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Innovation Assignment - Essence Drinks company

   

Added on  2020-10-22

14 Pages4512 Words104 Views
Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explanation of innovation and determine its importance to organisations...........................1P2. How Organisational vision, leadership, culture and teamwork can shape innovation andcommercialization.......................................................................................................................2TASK 2............................................................................................................................................3P3. The 4Ps of innovation and the use of innovation funnel......................................................3P4. Explain developments in frugal innovation..........................................................................4TASK 3............................................................................................................................................5P5. The importance of the commercial funnel and the application of new product development.....................................................................................................................................................5P6. An innovation business case for an organisation including ways to access funding............7TASK 4............................................................................................................................................8P7. Evaluation of the different tools that company can use to develop, retain and protectknowledge and intellectual property...........................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9INTRODUCTIONInnovation is anaction or process of developing something new by using new ideas, creative thoughts and new

imagination in from of device or method. It can be a process of translating and converting anidea and invention into a good or service which create value or for which customer will pay(Anderson, Potočnik and Zhou, 2014). The future of brands is described through new productsand services, helping to bring a brand strategy to life through a value proposition and tangiblecustomer experience. This assignment is related to Essence Drinks which manufactures softdrinks and founded by Akshay Kumar. This report will discussed about innovation and itsimportance and organisational vision, leadership, culture and teamwork that can shapeinnovation and commercialization. Further will defined about different types of innovation andthe process required to commercialization innovation. Evaluation of the different tools thatorganisations can use to develop, retain and protect information and intellectual property. TASK 1P1. Explanation of innovation and determine its importance to organisationsInnovation- It describe as a process which consists different activities to uncover new ways todo things. It can be explained as the act of making, inventing or producing something andmaking innovation in existing products and services. Essence Drinks was founded two years agoby Akshay Kumar as Beverage firm which produce healthy mango lassi in to the UK market.The company is facing issues due to new competitors in the marketplace. So the innovation isimportant and essential for the company so that the organisation can make sustainability andsurvive in the market till long period of time. Innovation consist the process of bringing new goods and services in the market bymaking innovation within them by using ideas and creative thoughts. It is very necessary forEssence Drinks so that they can make improvement and declining sales and profit margins of thecompany. With the help of innovation, , Essence drinks can provide satisfaction to its customersby providing products and services according their needs and demands (Autio and et. al., 2014).The firm can manufacture their new organic fruit juice with different flavours in the marketplacewith the help of innovation. Importance of InnovationIf the company want to manufacture its new drinks with innovation to make improvementin the sales and profit, there are different innovative ideas and suggestions are as following:

The firm can apply innovation block chain technology to make transparency in its supplychain. With the help of this technology, it can remove the issues within the supply chain.Innovation is important for the organisation because it help in promoting the newproducts and services at marketplace and increasing the awareness about the products(Bernstein, 2015). Essence drinks can use social media and web advertisementtechnology which help it to provide information its target audience. Difference between Innovation and InventionBasisInnovationInventionDefinitionIn Essence Drinks, it is theprocess of generating newideas and thoughts in contextof a firm so that applied themto make improvement in theproductivity and profitably ofthe firm (Chesbrough andBogers, 2014).It refers to the process ofenhancing new tools, methodsand techniques etc. so that themanagement department of thecompany can effectively andefficiently carrying out itsactivities and operations (Hsu,Tian and Xu, 2014).FocusInnovation make focus on theimprovement of the existingproducts and services for thepurpose of making innovationin their efficiency (Etzkowitzand Zhou, 2017). Invention focus on therecruitment of new employeesso that they can help indeveloping new products andservices of the firm (Drucker,2014). ConceptThe concept of innovation ismaking improvement in theexisting products of theorganisation (Camisón andVillar-López, 2014). The concept of it is to makedevelopment in new productsand services in order to makesatisfaction in the needsdemands of the customers(Berry and Berry, 2018).

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