Report on Concept of Innovation : Essence Drink
Added on -2020-06-06
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INNOVATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain the term “Innovation” and its importance in comparison with invention ...............1P2 How organisational vision, leadership, culture and team work can shape innovation andcommercialization ......................................................................................................................3TASK 2............................................................................................................................................4P3 4P's of Innovation and use of innovation funnel ...................................................................4P4 Explain development in frugal innovation ............................................................................6TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of New Product Development ..............7P6 Build an Innovation Case ......................................................................................................8TASK 4............................................................................................................................................9P7 Evaluate different tools used to retain and protect intellectual property...............................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Innovation means converting an idea into a solution that adds value from a customerpoint of view. It generally refers to the process creating more effective product, services orworkflows. In terms of business, it deals with improving existing services, creating dynamicproducts or executing new ideas (Baldwin and Von Hippel, 2011). It can act as catalyst fororganisational growth and success. Being innovative does not simply means inventing. It is morerelated with changing business model or adapting to changes so as to deliver better product orservices to target audience. The chosen company for this report is Essence Drink which providesmango flavoured drink to consumer. The company has now decided to launch another drinkcalled as “Lassi” in mango flavour. The given report talks about the concept of innovation indetail, application to new product development, intellectual property rights used to retainproperty and significance of commercial funnel. TASK 1P1 Explain the term “Innovation” and its importance in comparison with invention Innovation refers to the process of creating and modifying existing product with newadditional features or attributes so that they can perform more effectively. The concept ofinnovation is important for every company as it enable them to present their product or servicesin the market in more better way that will brings development and growth in particular company.For business, it can be defined as improving product, services or workflows so as to gain highcompetitive edge in the marketplace over rivals. It often seen as application that provide bettersolution to unarticulated needs, existing market needs or new requirement. Such innovationusually takes place through the provision of more-effective processes, services, technologies,business models or products that are made available to society, government and markets.Innovation considers as an in-built part of business strategy that assist in their future growth anddevelopment. With the help of this, entities are able to gain high efficiency and effectiveness intheir procedures that they are mainly using for meeting customer requirement or demands. Theactivities related with innovation includes alteration, modification or imagination of old productor services in new form (Boudreau and Lakhani, 2013).Essence Drink has also taken into account various innovative techniques in order todevelop their product or services in the market. There are several ways through which companycan innovate its product that automatically attracts large number of buyers towards them and as a1
result their profitability increases. But before innovation, it become primary important for theorganisation to determine needs and wants of target audience so that they can transform ormodify their product accordingly. For example: Essence Drink has decided to launch “Lassi” inmango flavour. So they are require to collect information related with customer point of viewregarding mango flavoured Lassi (Goldberg, 2013). If they get positive response from consumersthen they can immediately start its innovation process. Following are some of the importance ofinnovation: 11With the help of Innovation, Essence Drink can formulate effective strategies for seizingthe attention of target audience.11Through this, revenue and income can be generated systematically. 11Through the concept of innovation, Essence Drink can gain high competitive edge in themarket place over others competitors. 11It help in conducting organisational activities in more effective manner so that they caneasily accomplish business objectives and goals. Difference between innovation and invention Innovation Invention Innovation is related with improvingexisting product by adding new featuresin it. Innovation may be new or fresh to theorganisation or industry but not new tothe world. Innovation deals withcommercialization and novelty. Innovation can be defined as a modernidea which can be applied to the currentsituation. Invention means introduction of goodsor services in the market for the firsttime. Invention is something new and theworld is yet not aware of that. Invention deals with creating somethingextremely new. Invention is practical and can be felt bypeople. 2
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