Innovation and Its Importance in Essence Drinks : Report
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Added on 2020-07-22
Innovation and Its Importance in Essence Drinks : Report
Added on 2020-07-22
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P 1- Explaining innovation and determining its importance to the organisation and itscomparison with invention. ........................................................................................................1M 1-.............................................................................................................................................2P 2- Explaining how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation. ............................................................................................3LO 2.................................................................................................................................................4P 3- Explaining the 4 p's of innovation and the use of innovation funnel to examine and shapeinnovative ideas in the organisation. ..........................................................................................4M 2- ............................................................................................................................................5P 4- Explaining ways to develop frugal innovation....................................................................5M 3- ............................................................................................................................................6D 1- .............................................................................................................................................6LO 3.................................................................................................................................................6P 5- Explaining the importance of commercial funnel and the application of new productdevelopment (NPD) processing for commercialisation of innovation........................................6P 6- Building an innovation business case for the organisation, including the ways of funding. .....................................................................................................................................................7M 4- ............................................................................................................................................8LO 4 ................................................................................................................................................8P 7- Evaluating the different tools that Essence Drinks can use to develop, retain and protectknowledge and intellectual property. .........................................................................................8M 5- ............................................................................................................................................9D 2- .............................................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONInnovation is the life blood for an organisation. This leads the company towards successgains some competitive advantages for it. Essence Drinks is the company which provides healthydrink of mango lassi to its customers. It has gained success in the first year after its launch butafter that sales decreased. This report includes about the innovation and its different nature fromthe invention. It is very important for the success of company in the market. It is explained thathow organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation. 4 p's of innovation are explained and the use of innovation funnel to examineand shape innovative ideas in the cited company (Datta, Mukherjee and Jessup, 2015).Developments in frugal development are explained. There are many importances of thecommercial funnel and the application of new product development processing forcommercialisation of innovation. Business case is build which needs innovation which includesways for funding. Different tools that the cited organisation can use to develop, retain and protectknowledge and intellectual property are evaluated. LO 1 P 1- Explaining innovation and determining its importance to the organisation and itscomparison with invention. Innovation is the process which brings positive changes in the working styles of theorganisation helps it to grow further. This is very helpful in gaining some competitiveadvantages which makes them more developed between all the competitors. It is beneficial forincreasing the market share of the company. Through the innovation the quality of products andservices get enhanced. Invention is totally different from innovation. It means making newservices or products. These are totally new in the market. On the other hand innovation is makingquality changes in the existing products and services. There are many importances of innovation.Some of them are as follows:Satisfying consumers- Needs of consumer always changes with time. They want thatproducts and services which are creative and will satisfy them fully. Innovation is theprocess of making that changes in the products which are required by the customers.Essence Drinks work in the direction of making their customers satisfied (Hallstedt,Thompson, and Lindahl, 2013). It will eventually lead them to increase their sales. On the
contrary invention is the process of launching new products which may or may not berequired by the customers. Customers satisfaction is the most important part of anorganisation which can be gained through the process of innovation. Enhancing productivity- Innovation will make the company to use that technologieswhich will be the best for increase in productivity. It will bring that changes which willbe the best for working of all the functions in the organisation. This will eventuallyincrease the productivity of cited company. Innovation is based on the creativity whichmakes the stakeholders sure about the further development of the company. On thecontrary invention can bring increase in the productivity or may be not. They are not surethat invention will bring some development or not. Advantages from competition- Innovation will lead the Essence Drinks to gain manycompetitive advantages in the market. By this many customers will get attracted towardsthem which will increase their revenue and eventually their market share. Innovationbrings that change which is required by the customers. On the contrary it is not sure thatinvention will also bring that changes only (Kaur, Sharma and Sharma, 2014). It will taketime for the customer to understand the value of product. That's why innovation willdefinitely gain some advantages regarding the competition in the market. Engaging stakeholders- Bringing innovation will need approval of all the stakeholderswithin the Essence Drinks. These are the person who are directly related with theworkings of organisation. So innovation process will involve all of them in the businessfunctions. Stakeholders will not object innovation because it will bring positive changes.On the contrary stakeholders can object the process of innovation because they are notsure that it will bring positive changes or not. These factors state that innovation is very important for the company to grow further andget success in the market. It also states that innovation and invention are different from eachother. Innovation is better than invention because of level of risk involved with them. M 1-There are many sources from which innovation can be brought within the citedorganisation.The Essence Drinks can use the new technologies which comes in the market (Seybold,2014). This will bring innovation in the organisation.
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