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(Doc) Solved Assignment Innovation and commercialisation

   

Added on  2020-12-31

17 Pages5562 Words355 Views
Unit 8 :Innovation

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3P1 Innovation and its importance to organisation in comparison with invention.......................3P2 Organisational vision, leadership, culture and teamwork shape innovation andcommercialisation ......................................................................................................................4P3 4P's of innovation and its usage to shape innovative ideas....................................................6P4 Development in Frugal innovation and its examples ............................................................7P5. Explaining the importance of commercial funnel and new product developmentapplication for processing innovation and commercialization....................................................8P6&M4. Preparing an innovation business plan for enterprise with inclusion of methods toaccess funds...............................................................................................................................10P7&M5&D3 Evaluating the various tools that the organization should utilize to retain andprevent intellectual property rights...........................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONInnovation is the process of converting an idea into a new good or service which helpsorganization in creating the value. It is the system of creating better and more effectiveprocesses, technologies, ideas and products that are accepted by changing world. The presentstudy is based on Essence drink, a US based company which deals in the mango drinks. Essencecompany is planning to innovate new drinks which chances the concept from the provision oneand also the taste is appropriate to the customers choice. Furthermore, study includes thedescription relating to innovation and invention. It also describes the kinds of innovation thatcompany will be using and the process for innovation and commercialization. Moreover, itdescribes about the different tools that company will adapt to gain intellectual property right. MAIN BODYP1 Innovation and its importance to organisation in comparison with inventionInnovation: It means innovating or bringing new ideas or method relating to the goodsand services which customers are liable to pay. Innovation can be done on the basis ofresearching the demand and need of product and examine its usefulness in market and thenestablish concerned product (Innovation, 2019). Thus, Innovation is the process of translatingidea into innovative products and services that creates some value for customers. Inventions: Inventions in terms of product means that which is not available in themarket before. Such invention are patented (Weiss and et.al., 2018). Thus, invention is defined asthe creation of new product which is established for the first time. Basis of differenceInnovationInventionProductExisting product can beinnovated or change accordingto the customers demand. Creation and launch of newproduct for the first time inmarket.PatentCan't use the patent strategy asthe product is alreadydiscovered (Powell, 2017). Product can be patented if itdifferentiated with the otherproduct. ResearchThe product innovation spreadin all internal managementteam.Its research is limited toresearch and development(Witell and et.al., 2016)IdeasCan mix up 2-3 ideas toCan't mix any ideas (Bertoni

innovate a single product.and Tykvová, 2015).Akshay Kumar, Founder of Essence Drinks innovate a new drink named as healthyMango Lassi in UK market (Rorwana and Tengeh, 2015). Essence drinks are the one of mostfamous brands which bring new concept in drinks and due to one year continues success inmarket, when company enters in third year it results to loss as large number of competitors enterin market for same product.Akshay want to innovate some new taste in market but didn't want tomove away from lassi.Akshay, instead of adopting invention method, adopts the innovation method to raisefunds in Essence Drinks. Innovating the existing product had more positive aspects such as interms of attracting customers (Barbosa and de Pinho, 2016). As customers are already happywith product but they demand new flavour which helpful for them to attract customers again.Akshay didn't have to work more on promoting product. Posters and advertisement are enough toattract the customers towards innovation of product.P2 Organisational vision, leadership, culture and teamwork shape innovation andcommercialisation Organisational vision:Akshay Kumar vision for establishing the product in market is tobring different shape and innovative in that brand, so that customers are attracted towardsthat products and prefer to choose it by viewing their label image. Through this strategythey can beat other products in the market through his strong visions. But due to entranceof large competitors in market its product fails to maintain a proper place. The success ofcompany arises when they amend product and resolve its changes of customer'snegligence in product (Da Rin and Penas, 2017). Organisational vision is to make a deepsurvey in market regarding product status and customers taste. As customers taste are notstick to one flavour they always demand some new product which mostly companies takeadvantages.Their main vision is to align the shape of the product to some differentinnovative ideas to present it in different manner. Leadership:Organisation uses democratic leadership style to attract the employees towork harder. With this style they can motivate the employees to bring new strategies intheir work and accomplish them in different way. With these techniques they can retainthe employees for longer term and also challenge the other business regarding such

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