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Innovation in a Small Business Context

   

Added on  2020-12-09

17 Pages5178 Words193 Views
INNOVATION INA SMALL BUSINESSCONTEXT

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

INTRODUCTIONInnovation is a process to act for making the changes in the existing products and services and itis an process and action of innovating the new things. The result which comes out from changesis only for satisfying the needs of customers and increasing the sales and productivity of theorganisation. Essence Drinks is a company which create light and elegant drinks for the 21stcenturies. It is delicately low and light in the calories from suing the natural sourced sweetnessand also 20 calories per 100 ml. This report will study the context of the innovation anddetermine the difference and comparison between innovation and invention and also the differenttypes of innovations. Furthermore, the study has discuss the process required to thecommercialise innovation and also the range of methods for protecting ideas and understandingthe advantages and disadvantages(Jensen and et.al., 2016). LO1P1 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 tocreative thoughts, new ideas, so many new imaginations in the form of methods and devices. It isoften viewed as the applications for the better solutions and also meeting the new requirementsexisting needs of market and also the unarticulated needs etc. In Essence Drinks innovationtaking place as the provisions of the effective products with the better results and full-fill theneeds of customers. Essence Drinks innovations are more effective and something which isoriginal 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 solutionand creation of the products. So, it needs better and creative answers for solving the currentsituation which decrees the sales and innovate new products which easily increases the sales andfor all that it needs thinking of the innovator out of the box because it makes the Essence drinksbetter(Etzkowitz and Zhou, 2017). Improved productivity:- one of the main importance of the innovation is it increases theproductivity and also improve it in the Essence Drinks because it focuses on the becoming moreproductive and also on the workflows and programme for increasing the productivity of the newproduct Mix Fruit Lassie by Essence drinks.

Increases competitiveness:- From launching new product in the market it beat thecompetitors because it only needs little efforts and creativity for innovate the new product byEssence Drinks. It comes up with the better ways such as the new taste of mix fruit anddesigning of the product which attract the customers and it help in finding out the bettertechniques of market. Building the range of product:- A business with limited range of products and singleproducts should be certainly benefits from the innovations. broader the products variety and alsothe range gives the opportunity for increasing the sales and profits and also reduces the risk ofthe Essence Drink towards their products(Weisburd and Braga, 2019). Better quality:- Better quality term refers to the quality of the products and serviceswhich is more likely to meet the needs of customers of the Essence Drink. For assuming theeffective market it should get the higher sales and profits of the Essence drink from the newproducts which has been launch in the market. Invention:- The word invention refers to the unique, methods, process and composition of theproducts and new things. The process of the invention is and overall product development andengineering of the Essence Drinks. It bring improvement in the Healthy Mango Lassie and makea new process for the creation of new products or the results. It completely achieving the uniquean different functions for increasing the sales of Essence Drinks through launching the new MixFruit Lassie.Comparison between innovation and inventionInnovation Invention It is an type of act for making the changes inthe existing products with the new ideas. It refers with the creation of new product andservices. Innovation is often advertising the potentialand growth for increasing the sales andproductivity(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 andEconomically sustainable healthy lassies and drinks. It allows the customers for creating theaffordable, healthier and great tasting drinks for them.

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