix Fruit Lassie has been manufacture and going to be launched in the market
for commercialisation of the new product which has been developed(Bernstein, 2015).
P6 Building an innovation business case.
Illustration 1: Business case
(Source:business case 2018)

Executive summary:- The above stud has been showing the development of the new
product and launching the product in the market. Innovation bring up the new changes and new
changes in the existing products. From innovating the product it raises the sales and increase the
productivity which increase the profits and revenues. Innovating the Mix fruit lassie has been
innovated by the Essence Drink which is very much healthier for the customers and it has been
involve different types of fruit and also mix of curd which is basically named as Mix fruit Lassie.
This study has been summarised the benefits and importance of the innovation in the Essence
Drink(Adams and et.al., 2016).
challenge or goal:-There are so many challenges which has been faced by the
organisation at the time of achieving the goals and objectives. There are so many challenges
which has been faced by the Essence drink such as like by customers or not, ruining in the
market or not, takes so much raw materials, and it takes time to make a position in the market
The challenges which has been faced by Essence Drink is its difficult to bringing up the
innovation in the mango lassie ad change it into Mix Fruit Lassie because it takes huge courage
for taking the risk and takes the surety Weather the customers like it or not. When launching the
product there are so many crises has been facing by the side of employees when they are not
expecting the new changes and work for it in a team. From this challenges its difficult to achieve
the goals and objectives of the Essence Drink.
solutions:- From overcome the challenges it takes so many solutions such as the it leader
uses the participative leadership style for employees so they can participate in the activities and
also it brings the new changes and innovation according to the requirement of the customers
which satisfy the needs and demands of the customers. Essence Drink innovate the Mix Fruit
Lassie for increasing the sales and productivity of the company because from healthier mango
lassie t decreases the sales because customers not like the product for long term because the taste
is changes according to the time. So, the new development of the Mix Fruit Lassie brings new
changes and takes a new opportunity in the market(Dodgson, 2018).
cost:- The cost which has been required at the time of innovating the new product has
been taken from the bank as a loan which is very helpful in fulfilling the requirements and
purchasing the raw material for making the products and designing the products. It takes lots of
time to implement on the new ideas because its difficult to make the perfect taste. The cost uses

in licensing of the new product, customising and configuration, support and maintenance, time
required at the time of training and sustain the adoption, data migration etc. the cost which has
been taken at the time of innovation of the Mix fruit lassie by the Essence drink is $30,000.
Benefits:- There are so many benefits which has been expected at the time launching the
new product in the market because it has been highlighted and already analysing the benefits
from that products because Its important to analyse and observe the benefits already which is
beneficial for the future to the Essence Drink. It increases the revenues and also collaboration.
There are so many benefits from innovating of the Mix fruit lassie is it is very much healthier for
everyone and also every age of customers can drink it. It improves the risk management process
and also the streamlined workforce process and reduces the errors at the time of developing the
new products(Groves and et.al., 2016).
Execution timeline:- There are so many activities which has been required at the time of new
product launch which is define as below through the execution timeline;
Execution
timeline
1st week 2nd week 3rd week 4th week 5th week
Fuzzy front-
end
Product
design
Product
implementati
on
Fuzzy back-
end
LO4
P7 Tools to protect intellectual property
Trade secret: A trade secret is any activity or process of a business enterprise that is
typically not regarded outdoor of the organisation. However, records considered a trade secret

offers the organisation a financial advantage over its competitors and is mostly a made from
inner research and development (Bettig,2018). Furthermore, the important concept of trade secret
are that the information has industrial price, has no longer been made public, and is situation to
reasonable attempt to make certain its endured confidentiality. However, the level of safety that
you have to apply to ensure that the trade secrete keeps its fame will depend upon the value of
the data and the accessible for protecting it. Moreover, the major advantage of trade secret is that
it is an inexpensive method as in this method there is no requirement of registration procedure or
charges. On the other hand, trade marks may be hard to implement in comparison to different
protections, because in this method we need to exhibit that the character who is making use of
the statistics received it unlawfully from someone to get access to trade secret.
Strength
 it basically judges and incur the injection of the Essence drink subscription and also it
obtains the trade secret.
 it has been proved that to keep the secret sufficient and also have the commercial values
which can sure about the monetary loss and damages of punitive in so many cases.
Weakness
 Trade secrets are always been ambiguous and there are so many people which
interpretation that what are the qualities of the trade secrets.
 it is necessary to ave trade secret because it is able to prove so.
Trademark: Trademarks provide protections for manufacturers, slogans, logos, and
different similar objects. However, trademarks symbolize the most precious sorts of IP within the
market. Icons consisting of Coca-Cola or Nike’s swoosh both constitute manufacturers that
command a marketplace premium, in spite of apparently non-existent or minimal practical
variations among non-branded merchandise. Furthermore, the major advantage of trademark is
that there are no statutory obstacles for the existence of trademarks and they have a legal method
as long as the trademark proprietor keeps registration of the trademark, maintains the trademark
in persevered use, and implements the trademark proprietor rights. On the other hand, there is
disadvantage of trademark that they can own an extraordinary amount of volatility inside the
marketplace (Drahos,2016). Further, markets and perceptions exchange on a notion, and such
modifications can impair price in striking ways.
Strength

 it presents logo, brand name, symbol ad design of the essence drink.
 it makes customers distinguish the particular products of the company.
Weakness
 Registration of the things is also a disadvantage because it is not possible to register each
and every things.
 Sometimes it goes with the other intellectual property like patents.
Copyrights: copyrights represent nothing greater than a combination of rights granted
with the aid of a central authority for a creation. However, copyrights concentrates on an
invention or something of function or application, copyrights observe to works of authorship.
Thus, in copyright the author obtains the specific rights to creations for some period.
Furthermore, the biggest advantage of copyrights is that copyrights are tremendously
inexpensive and simple to check in. On the other hand, the disadvantage of copyrights is that
copyrights assist the aspect of an idea, not the idea only.
Strength
 It protects the rights of the creators and also their creative innovation and also last time of
the owner of the Essence drink.
Weakness
 It cannot protect the non-use, confusingly and generics and also the functional features.
 The ownership remains with the employer which is rather than the employee who have
created it.
Patent: patents are the set of distinct rights granted with the aid of a central authority to a
discoverer or the inventor’s recipient for a specific period in exchange for the revelation of an
invention. However, the major advantage of patent is that it protect a designing of something
structural or utilised and the government offers patent proprietors with monopoly safety for as
much as the statutory existence of the patent (Sweet and Maggio,2015). On the other hand, the
disadvantage of patent is that it provide for handiest a short economic lifestyles in comparison
with different IP sorts. Thus, the statutory existence for a patent is 20 years from the earlier
impelling submitting date of the patent petition.
Strength
 it helps in preventing other exploiting from other owner interventions.
 it also lay down the orders and also grant damages for the owner of the Essence drink

Weakness
 it takes minimum 1-3 to get approved and last only for 20 years.
 once it expires then there is no legal protection on Essence drinks.
CONCLUSION
Innovation is a process to act for making the changes in the existing products and services and it
is an process and action of innovating the new things and on the other hand invention is a process
where it makes the new products by implementing the new ideas and plans. This report will
conclude the context of the innovation and determine the difference and comparison between
innovation and invention and also the different types of innovations. Moreover, it will conclude
the process required to the commercialise innovation and also the range of methods for
protecting ideas and understanding the advantages and disadvantages.

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Online
Business case. 2018. [Online]. available through.
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