Unit 8– Innovation and Commercialisation
Added on 2021-02-19
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UNIT 8 Innovation
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Innovation and its significance ..............................................................................................3Shaping innovation and commercialisation............................................................................4Various sources of innovation ...............................................................................................4Innovation 4Ps and using innovation funnel..........................................................................5Frugal Innovation...................................................................................................................6Analysing and applying innovation funnel.............................................................................7Critical analysis......................................................................................................................7Commercial funnel significance and applying NPD processing............................................8Developing innovative business case for an enterprise including the ways to access funding10Different tools used by organisation.....................................................................................10Nature of innovation and how organisation can overcome the challenges of developing asuccessful innovation............................................................................................................11CONCLUSION..............................................................................................................................12References......................................................................................................................................12
INTRODUCTIONInnovation is referred as the process of making an invention or idea into a goods andservices which help in creating value for customer for which customers are willing to pay. Insimple terms innovation is the new method of doing something, innovation in business play animportant role in its success and can help the organisation in gaining the competitive advantage.This report is based on case study based on Essence Drinks which is facing decline inprofitability as various of competitors have entered in the UK markets. This report discussesabout the innovation and its significance and how organisation's, leadership, vision and cultureetc can help the company in shaping innovation and commercialisation. This report alsodiscusses the 4Ps of innovation and the use of innovation funnel to shape innovation and alsoexplains the importance of commercial funnel. TASK 1Innovation and its significance Innovation means if someone improves or makes significant contribution to the currentgoods and services while as invention means creation of a product and introducing of the productfor the first time. In innovation new values are added to the current product and is the practicalimplication of new idea but invention is entirely creation of new product. Innovation may be thecombination of various products or processes which increase the value of the product for thecustomers while as invention is the single product process which may or may not add value forthe customers (Westland, 2016). Invention is the occurrence of the idea for the product that hasnever been existed before but on the other hand innovation involves the implementation of theidea for process or product for the very first time which may attract the customers towards theproduct or service. Innovation can be really important for Essence Drinks by innovating thebusiness, company will be able to solve the business problem, innovation can also help thecompany in increasing its productivity by bringing creativity or by working smarter. Also,Essence Drinks can use make innovation in marketing its business through creative ideas andinnovations which can make a company's business to stand different from others. Innovation isthe easiest way of beating competitors as Essence Drinks just need to put little creativity in itsbusiness and can easily with new drinks or change in recipe which can prove beneficial for theorganisation in increasing its sales.
Shaping innovation and commercialisationOrganisation vision can help the company in shaping the innovation andcommercialisation as if vision of the organisation is to increase sales and gain profits so, it isimportant for the Essence Drinks to make innovation and bring something new in the market.Leadership also shapes the innovation and commercialisation, as it depends on the creativity ofleader and it efforts to bring changes in the organisation and motivate employees for changesprocess. Type of leadership style adopted by the leaders also help in shaping the innovation forexample transformational leadership style where leaders are visionary, daring and risk takerswhich can bring change in the Company (Andreassen, Lervik-Olsen and Calabretta, 2015). It isthe culture of the organisation which is the real driver of change if Essence Drinks have adoptedinnovative culture in the company it can result in innovation and commercialisation as it is theculture which motivates the employees towards the change, and they work for it. Another driverfor shaping the innovation and commercialisation in any workplace is teamwork, if there is aproper collaboration within the team member and understand each other can result in innovation.Different team members of the organisation have got different mind and share ideas with eachother and support each other which can surely result in commercialisation and innovations in thebusiness. Various sources of innovation There are different sources of innovation which can result innovation in Essence Drinkswhich are as follows:Market Structure: Company's exixting market structure can give rise the innovation, byanalysing the existing market Essence Drinks can bring innovation by identifying the customerneeds and trends in the market. Demographics: People lifestyle can also give rise to innovation, changing lifestyle andpreference of the people for example a customer may feel need of drinking alcohol, sincedrinking is dangerous, but they need to satisfy their urge (Jhon, 2017). Lifestyle needs may besmall but their fulfilment is the important requirement for the company so, this where innovationfinds the opportunities. Essence Drinks in fostering and developing the culture as well as environment ofinnovation in the organisation through different ways:
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