TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 PART 1............................................................................................................................................3 P1 Explain innovation and difference between innovation and invention.............................3 P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation............................................................................................................5 TASK 2............................................................................................................................................6 P3 4P's of innovation and explain the use of innovation funnel to examine and shape innovation ideas......................................................................................................................6 P4 Development in frugal innovation and provide example of its usage in an organisational context....................................................................................................................................8 TASK 3............................................................................................................................................9 P5 Importance of commercial funnel and application of new product development (NDP) processing for commercialisation of innovation....................................................................9 P6 Build an innovation business case for an organisation, along with ways of access funding. ..............................................................................................................................................10 TASK 4..........................................................................................................................................12 P7 Evaluation of different tools that organisation can use to develop, retain and protect knowledge and intellectual property....................................................................................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14
INTRODUCTION Innovation means introducing new views and ideas and generate innovative and different product and services. Innovation is a process which help to provide new product and services in effective manner (Bernstein, 2015). On other hand Commercialisation is process in which an organisation launch new product and services in the market for increasing its overall sale. Many activities are included in it like production, distribution, marketing and many other which effect the growth of organisation in positive manner. This report is based on YOYO drinks which was started three years ago. This company was started by Mr. Sameer who is also CEO of this organisation. In this report management is focusing on sale maximisation of the organisation. It is also cover detail information innovation and invention, its importance and differences. 4P's of innovation are also discussed in this project. Beside it frugal innovation and benefits are also describe in this report. PART 1 P1 Explain innovation and difference between innovation and invention. Innovation is an important term in which many new and innovative ideas are generated to provide effective product and services for the market. Through innovation an organisation can fulfil all the needs and requirement of their customers. It also helps the market by offering satisfiedproducts.Innovationhelptheorganisationindevelopmentaswellastarget achievement. Along with this,it help in fulfilling the demand of customers in effective manner (Carayannis, Cherepovitsyn and Ilinova, 2016). Innovation is also known as updated version of product which included various method like creating, designing, discovering and developing. These all are not available in market.
Tangibleproductsaregeneratedbyinnovativeideas,marketresearchanddevelopment. Different new method and techniques are uses for improve market and existing product. Difference between innovation and invention InnovationInvention Innovationisintroducingnewideswhich provideinnovativeproductandservices. Throughthiscustomerfindinnovativeand creativeproducts.Innovationalsofulfilthe requirement of an organisation in an effective manner. Invention is totally different from innovation. In this they developed ideas and methods of productionwhicharenotavailableat marketplace. All new services are provided by invention for customers. Innovationrequirednewideaswithcritical thinkingabilityinordertounderstand customers taste and preferences. Organisation shouldhireskilledemployeessofirmcan generate profits in future. For development of process, many skills are required with effective role and responsibility suchasinnovativeskillsandinterpersonal skillsarerequiredtogaincompetitive advantages among rivals. This will facilitates organisation to capture large market share. It refers to updating a product and services which already available at market place. It is likeaddingvalueinaproductwhich differentiate it from other products. It is creation of new product by using new strategy, process and method and introduction it with market. This activity is done separately in organisation, therearenorequirementofresearchand development. It is totally based on research and development becausebeforelaunchingnewproduct organisation want to know the actual condition of the market. For example YOYO should take feedbackformcustomersregardingproduct and make changes to offer quality services. Importance of Innovation in organisation
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Innovation play an important role in the growth of an organisation. It means innovation of new ideas provide effective product and services for the market.It provides change for the organisationwhicheffecttheenvironmentoforganisationaswellasmarketplace.An organisation can update its product through dynamic change in it. In context of YOYO drinks, there are various benefit of innovation which effect the growth of this organisation. There are some importance of innovation and those are as given. Continuous improvement:Innovation is important for the organisation because it help the organisation in improvement in various sectors (Chun and et. al., 2015).In context of YOYO drinks it has been analysed that innovation helps in attaining organizational goal. By introducing new product in market company can capture large customer base and it will in generating goodwill in the minds of customers. Improvement can be done by taking feedback from respective customers and make product as per the customer’s satisfaction. Using of social media:Social media play an important role for introducing new product in market. It is the only way which effect the customers most. YOYO drinks also using this effective strategies like promotion and campaigns on social media to attract more and more customers. Social media have a big platform which effect the target market. Through providing advertisement of these side this organisation can increase its productivity in effective manner. Creative development:According to current scenario innovative ideas and product support the organisation in its development. Through this they provide different product and services for the market. YOYO drinks also focusing on this strategy on innovation which help this organisation to increasing sale and cover large part of market share. Branding:Building relationship with customers is important for the long term goal achievement, branding is important for every organisation for its growth (Datta, Mukherjee,and Jessup, 2015). YOYO drinks also focusing on this because it is important for their organisation. By using this strategy, they can build a strong brand image in the market which help them to increase their sale. P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation. Vision:It is a statement that an organisation declares for achieving future goals and targets. Those targets are focused by the organisation to achieve it in future. In context to YOYO drinks, they also focus on their statement because after launching mango flavoured lassie they
also face a bad phase which decrease the productivity of this organisation. After this case YOYO drinks decide to declare their statement in which they are focusing on the growth of organisation (Dutta and Folta, 2016). They use many strategies through which they attract more customers and build a strong brand image in the market. Through vision this organisation found a plan through which they direct their employees for their target. When an organisation has a proper vision in that condition they collect their target easy. Leadership: It is skill which is founded in a person who direct the workforce in an effective way. It plays impermanent role in an organisation because with the help of effective leadership they direct employees and achieve target in a particular time. Leadership depends on nature, attitude, behaviour and many other thing. Beside it leadership is also classified into various type and those are like participative, democratic, autocratic and situational. These all styles describe about different leaders behaviours like how they react in any situation. In contact of YOYO drinks it has been analysed that they follow Participative leadership style in which they provide a comfort zone to their employee. Though providing healthy environment they also increase the performance of the organisation as well as they provide them right related to decision making. With the help of different ideas of different employee’s organisation can provide innovative ideas for their customers. This leadership style focus on the growth of organisation as well as employees. Culture:Itincludevaluesnorms,behaviourandattitudeofindividualtowards organisation. Innovation leads towards change which provide new directions and ideas to achieve organisational objectives. YOYO drinks manager should maintain positive culture in organisation so that employees can perform their activity effectively. Innovation culture help in improving employee’s capabilities and skills to complete task in well-defined manner. In result it will enhance the marketplace and profitability of company (Henttonen and Lehtimäki, 2017). Teamwork: Every employees of an organisation isperforming their task to achieve conmengoal but when they perform in team work in that condition they achieve their target easy in an effective manner. Many views and ides are discussed in this condition and they select a best one. YOYO drinks are also focusing on this strategy because they provide various kind of effective training for employees and they achieve target and increase the sale of the organisation whichisimportantforprofitmaximisationoftheorganisation.Innovationand commercialization help team members to work effectively to produce quality outcomes. It helps
employees to indulge in their job and help them to create new and innovative plans for development and growth of the company in future. TASK 2 P3 4P's of innovation and explain the use of innovation funnel to examine and shape innovation ideas. Innovation mix is also known as 4P's of innovation. This model was provided by John Bessant and Joe Tidd. Various kind of research and ides are done in an organisation for the growth (Henttonen and Lehtimäki, 2017). These strategies they can apply in various situation. Briefed description of 4P's in referent of YOYO drinks are ass given. Paradigm: It is use to improve the way of doing business. YOYO should plan properly before launching their product in market. When a company introduce new product with the market in that condition they face both situation which effect the growth of organisation in positive and negative manner. It is the responsibility of marketing manager to understand the needs and want of customers by conducting research. This strategy will help firm to gain larger customers base and huge profit in coming years. Product:Each and every organisation analysis the market condition as well as demand and requirementof theircustomers. Customersatisfactionisthemainpurposeof every organisation. YOYO organisation also provide many effective services for customer and launch product according to the need of customers (Hossain and Kauranen, 2016). All these things impact on the overall sale of the organisation. With the help of information, they update its services. Process:In this production and distribution play important role. They provide product and services to customers which effect the value of project and impact on sale of organisation. YOYO drinks also focusing on this activity of distribution according to the order of users. Organisation also can collect information about the demand with the help of various strategy which is important to know. Position:It is all about the position of the organisation in its industry. Strong brand image of the organisation attracts more customer as well as develop the demand of product. YOYO drinks also analysis the market and found its actual position at marketplace.They distribute many healthy products for health conscious peoples.
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Innovation Funnel:In this process the value of product in defined in this funnel. These activities are classified into three steps and those are as given. Wide mouth funnel: In this company gather new ideas for attracting new customers. YOYO drinks must explore and take customers feedback and crucial information regarding drinks and then offer product which meets the satisfaction level of customers. Organisation should come up with new ideas such as different flavour drinks in order to attract larger audience. Firm should do market research to attain knowledge regarding the trends and launch product as per customers taste and preferences. Narrowing segment funnel: In this stage company have to develop screened which include ideas which have goals and value. YOYO drinks must evaluate the ideas and innovation and select the best possible method for better outcomes. Firm can test the product by giving samples to the customers and make changes if required. Narrow part of the funnel:In this phase organisation ensure about the idea should be turned into companies objectives. YOYO drinks now use the best suitable ideas and implement those innovation techniques and ideas in their business activities for effective outcomes. It will help company to develop safe and secure business model to survive in long run. P4 Development in frugal innovation and provide example of its usage in an organisational context. Frugal innovation:This model is used for reducing the overall cost of production by removing unnecessary cost of project. In this framework they also maintain the quality of product to meet the demandand requirementof theircustomers(Hossain, 2015). Fugal Innovation emphasis on the research and development which is helpful in production at affordable and reasonable price. In context of YOYO drinks this model is too much usefully for company which help in reducing unnecessary cost to maintain the price, quality and quality of the product. It reduce overall cost of their production and provide product and services on reasonable rate too customer. Firm have launch different kind of lassies with different flavours in United Kingdom. For reducing overall cost they also provide lassie in kullads and reduce the packaging cost for the company (Kolychev and Prokhorov, 2015).
Another example is Unilever of frugal innovation. In this organisation is focusing on research and development to improve the quality of product and services. They launch and also sell small packages for reducing unnecessary cost of a particulate product. These packages can use many times. This strategies provide effective solutions to deliver more value to the customers at lower price. TASK 3 P5 Importance of commercial funnel and application of new product development (NDP) processing for commercialisation of innovation. Commercial Funnel:It is also known as sales funnel which is a graphical representation of sales stage where customers goes through buying process. In this stage company analyse the purchasing pattern of individual. The efficiency of commercial funnel can be evaluated based on the number of buyer found on a single stage. There are various importance of commercial funnel are explained below: Helps in making strategy:It help in understanding tool for business model and for growth and development. For YOYO, managers should develop effective strategies to compete in the business. It became easier for the company to drive the customers’ needs and provide best quality services. Help to relate to customers:It help YOYO to understand the customers need and make product as per the requirement present in market. This method help to identify what buyers or client want and offer the services as per choice of individual. This assist YOYO to expand their business in well-defined manner. Generate more sales:This funnel help in capture larger audience from market. YOYO drinks must use effective marketing strategies to pull buyers towards organisation. Sales funnel provide opportunity to evaluate the best promotional activities in order to capture large market share and help in generating revenue. New product development (NDP):It is a strategic plan which is helpful for the organisation when they launch new product in the market. Main purpose of this organisation is to beat the computation in the market and overall development of the organisation. When YOYO drinks is plaining to launch lassie with ice cream and chocolate flavour lassie, mix fruit lassie
that time they use this plan (Rasmussen and Eliason, 2017). There are various stages which describe whole process of new product developmental. All these stages are explained below: Idea generation:It is the first step of new product development in which many kind of ides generated with different sources. In this condition they conduct a market research and analyses the whole market which provide them information about the market condition. YOYO can introduce new product and services by innovation. Company should provide different flavour lassie on order to target larger audience. Idea screening:It is the second important step of this process in which organisation choose one effective idea from various options. Organisation know its straight and weakness so according to this they choose best one idea. YOYO should do market research and figure out the best suitable idea which help company to gain competitive advantage in the market. Concept development and testing:It is a process where organisation focuses on documentation plan of idea which they can convertinto concept. YOYO drinks manufacture some sample products of lassie in order to take feedback form customers. Itis necessary before launching product on a big level (Schmitz and et.al., 2017). Business strategy analysis & development:According to this step organisation focus on the strategy, tools and techniques which increase the profit of the organisation. YOYO drinks also use all these strategies for effective marketing. Product development:After all these steps organisation changes this concept in a physical product. YOYO drinks have limited lassie products. Test marking:In this method company take feedback form customers and make changes to provide quality services and meet satisfaction level of individual. Commercialisation:In this step of new product development YOYO drinks set their target and they achieve it with the help of marketing mix. This is important for selling various product in the market. Introducing:It is the final step of new product development in this organisation launch its new lassie produces through using all strategies. P6 Build an innovation business case for an organisation, along with ways of access funding. Innovation business case:It refer to all those plan which are used to fulfil the documentation form (Song and et.al., 2016). It is essential for the organisation to build a strong business plan to increase the productivity of the organisation. Along with this, it also help the
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organisation in technology requirements, funds, and potential risk to improve the efficiency in business activities. Innovation plan for YOYO drinks are as given. Executive summaryYOYO drinks is a small size organisation which provide its product and services for United Kingdom. This organisation wasestablishedbyMr.SameerwhoistheCEOofthis organisation.Currentlythisorganisationisworkingonto introduce health conscious lassie to capture large market share. NeedIt is the basic need of this organisation to focus on its quality to satisfy its customers. Beside it they also launch new flavours for a change in products. Through this they can improve its brand image in the market. SolutionDemand of fruit punch is increasing in the market so they should provide it in the market in an effective manner. It is also aneffectivesolutionforincreasingthegrowthofYOYO organisation. It also offer various discounts and offer in order to attract more and more customers. This strategy will assist YOYO to make huge profit in long run. Consumer analysisIn this company figure out whether customers are satisfied or not. Customer analysed is done by conducting market survey andalsobytakingcustomersfeedbackregardingproduct. YOYO have analysed that customers are happy by new ice cream flavour lassie. Creation and improvementIt help in developing market research and make changes as per the requirement of customers taste and preferences. It has been analysed that sugar free lassie is the main product which increase the market share of this organisation. Acquisition of fundsThis organisation has many kind of options to raise funds. They can take from loans from banks, financial institutes, from friend & families and angel investors. They all are provide capital
with less interest charges. So YOYO organisation have many options to raise funds for expanding its business operation in a well-defined manner. Benefits availedYOYO drinks provide good quality of lassie to their customers which is an major advantage for company. Along with this, organisation have generated trust of customers which help firm to capture wider market as well as customer’s base. TASK 4 P7 Evaluation of different tools that organisation can use to develop, retain and protect knowledge and intellectual property Intellectual property is known as the collection of new view which is useful for innovation. It plays a vital role in an organisation. Beside this, it help organisation to differentiate from their rivals in marketplace. It is classified into two parts which are property rights and copy rights. Many methods are used while company operate its business activities. So all these tools and techniques are explained briefly down below(Song and et.al., 2016). Patent:It is a legal right which organisation avail from the government. According to patent rules the product can be manufactured by a particular organisation. In this case another organisation cannot launch similar product in the market (What is the Difference between Copyright, Patent and Trademark?,2019). This right is gain only by the owner of the company. In context of YOYO organisation, they have patent its product to reduce the duplication in the market. It also provide right to stop from copying, manufacturing and selling the product without concern of the company. Copyrights:ItisalsoalegalrightwhichisprovidedbytheUnitedKingdom government. It is a legal framework of protecting the work of individual from getting duplicated or cheated by rivals present in market.(Walsh and et. al., 2016). It secure a individual right in the market.Copyrights is design to protect the time, value, efforts and many other things of an individual. It plays an important role in the market to protect the rights of a particular organisation related to its product and services.In context of YOYO drinks, they also have a copyright of their product to reduce the theft copying from other business entity.If any other
organisation uses the similar product YOYO drink can file a case against the company under the copyright law. Firm can avail compensation if courts finds guilty which help company can avoid such theft and uncertainty in future. (Swang and et.al., 2017). Trade Marks: It is the symbol, logo or sigh of an organisation which is use by the organisation to differentiate its product from other organisations. It also works as a value asset for the organisation. It is compensatory for the organisation to adopt a symbol and trade mark for that particular organisation. Through this trade mark organisation also safe the unauthorised use of their product and service in the market. It is also helpful to differentiate product from their competitor. CONCLUSION As per the above mentioned report, it has been figure out that innovation plays an vital role in expanding business effectively. Along with this 4P's of innovation mix is been used to analyse the best ideas for company development. Further it also covers various aspect of leadership can change the innovation and business activities. Business case was made for making effective planning and finding the best funding sources of company. At last, different tool and techniques are used to prevent intellectual propriety for betterment of organisation in future.
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