Innovation and Commercialization

This assignment discusses the importance of innovation and commercialization in business, focusing on the case of YOYO drinks. It explores different types of innovation, such as incremental and disruptive innovation, and the 4P's of innovation. The assignment also covers the process of new product development and the use of frugal innovation. Additionally, it discusses the tools and techniques used by companies to protect their intellectual property.

Innovation and
Commercialization

INTRODUCTION
Innovation refer to the procedure of change over a thought and thought into a good
service which generate value and the customers will ready to pay for that. It can be a process by
which a business origination uses something new within its existing products and services of the
company. As per the defined information YOYO drinks is an organization which operate its
business in UK (Ahn, Minshall and Mortara, 2015). This firm provides Mango lassi in UK
market and create income in three years from its establishment. After in fourth year, the sales of
the company started to decreased due to number of rivals in the marketplace. In order to
overcome this issue, the management of the organization to form some creation in its existent
products in context of making increment in the sales. This assignment will be discussed about
different characteristics of creation along with value and grandness of it. 4P's of innovation and
frugal innovation will also be described in addition to this. Further will explained about different
tools and techniques of intellectual properties which can be used by the management of YOYO
drinks to provide protection to its innovative products.
TASK 1
Covered in to PPT
TASK 2
Innovation and how it is different from inventions
Innovation is a procedure by which a company can make changes in its existent goods
and services accordant to the inevitably and demands of the consumers in the situation of high
competition and growth of the firm. YOYO drinks is offering Mango Lassi in UK market but
due to decrements in the sales of the company, Mr. Bond, the founder of this firm decided to
make innovation in its existing products in context of making increment in the sales and long
term sustainability. Mr. Bond decided to launch its existing product in to different flavors like
banana, chocolate, strawberry and others. The importance of making innovation in products in
context of business organization are as following:
 New commodity will outcome in structuring brand name or image of YOYO drink which
is important for getting attention of various consumers from market place. In addition to
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it, innovation is also helpful for making increment in sales and attaining the aims and
objectives of the company in effective manner (Azarmi, 2016).
 In YOYO drink, the management will make innovation in Lassi which help in fulfilling
the needs and demands of consumers in appropriate manner.
Innovation and invention both are antithetic from each other in various manner, so the
deviation between innovation and invention are as defined below:
Basis Innovation Invention
Meaning Innovation indicates to the utilization of
thought for commodity or procedure for the
very first time (Brix, and Jakobsen, 2015).
Invention refers to the
generation of an opinion for a
product that has never been
produce before.
Concept Interoperable execution of new sentiment. An primary persuasion and its
running in concept.
What is it To add value in existing product and
service.
Initiation of a new product.
Skills required Technical, marketing and strategic skills. Scientific skills.
Value and importance of innovation to organization
Innovation is affiliated with producing product, process and efficient ideas. In YOYO
drink, innovation basically indicates to the implementation of new thoughts, manufacturing
impulsive trade good or intensify services. Innovation work as an accelerator which is helpful for
the development of the business and gaining competitive advantages form market. There are
various value and grandness of utilizing creation within YOYO drinks. The description of it is as
following:
Beat competitors- Innovation is helpful for minimizing competition in appropriate
manner and gaining competitive advantages. The sales of YOYO drink reduced due to high
competition in the marketplace. Therefore, by making innovation in existing product Mango
Lasii, with the help of different flavours, the management of this company can beat the
competition. It is also helpful for increasing the sales by attracting number of customers to offer
products according their requirements.
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Increase productivity- If any organization adopt new innovation in product and process
then it is effective and helpful for the organization (Chun, Chung and Bang, 2015). YOYO drink
is also make increment in the productivity of the firm by making innovation in the form of
launching existing product in different flavors like Banana, chocolate, strawberry and others.
Different types of innovation
There are various kind of creation which can be utilized by the management of the firm to
do something new and innovative within the existing products and services (De Saille, 2015).
Incremental, radical, disruptive and architectural innovation are some types of innovation and the
Determination of some of them are as following:
Incremental innovation- It is the most ordinary type of creation and this existent
application will use and outcome in enhancing worth for consumers under the current market
place. This kind of innovation help in increasing the productivity by adding and removing
unnecessary features for existing products.
Disruptive innovation- This kind of creation is also illustrious as concealing creativity
which consists use and utilization of new technology or process to the firm's current marketplace.
This type of creation can be used by the management of YOYO drink to launch its existing
product in different flavor Lassi. It can be assistive for devising increment in the sales of the
organization and creating sustainability till long period of time.
4P's of innovation and how this supports capability and management of innovation
4P's of excogitation and innovation mix is developed by Joe Tidd and John Bessant. It
can be accepted and use by a company when they are provisioning and thinking to adopt creation
in the market place in order to get attention of number of consumers regarding innovative
products and services. The 4P's such as product, process, position and paradigm are helpful to
accepting innovation to a company in appropriate manner. The brief description of these 4P's of
innovation in context of organize innovation of conservation flavored lassi which is provide by
YOYO drinks are as following:
Product- If a company make creation in its existing goods and services then it help in
getting attention of number of customers which assist in exploding the sales of the organization
and achieving the aims and objectives of the organization in efficient and appropriate manner. In
YOYO drink, the management of the institution can form creativity in its existent commodities
Mango Lassi by launching it in different flavors (Heinonen, 2015). It is useful for getting
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attention of new customers and retaining existing and potential consumers. It help in fulfilling
the necessarily and needs of the target audiences and making sustainability till long period of
time.
Process- It is the next stage of innovation mix under which the company make
innovation and development in the procedure so that they can make excogitation in the goods
and services of the company accordant to the desires and demands of the consumers (Kim, Park
and Paik, 2018). YOYO drink is a small sized firm which provided healthy and flavored Lasssi
to get attention of various consumers and influence them to buy it. With the help of this
procedure YOYO drink capable to accept process which is appropriate and necessary to the
management in processing Lassi without any problems and issues.
Position- It indicates to the techniques and proficiency of how efficient firm places their
commodities at market place so that consumers pay attention and buy it so that they can gain
immense net profit. For this the management of YOYO drink can organize market analysis and
evolution so that they can get information about the needs and demands of the consumers. It will
be helpful for the company to provide a position to their flavored Lassie in the marketplace.
Paradigm- It is the last phase of creation mix which is affiliated with modifying
orientation of business concern so that consumer and other associated firms can interpret the
effectiveness of goods and services. In addition, with it, YOYO drink capable to monitor things
but due to deserve prospective, it will assist them in keeping powerfulness of specific drink.
With the help of innovation mix, YOYO drink can create awareness about new product
Lassi in appropriate manner and also target potential customers and places to sales its products
and services in the market in effective and efficient manner in context of increasing sales and
productivity. For the respective company , the product innovation is suitable as it helps them to
perform innovation in their existing product as well as enhance sales in order to attain objectives.
Process of New product development and innovation funnel
Innovation funnel refers to a tool which can be used and utilized by a company in order
to create decent point in the marketplace by providing innovative goods and services to the
consumers and target audiences. In context of making introduction about flavored lassi, the
management of YOYO drinks can accept and utilized funnel innovation, that are as follows:
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Opportunity assessment- This is the first step, under which the management of YOYO
drink can organise market research to find out the needs and demands of target audience so that
the innovation can be done in lassie as per the acquirement of the customers.
Insights based ideation- This is the next step, under which an organisation find out that
which kind of strategy and idea is more effective of them so that they can get attention various
consumers in proper style (Maritz and Donovan, 2015). In YOYO drink, the management of the
company can organise analysis and with the help of which they can get information about
consumer's needs by using survey, online analysis, focus group and others.
Conceptualization- It is third stage of this process under which YOYO drink can recruit
adviser so that with the help of that person they can design effective strategy which is useful for
creating awareness about flavoured lassi (Mazzarol and Reboud, 2017).
Evaluation and benchmarking- In this stage, the organisation can provide product to
consumers in respect to organise testing. With the help of it, they able to have information about
innovative Lassi which is manufactured by the management of the company to get attention of
target audiences.
Go/No Go- Under this stage, the management of the company YOYO drink can collect
review and feedback regarding its new product flavoured lassie. With the help of this, the firm
can have analysed the effectiveness of their product flavoured Lassi. Apart from it, they can get
information that why customers so not like products and what are requirements.
Launch- This is the last stage, within it after having information about innovation,
YOYO drink actuation their trade good flavored lassie at their reference and expected
marketplace.
So, YOYO Drinks can used innovation funnel for positioning their new commodity that
is flavored lassie into agonistic market. Moreover aids them to produce innovative ideas so that
new product can be launched successfully.
New product development is important because it help in offering new value to the
customers by making development in the products. The products and services are manufactured
by a company so that they can make improvement in the company and new product development
also help in development of society by making improvement in the products.
Frugal innovation and provide examples of how organizations are using it
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Frugal innovation refers to an activity which can be accepted by an organization in
context of finding out new business concern framework, organize, design of product, cognize
value chain and several others through which the organization can achieve aims and objectives
appropriately. In addition, with it, it can be accepted by several organizations in order to make
development in extra components for existing offering at marketplace. In context of YOYO
drink, the management is introducing their new innovative lassie product.
New market opportunities- For an organization, it is essential to organize market
innovation so that they can make improvement in the goods and services in appropriate way. In
context of YOYO drink, the management of the company have requirement of consumers
effectively.
Resources- It indicates to that phase which is affiliated to optimism use of resources so
that commodity can be germinate in appropriate way (Pachura, 2017). In YOYO drink, they can
organise usage each and every origins in appropriate style so that they can produce merchandise
with minimal wastage.
Frugal innovation- Under this stage, the management of the organization initiate new
commodity at market place so that they can earn agonistic advantages (Polzin, von Flotoz and
Klerkx, 2016). In YOYO drink, the management of this company accept frugal improvement
plan of action because it is capable to provide introduction of its new innovative product
effectively.
Frugal innovation basically comprised of main two sections which are defended as
beneath:
Problem- Accordant to it, there are various issues and hurdles which can be faced by an
organisation when they are creating awareness about the new product and service of the
company in the market. In YOYO drink, when the management of the company are introducing
about its new product lassie, they also face various problems affiliated to fund, time and target
audiences etc.
Related to products- It indicates to those problems which are affiliated to selling and
communicating. It is important for YOYO drink to make correct and efficacious abstraction with
the customers so that consumer can have information about new lassie and influence to buy it.
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Different tools that companies use to develop, retain and protect knowledge and intellectual
property
Intellectual property is category of property that consists intangibly creations of the
human intellect. There are various kind of intellectual property like copyrights, patents,
trademarks and trade secrets etc. These are different intellectual property tool which help in
providing protection and security to the new products and services of a company. In this
respective company, the management can use patent tool for its new drink product. It gives an
inventor the right to stop other individuals making or using their innovation. If smeone make or
use that innovation without being allowed to, the inventor can sure that person in court to make
them stop.
CONCLUSION
As per the described information, it can be analysed that innovation is essential for
running and operating the business of a company till long period of time. It is also crucial for
making increment in the sales and productivity or gaining competitive advantages form market
place. It is helpful for YOYO drink to make innovation in its current product mango lassi by
launching it in different flavours like strawberry, banana, chocolate and others. These all things
are effective for enhancing sales, profitability and providing satisfaction to the target audience of
the firm.
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REFERENCES
Books and Journals
Ahn, J. M., Minshall, T. and Mortara, L., 2015. Open innovation: a new classification and its
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Alexander, A. T., Miller, K. and Fielding, S., 2015. Open for business: Universities,
entrepreneurial academics and open innovation. International Journal of Innovation
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Azarmi, D., 2016. Factors affecting technology innovation and its commercialisation in firms.
Brix, J. and Jakobsen, H. S., 2015. Business model pretotyping: exploring pre-commercialisation
opportunities in practice. International Journal of Innovation and Learning. 17(1).
pp.98-110.
Chun, D., Chung, Y. and Bang, S., 2015. Impact of firm size and industry type on R&D
efficiency throughout innovation and commercialisation stages: evidence from Korean
manufacturing firms. Technology Analysis & Strategic Management. 27(8). pp.895-909.
De Saille, S., 2015. Innovating innovation policy: the emergence of ‘Responsible Research and
Innovation’. Journal of Responsible Innovation. 2(2).pp.152-168.
Heinonen, T., 2015. Management of innovation in academia: a case study in Tampere. Journal of
technology management & innovation. 10(2). pp.198-210.
Kim, M. K., Park, J. H. and Paik, J. H., 2018. Factors influencing innovation capability of small
and medium-sized enterprises in Korean manufacturing sector: facilitators, barriers and
moderators. International Journal of Technology Management. 76(3-4), pp.214-235.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
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Mazzarol, T. W. and Reboud, S., 2017. Entrepreneurship and innovation. Tilde Publishing and
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Pachura, A., 2017. Innovation and change in networked reality. Polish Journal of Management
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Pustovrh, A. and et. al., 2017. Antecedents and determinants of high-tech SMEs’
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Singh, A., Wong, P. K. and Ho, Y. P., 2015. The role of universities in the national innovation
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Online
Difference Between Invention and Innovation. 2019. [Online]. Available Through:
<https://keydifferences.com/difference-between-invention-and-innovation.html>.
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Types of Innovation. 2019. [Online]. Available Through:
<https://techblog.constantcontact.com/software-development/types-of-innovation/>.
Innovation Funnel. 2019. [Online]. Available Through:
<https://greenbookblog.org/2011/06/04/the-innovation-funnel-bringing-ideas-to-life/>.
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<https://ocpatentlawyer.com/four-types-intellectual-property-protect-idea/>.
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