Innovation and Commercialisation: Importance, Sources, and Techniques

INNOVATION AND
COMMERCIALISTION
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PART 1
INTRODUCTION
Innovation is the aspect which is undertaken by the organisation in order to introduce the
unique feature for new technology in order to conduct their business activities. Irrespective of
size, every organisation needs to adopt innovation as it is the important method in order to
survive in the competitive market (Ursell, 2017). Furthermore, implementing innovation in the
organisation help in gaining use advantage in the marketplace. Essence drink is the chosen
organisation for this report, it is the beverage company is dealing in the healthy mango lassi in
United Kingdom. Now the form is planning to invite and would be coming with the element that
is zinc OK will be added to the lassi in order to offer the wide range using new packaging
method that would be antimicrobial. This report will analyse the explanation of invention and
innovation and also evaluate the various types of innovation. It also analyse commercial funnel
along with the different method of effective protection ideas which includes advantage and their
disadvantage.
Explain the difference between invention and innovation.
Innovation is the concept which includes the feature which is being added into product or
services by with the company can enhance their usefulness of the product and services in order to
fulfill the needs and demands of their potential customers. Within this process, it is important for
the organisation to take initiatives in which the individual can apply their imagination into reality
by doing effective research in the market place in order to analyse the command of the target
market. The process is being incorporated with any services or products which their utility and
make it more prominent for their potential customers. Moreover useful and continuous
innovation tends to have sustainable competitive advantage.
However innovation is important for the company like essence drink and their importance is
appropriately highlighted as below:
 Brand image: it is the significant importance of innovation within the companies like
ascent link the usefulness and their offering and processes which would lead to you better
brand image in the large market. Important aspect of the business by which they can
effectively serve the large market place in appropriate manner.
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 Profit maximisation: another effective importance of innovation is that it lead to
increase overall profitability of the company. It is because innovation and the circle areas
attract more customers as there can be fulfilled by which they can meet the needs and
wants of their potential customers which contribute in generate higher profitability.
However, there are certain aspect which is related to the innovation that helpful in
enhancing the various aspect of organisation. The importance of of invention in comparison to
innovation is explained as follows:
Basis Innovation Invention
Concept It is the process will helpful
in implementing the unique
concept for the company in
order to expand their market
on larger scale. It also
enhance the value of product
and services as well as help in
increasing the overall sale of
the company which
contribute in enhancing the
efficiency of the business.
It refers to the creation of
completely new product of an
organisation by doing
effective research in the
target market so that the
company can offer a unique
product and services that
have not been developed
before.
Skills In relation to innovation it is
necessary for the employees
of an organisation to have
strategic and marketing skills
so that they can have
innovation in an appropriate
manner by which they can
sustain in the competitive
market.
When the organisation is
looking for the invention it is
important to add the scientific
skills that is needed to
brainstorm ideas in order to
understand the needs and
demands of market to create
unique product.
Concern The main focus of all the
organisation is to have the
innovative product and
The main consideration of
invention is too concerned
only is to develop the single
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