Innovation and Commercialization

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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