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(PDF) Innovation: Principles and Strategies

   

Added on  2021-01-01

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INNOVATION
(PDF) Innovation: Principles and Strategies_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Define innovation and ascertain its importance to organisations and difference withinvention.................................................................................................................................3P2. How organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation...................................................................................................................5TASK 2............................................................................................................................................6P3.The 4Ps of innovation and explain the use of the innovation funnel to examine and shapeinnovative ideas......................................................................................................................6P4. Frugal innovation and its use in organisation...................................................................8TASK 3..........................................................................................................................................10P5.The importance of the commercial funnel and the application of NPD processing forcommercialisation of innovation..........................................................................................10P6 Build an Innovation Business Case for an organisation, including ways to access funding...............................................................................................................................................12TASK 4..........................................................................................................................................13P7.The different tools that organisations can use to develop, retain and protect knowledge andintellectual property. ............................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONInnovation can be refer as to add some new innovative thing to an existing product just tochange to make a new innovative product for which the customer has value and they should payto buy that. The innovation and the added value should be that which satisfy the need anddemand of customers. The present report is based upon the current scenario of Essence Drinks,which is a UK based beverage brand and this was launched two years ago by Akshay Kumar.This company is offering the delicious mango Lassi, which had increased his sales but then after3 years the sale was reduced and then the owner of essence drinks decided to innovate hisproducts in context with Lassi. Therefore, the project report will help us to know the variousways of innovating the product of Lassi and bring some innovation in that (Aarikka-Stenroos,Sandberg and Lehtimäki, 2014) . This report will mainly emphasizes on the innovation andinvention, along with their vision, culture, teamwork, leadership will help to innovate the productof Lassi. In addition with this, the 4P's of innovation will also be discussed and at end the reportwill be wind up by explaining the business case of company and properties to protect theinnovative product. TASK 1P1.Define innovation and ascertain its importance to organisations and difference with invention.Innovation : This is the process which refer to change or modify the existing product andcreate something more effective products and services. Innovation is not just meant to inventingsomething but innovation can mean to change the model of the business and adopting change todeliver the best products to the customers. Therefore, this to suggest to the owner of essencedrink to add some ingredients in Lassi like dry fruits by which the taste will become moredelicious and it will be healthy for customers (Brunswicker and Van de Vrande, 2014) . By this,the health conscious individual will also buy it and the sale will be increased. There are manydifferent importance for organisation which are outlined as below -
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1.Innovation will result in increasing the sale and enhance the productivity andprofitability. 2.Innovation will also lead to increase the customer loyalty and customer satisfaction bymeeting their demands and needs.3.Innovation also helps to increase the reputation or goodwill of the firm as this is veryessential to sustain in the market for long term.4.Innovation will also help to attain the desired goals and objectives of the firm in effectivetime frame. Therefore, by these benefits the owner of essence drinks can be able to enhance its salesby bringing change in his product of Lassi as he is adding the dry fruits ingredients to it by whichthey gain more attention of the customers and this will enhance their sale.Difference between Innovation and Invention`Invention and innovation both is different from each other as Akshay Kumar, the ownerof Essence drinks has decided to innovate his product rather than invent it by replacing it withanother product. Here is the difference which is explained as below -Basis of ComparisonInnovationInventionMeaningInnovation is related to theimplementation of ideas orthoughts to an existingproducts just to make it a newinnovative product (Paradkar,Knight and Hansen, 2015).Invention is the process ofcreating something new for thefirst time. Developing orinventing a product to launchin market so that the sale canbe increased. AboutThis is all about adding a valueto an existing product just tomake it new.This is all about invention of anew product.ConceptNew and innovative ideas areimplemented in existingproduct.The new real existing idea isimplemented (Libaers, 2014).Required SkillsTechnical skills and marketingskills.Management and Scientificskills.OccurrenceWhen modification areWhen scientist are having a
(PDF) Innovation: Principles and Strategies_4

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