Innovation and CommercIALIZATION Introduction 3 TaSK 13 Q1 Explain the Innovation Funnel and the New Product
Added on 2021-02-20
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INNOVATION ANDCOMMERCIALIZATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Q1 Explain innovation and the Difference between the Innovation and Invention....................3Q2 Explain the importance of the Innovation and the way organization can change intoinnovative organization...............................................................................................................4Q3 Explain different type of innovation approaches..................................................................6Q4 Explain 4 P' s of the innovation in the organization context.................................................7Q5 Explain the Innovation Funnel and the New development product in context of the newproduct.........................................................................................................................................8Q6 Explain the Frugal Innovation and its importance for the organization..............................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation refers to process of inventing a new idea into a product or element that is completelydifferent and unique from others and is placed in a market with a view of earning profit. Thisreport highlights the definition of the Innovation and the difference between the innovation andInvention. Further this report highlights the importance of the innovation and what will be thebenefit will be brought by the innovation to the Yo Yo drink. Further this report explains thedifferent types of the innovation approach and the 4 p's of the innovation for the organization.Further this report explains the Funnel innovation and the New product development strategyand In the end report explains the Frugal innovation and its importance.TASK 1Q1 Explain innovation and the Difference between the Innovation and InventionInnovation is the process of trying different activity or the multiple of the activity at once to findout the new and unique way to do something or to bring something new into the market. In thetoday's scenario which is favouring more toward the globalization it has helped the economy ofthe country but at the same time also has increased the competition in the market and which haseventually resulted in the increase in the demand in the customer that's the big reason for the YoYo drink also seeing the down fall because of demand of the change. Innovation product willhelp the organization in giving something new into the market which eventually result in thepositive aspect toward the sales and the revenue for the organization (Naranjo and et.al., 2016). There is always a misunderstanding about the Innovation and Invention but in real there is a hugedifference in between them. Difference is as follows:BasisInnovationInventionMeaningIt is the process based programwhich looks at combining thethought, idea and the newimagination together with themotive of coming to mutualunderstanding of bringingsomething new into the market(Ortiz and et.al., 2018).Invention is not that processedbased but in it individualsimply used the differentresources to develop the newproduct in the market.
PurposeInnovation is the continuousthinking process and the mainpurpose of it to satisfy theneed or the trend in the market.The main purpose of theinvention is to bring newproduct in the market for thefirst time in the market.ProductInnovation helps the businessin bringing the change in thealready launched product inthe market by the way ofintroducing new lines of theproduct in already launchedproduct.Invention helps the business inbringing the new product inthe market for the first time forthe customer.ExampleDomino's has brought the newflavour in their offering of thedeep to the customer (Prajogo,2016).Tata has invented the first bikewhich can be run on the diesel.Q2 Explain the importance of the Innovation and the way organization can change intoinnovative organizationImportance of the InnovationInnovation is the very important part in the today's scenario as it helps the business in many waysas this is the basis for all the activity in the organization in the current scenario. Some of the mostimportant benefit which will be brought by the innovation to the Yo Yo drink is as follows:Innovation always work as a big problem solver for the organization as the innovationhelps the organization in attracting the customer by bring the service or the product whichis needed in the market. Innovation will work as a big problem solver for the Yo Yo drinkas the firm is facing the problem of decrease in the sale and the revenue of theorganization which due to the unavailability of the variety of the product, Innovation willhelp them in bringing the new product in the market which will increase their productoffering to the customer which will eventually help the Yo Yo drink in solving theproblem for the organization (Shiu, 2017).
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