Table of Contents INTRODUCTION...........................................................................................................................1 TASK1.............................................................................................................................................1 P1. Explain innovation and its value to business associations...............................................1 Value and importance of innovation in comparison with invention for Essence drinks........3 P2: Organisational leadership, vision, team work support innovation...................................4 TASK 2............................................................................................................................................6 P3. The concept of 4Ps of innovation.....................................................................................6 P4: Evolution in frugal innovation.......................................................................................10 TASK 3..........................................................................................................................................12 P5: Importance of commercial funnel and New Product Development...............................13 P6) Innovation Business Case..............................................................................................16 P7) The different tools that organisations can use to develop, retain and protect knowledge and intellectual property.......................................................................................................19 CONCLUSION..............................................................................................................................26 REFERENCES..............................................................................................................................28
INTRODUCTION Thesuccess of an organisation mainly depends upon satisfaction level of customers’ needsandexpectationthroughtheirqualityproductsandservices.Innovationand Commercialisation is only factor which every association has to deal with. Innovation is coined asaprocess of yielding new methods to operate, to create, to produce etc. in very effective manner. Here, concept of innovation also involves ideas which are replicable to reduce cost and also focuses on satisfaction level of customer’s demands. Whereas,commercialisation refers to as introducing new product for customers in open market place(Daim, 2021).This project will help in examining procedure of invention, innovation and commercialisation ofacommodity and services in reaction of ESSENCE drinks.However,company of ESSENCE drinks operates their business by providing variety of soft drinks as well asthosedrinks which contains high proteins and nutrients. This assignment also gives emphasis on reading of organisational culture, vision, leadership which are needed while commercialisingtheproducts inan openmarket.It also covers 4Ps of innovation, utilisation ofinnovation funnel and along with it significance of commercial funnel andthe concept of new product development. In last this study will furnishall essential requirements for enterprise by exploitation innovation enterprise case, tools needed fore retaining and protecting of intellectual properties. TASK1 P1. Explain innovation and its value to business associations. Innovation is referred to as procedure which involves multiple activities to reveal new ways of doing things.The process of innovation is also known as act of inventing, making and producing something. It supportsanorganisation to deals with frequent changing demands of customers by rendering them products which are of their desire.Association like ESSENCE drinks should give more emphasis on innovation in drink as this would support their business to attractmorecustomerstowardstheirdrinkwhichwillincrementtheirsalesaswellas productivity.Through establishment of innovation concept of business can maintain their level of survival for a longer time duration(Amadi-Echendu, 2021). 1
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Innovation: Thiscanbecharacterizedasthetechniqueofachievingchangesinthecurrent contributions of the association so as to satisfy an interest made inside the market. All in all, it very well may be supposed to be the utilization of better or improved answers to satisfy neglectedrequestsofmarket.Thisisapowerfulinteractionwherebyinnovativeness, advancement and exceptional considering representatives are the most fundamental viewpoints Invention: Itverywellmaybealludedtoasthewaytowardconcoctingnewitemsand administrations to upset the commercial centre. As such, innovation can be viewed as the execution of new item advancement technique fully intent on making something new and novel. This happens when groundbreaking thoughts set forward by the workers are given due thought by the manager, to be changed over into the real world. This includes broad investigation into the item class have a place with which the new product is being presented. Thebusiness of ESSENCE drinks is known worldwide for supplying wide range of beverages products in UK market.Here, company deals in manufacturing of beverages and drinks which contains low sugar and more proteins.The growth margin ofacompany has increased within 3 years and also has earned higher amount of sales by selling their first and foremost product that is Mango lassi. Business must consider factor of making and inventing of new goods and services in market so that sustainability of a business can be maintained for longer period of time(Dai and Xu, 2021). Importance related with innovation to ESSENCE drinks The organisation will increase their profit margin and sales by focusing more on demands and needs of the customer on the basis of brings new commodities in open marketplace.; so here are some of the importance of ESSENCE drinks that are mentioned beneath: Innovations will help business of ESSENCE drinks to make use of all resource which they have in best possible manner without increasing cost of their operation. Innovation will assist the business of ESSENCE drink to manage and understand the scenario of market through determining the level of competition in respect of their rivals and provides with various opportunities in future. Also, supports ESSENCE drinksto deals with major issues and problems by their creative thinking and resolving techniques. 2
Innovation will be going to help the business of ESSENCE to generates or develop an attractive planning of marketing to manage and sustain the business operations. Differentiation between innovation and invention BasisInnovationInvention AimIts goal is to remember more qualities and usefulnessforexistingservicesand products. Otherhand,itspointistopresent something new, inventive and new to their particular consumers and society Occurr ence Ithappensjustwhenorganization discoversthattheyaredeficientin connection with their rivals and contest. It happens when groundbreaking thought comes in the brain of individual and they shape it in end result which can fulfil the need of clients. CostInnovation requires lesser assets instead of creation. It needs moderately a bigger number of assets than to do development R&DThe degree of Research and Development exercises therefore is lesser. CountlessResearchandDevelopment exercises must be thus done to decide the effective ideas for invention. Value and importance of innovation in comparison with invention for Essence drinks In the current period whereby there is broad rivalry winning inside the organizations, for the drawnoutmanageabilityofanorganization,continuousinnovationismassivelycritical. Notwithstanding, consider the reason that development is the result of creation, which goes about as the foundation of an organization. To acquire an edge in market, innovation gives a high ground to a substance over development as the last includes broad time, cost as well as efforts. Innovation is a pivotal piece of every single partnership. It clears route for the achievement of an organization and viable achievement of hierarchical objectives and targets. A corporation adds certain significant and special highlights inside the product to make it viable with the market interest and properly satisfy it in characterized course of time. The significance of advancement is being defined below- Unique Selling Point (USP): 3
By acquiring information on the degree of contention winning inside the limits of waste administration industry, Essence drinks can think of innovations at fast timespans. Innovations hence empower the particular firm to expand its USP and gain the consideration of bigger base of clients towards its greetings tech innovation of new product. By underwriting upon its USP, Essence drink can achieve enormous portion of market Continuous Improvement: Innovations empower an organization to go through consistent improvement at normal time periods. This works with upgrade in quality and attributes of authoritative contributions. In such manner, development would permit Essence drinks to remain lined up with the necessities and requests of market and accordingly execute game-plan which can give strategic advantage to it. For this reason, presentation of steady changes is very fundamental inside the company. P2: Organisational leadership, vision, team work support innovation. Innovation is considered to be the prior function which is played by enterprise in relation togeneratesnewideasandskillsintotheorganisationwhileperforminganyactivities. Innovation will provides with diversified ideas and creative mindset to manage and execute the administrative operations in most effective manner. The approach of both the invention and innovation will considered to be an essential part of organisation through that process, it will assist organisation in commercialisation of their products and services. Enterprise will have to make sure about theirvarious component which includes with concept of team work, how they are really focus on that aspects, vision, mission and culture relates with organisation. These approach in the enterprise will going to be beneficial in their future aspects also(Faff, 2021). Organisational culture:This approach will assist the organisation to generates and comes with new innovative ideas as lots of different cultural background employees are working in the organisation will leads to develop creative and innovative skills and procedure of doing operations under one roof. Culture of organisation consists with lots practises, policies, rules and regulations. In an organisation by involving staffs and employees in specific decision-making leads to generates new innovative ideas in relation to cope with the situation of external forces in global market. Culture will be changed according to the environment and societal trends. So for that it's quite necessary to develop new ideas to compete with these business situation. For example:Innovationis at the core of the corporate culture of this organization. This empowers 4
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managers of Essence drink to think of keen arrangements through which customers can be satisfied in a well define and effective manner with different or unique quality. Team Work:This is considered to be best and appropriate approach in an organisation as this would allow successful implementation of innovation in a business. Innovation is a factor which is established with the help of team only. Management in relation to the top level ESSENCE drink have to make sure about development in context of their team spirit in organisation. This will generates better communication between their employees as they will effectively coordinate with each other to fulfil the targets and goals into the organisation.Under thevisionary guidanceand oversight of the leaders, theinnovation teaminside the limits of Essence drinks can put their maximum capacity for the consolidation of development in the critical tasks of organization. Hence, through the brought togetheremployeescompany can effectively satisfy customers with unique taste. For example: In Essence Drinks allowstheir team to approach certain task where it will generates more employee productivity. Leadership:The leadership concept refers with a leader who will having a effective way to influence their team members in relation to complete the organisation work in more efficient manner on time. Leaders are more concerned to motivate their team members or personnel to attain their targets by gives them direction to achieve it(Daniels and Amadi-Echendu, 2021). Managerof ESSENCE drinks must ensure that they hire most suitable person who have skills to motivate other in regard to perform task in such a manner that goals and sales margin of business can be attained.Accordingly, the head of this element can make the representatives work in a cooperative way for achieving advancement inside the bounds of Essence drink. Vision:In organisation vision statement will defines their long term goals and objectives whichwill be prior targetand desire of an enterpriseto accomplish thatvision. Every organisation considered with their appropriate mission and vision approach for that they prepare strategies in relation to accomplish them.Theemployees within business are driven to work just because of attainment of these vision within given time frame.The perfectly structuredvision approach push and motivates employees to come up through innovative thoughts in relation to enhance the goodwill of organisation in customers eyes.ESSENCE drinks operate with vision statement in order to become world largest company dealing in variety of beverages drinks (Gudelytė, 2021).In such manner, it is recognized that development is remembered for the vision of Essence drinks. This energizes the labour force of this company to give special thought 5
through which advancement can be fused at the core of the organization. This empowers Essence drink to serve consumers with innovative product. These functions related with core value which have to be monitor time to time, this will leads to reduce the operational problem of the company inlaunching a new and fresh juice productswhich is organic in nature. Sources of innovations:Innovation is a term consisting of diversified range of sources such as: Changing perception: The demands and needs of public keeps on changing with change in trends in open market or with their changing perception regarding products and services. The business of ESSENCE juice must consider public demands and expectation for introduction of their new and innovation brand of organic juice as this will help them to earn profit in higher rates. New knowledge:This involves market research of areas so that business of ESSENCE drinks can gather much information which will be needed by them for retaining their business in market for long term with exact amount of profit which they seeks for. These innovation sources have their essential role and responsibility into business as this allows business to handle situation of frequent change in customer perception and also provides business with relevant information which is required by them to compete in market place so that survival can be retain and can install concept of innovation in business in efficient manner (Klement, and et. al., 2021). TASK 2 P3. The concept of 4Ps of innovation. Here is no specified way for innovation it can take place in different way which would help organisation to influence at the new heights of success and glory. Each and every business aspire to have a significant position in a competitive market for which they develop a new and creative ideas for producing a new range of goods and services that would better meet the customer’s request and expectations on time and even better than before. To overcome this problems, company like ESSENCE drinks adopts the way innovation which is consist of four stages namely, product, process, paradigm and position, brief detail is mentioned below: For example:As the Essence Drinks faces issues regarding with their lack of taste and labelling of their soft drinks within their company effectively. 6
Product:This stage of Product describe the way ESSENCE drinks comes up with a new and innovative offering. Organisations like ESSENCE drinks should focus on this aspect which will allow them in identifying in advance about changes in the taste and preference, customer perception, buying habits, etc. so that business can come up with fresh organic juice matching to the customer's needs, wants and desires. Process:Process at this steps defines and describe the manufacturing process needs to be carries out so as to produce the goods as per the current needs and wants of the customer. ESSENCE drinks must ensure that they select easy and lenient model of process and channel of distribution so that goods are produced with desired quality and delivered on time with the additional value expected by the target market(Masara, van der Poll and Maaza, 2021). Paradigm:Third stage of Paradigm is concerned with enhancing overall business performance of a company with as per the current market trends and changing needs and wants of customer. Manager at top level of management in ESSENCE should putemphasis over continuousimprovementthroughnecessarychangesinproductsandservicesasperthe prevailing market condition and trends so that business can survive and prosper in a future time period. Position:This factor of Position is concerned with creating and developing the product image of company in the minds of a customer. ESSENCE drinks must ensure that their new and innovative offerings, that is organic juices, are for the customer who associate themselves as a health conscious and a follower of proper diet plan. With the strong marketing campaign company creates a brand image which focus on healthy and safety products. 7
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source: Innovation Space 4P’s. 2018. Innovation funnel and its usage: Innovation funnel is the process which states the distinct stages to be carried out while creating and developing a new and innovative product for the target market. As per these stages companies formulate distinct strategy and plans that help the business in coming up with a right product as per the needs and wants of customer. The Innovation funnel is consist of three stages where relevant information is gathered, detailed analyses is conducted and on the basis of analysis companies chooses an optimum solution which delivers a quality results in product development. Businesses Like ESSENCE drink should use the innovation funnelwhich would guide and assist the company at each stage in making necessary improvement with regards to the generation and development of innovative product(Mina and et. al., 2021). Stages of Innovation Funnel are: 8 Illustration1: Innovation Space 4P’s.
The wide mouth: the first stage indicates the wide mouth which states that the company Essence Drinks where to allows employees for sharing different innovation ideas to implement in new Soft Drinks which would consider at his further project effectively. The narrowing segment: According to this stage the narrow segment in the funnel is an indicative to the screening process where the management in the company will filter the ideas that are attained from the prior stage. Complete narrow segment: this is the stage where all the ideas that came across screening and the access that is granted will therefore be selected with the appropriate measure and then the management will consider one framework. 9
P4: Evolution in frugal innovation. Frugal innovation is one of significant tool helpful in reducing the expenses of items and services at the time of improvement process. It reduces the manufacturing cost of a company and produces the quality products and services offered by a company. Such type of advancement is essential and valuable for both, an individual and an organisation in numerous ways such as reducing the expenses of assembling, optimum and efficient use of power energy, lowering down administration and item cost etc. ESSENCE drink can utilize numerous advances, such as, official sites, web based life for meeting the basic and expected requirements of their customers by giving them products at certainly low cost(Oluleye and et. al., 2021). There are distinct types of principles on which company needs to laid emphasis over : Find opportunity in adversity: This aspects deals with the identifying the problem and providing a solution through innovation and invention. At this stage companies like ESSENCE drinks aims to change all their issues and challenges within a appreciated chance through deeply analysing the market so that organisation can attain a competitive advantage, sustainability and effectiveness for a extended duration of time. This belief focus on converting the challenges into opportunity through their innovative and creative ideas. Do more with less:The aspect of “do more with less” is based on the concept of producing maximum desired value with a finite number of resources. Based on this approach, ESSENCE drink put emphasis over effective utilisation of resources with the aim of reducing or elimination waste, contributing towards conversation of natural resources from depletion and mitigating the deteriorating impact over environment. Think and act flexibility:The managementof ESSENCE drink should develop their structure according to the dynamic environment so that whatever changes or modifications are to be made must be done with greater flexibility without any difficulty. Innovations adopted by the company are flexible and they work according to the trends which are demanded in the market. (Rambe and Khaola, 2021). Keep It simple: This principle means that the business must identify the simpler ways of innovation. When the business will adopt any complex way of producing the product then their will be loss of labour and the employees would not be able to work in such difficult and complex environment. 10
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Includethemargin:This principle means to build effective relationship between the consumers and the employees. ESSENCE drinks will be more productive in their work if they will use this principle as they will get to know about the product from the consumers. This principle will also be helpful in determining the needs of the consumers(van Doren and et. Al., 2021). Follow your heart: This principle mainly relates to situation where business should work on those aspects where they want their business to be. When this strategy is adopted by the company than they would be able to achieve profits.(Sham, Hassan and Othman, 2021). TheseprinciplesoffrugalinnovationwillsupportassociationlikeESSENCEdrinksby satisfying their customer through standard and quality products which have been improved by procedure of development in stages. Importance of Frugal innovation in the organisational. The role of Frugal innovation in business is very essential as this allow them to develop products from initial stages so that standard and quality can be maintained. It also assists business through determination of level of expenses that can be due to factor of improvement. It permits business to consider all factor of external environment and aids in implementing new technology which reduces level risk of organisation to an extreme level(Theeranattapong, Pickernell and Simms, 2021). The role of frugal innovation also provides benefits to organisation in creation of model which is innovative and attractive so that company can easily overcome issues of frequent changes.Forexample:ESSENCE drinks adopts frugal innovation for framing innovative drink which is Mango lassi. Frugal innovation aid company to come up with simple and unique drink in the market so that targeted customers can be attracted towards the drink in large numbers. By doing so sales and probability ratio raises ta a tremendous scale. 11
TASK 3 12
P5: Importance of commercial funnel and New Product Development. Speaker Notes: These are the term basically used by the retail or manufacturing department so that the sales volume can be identified and the customers can be retained towards the business. In the process of Commercial funnel the individual customers are transformed to the group so that the product can be marketed in the industry easily(Paradkar, Knight and Hansen, 2015). 13
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Speaker Notes: The business of ESSENCE drink must consider the concept of New product development while bringing their new product in the market considering the changing perception of the customers. For bringing the new product in the market the company must give emphasis on the several phases which are mentioned below: Speaker Notes: Concept development: this stage focuses more on the installation of the ideas which have been selected in the second phase of the new product development. This is mainly concern with the concept development in regard to the decision making process. Development of strategy: here, the development of the strategies are done for the success of the new product in the market .strategies are formulated with the support of various employees, top 14
management and higher level of authoritiesso that the launch of the product in the market can be done in the successful manner(Bogers and West, 2012). Examine business condition : In this stage, the advantages of the items to the association is being investigated by the higher experts as far as their overall revenues and deals edge. The senior expert additionally chooses how alluring the item is to the clients. Item improvement: This includes determinate that the item which has been made at long last is how much gainful to the client. Is the item up to the agreeable degree of the client or not. In the event that not, at that point the improvement on the part where the organization is missing is being finished(Ameka, 2013). Test advertising: This progression includes the improvement of the example item which is being produce to test whether the item will work in the commercial centre or not and what all are the issues which is emerging. This progression likewise includes taking input from the clients with respect to the items so the organization can take remedial measures to dispense with the errors. Speaker Notes: Every one of these means are considered so as to create an items which renders to a client with certain qualities. In every one of the periods of new items advancement the expense and contribution of the time is higher when contrasted with the improvement of the current items. Before the dispatch of the new items the ware needs to go through every one of the periods of the new item advancement(Xiao and Liu, 2016). 15
P6) Innovation Business Case Speaker Notes: The business of ESSENCE drinks must concentrate on the creation of the innovation case for bringing the new product in the industry which is organic juice with edible amount of nutrients and sugar. Below mentioned are the step which is to be considered in the preparation of innovation business case. 16
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Speaker Notes: Solution :The company must ensure that they target the customers who are more conscious about their health and diet for the launch of its new organic juice which is the solution for the business . This solution will pull more customers towards the new juices. Also the institution needs to encourage the commodity on social media and website for increasing knowingness in respect to the products in the mind of customers. Why it is innovative:After the determination of the resolution the management must consider the formulation of the decision which is effective for the business. The manager must focus on the innovative factor of the product which will enable them to attract large mass towards the products of their organic juice (MINICĂ and MUNTEAN, 2012). Customers Research:The business of ESSENCE drinks must evaluate the market and research about the development of the products which can exactly satisfy the requirements of the customers. Proper market research will help the business in analysing whether the product created is beneficial for the customer or not. This will also enable the association to determine whether the customers are satisfied or unsatisfied. Investment Requirement:The manager of ESSENCE drinks must focus on all the factors starting from the allocation of the funds which are required for carrying out the operations. The business must focus on all the appropriate sources of the findings such as financial institutions,banks, loans , owners etc. this will helps the business in successful launch of the product like organic juices in the market place. Proper availability of funding to the business may also leads to smooth functioning of the business so that the improvement in the level of the performance can also be enhanced. 17
Speaker Notes: Customers Research:This factor will enable the business of ESSENCE drink in determining whether the product which they are supplying in the market is alluring the demands and expectation of their customers or not. This consists of the investigation of the customers requirement is the industry. 18
P7) The different tools that organisations can use to develop, retain and protect knowledge and intellectual property Speaker Notes: Patent:Patent is the term which refers to the granting of the rights by the senior authorities to an inventor so that the others can be restricted for copying that. This helps in the protection of the intellectual property of the business by getting patent about the making, designing selling etc. Advantages of making use of Patent rights for Essence Drink A patent gives the right to Essence Drink stop others from copying, manufacturing, selling or importing its new invention and changes made without permission. Essence drink can also have protection for a pre-determined period through patent that will allow to keep competitors at bay. Drawback of creating patent right for Essence Drink The biggest disadvantage of patent for Essence group comprises of the fact that details of the invention and new modification are publicly disclosed. Apart from this, the application process can be lengthy and time-consuming along with being an expensive process. 19
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Speaker Notes: Trademarks-it is basically a word, symbol, phrase or design that differentiate a products or service of one organisation from its competitors existing in the market.Use of a distinctive trademark can be made by Vodafone to protect and retain its control and right over its new innovation and invention. Advantage of trademark for Essence Drink Creation of the Trademark is beneficial for essence group as owner of Registered Trademark enjoys exclusive right over the trademark. Creation of Essence drink also lead to establish the quality of the product and services are known by everyone through the trademark and which establishes trust and goodwill among the customers in market. It helps in creating permanent customers who are loyal and always opt for the same brand. Disadvantage of Trademark for Essence drink Issue of not Qualifying for Registration on the Principal Register might be faced by Essence drink. Descriptive Trademarks Are Weak Marks The Trademark Registration Process May Cost More Copyrights- the copyright on its invention and innovation provide a copyright protection to holder that provide it exclusive rights to modify, distribute, perform, create, display and copy its work and safeguard its invention from other as it is against copyright laws. Thus, taking copyright protection on its invention and new product is also an effective way for Vodafone to protect and retain its invention and innovation. Advantages of creation of Copyright for Essence Drink 20
Creation of copyright protection will give the improved prestige and better brand position through reflecting that this specific and certain work belongs Essence drink which would help in creating higher productivity. Effective legal protection is also offered by copyright to Essence drink to safeguard and to effectively develop, retain and protect knowledge and intellectual property. Disadvantage of creation of copyright for Essence drink Copyright offers limited protection and only for limited duration. It also be a costly process to design a copyright for Essence Drink. It is critically evaluated from the above information that intellectual property is used to defend the business from other businesses that copy’s the same idea and products of a company. Hence, it is evaluated that there are 3 types of intellectual property which protects the business from getting copied by others. These laws are made to protect the rights of an innovative entrepreneur who invent new ideas but due to some copying issues they lack behind to show their talent to others and others who copy their idea gain profit without any hard work. Hence, government made these laws and whosoever avoid following these laws will get punished. Hence, companies get benefited to use intellectual property laws in their business to protect their innovative ideas and products. Speaker Notes: 21
Thus, an analysis can be made that branding leads an effective strategy for Essence drink to have higher productivity and success as it ensures a clearer and effective way of delivering a message along with Confirm the brand's credibility in the marketplace. Beside this, an improved emotionally connection is also ensured by branding for Essence Drink in order to effectively target prospects with a product or service which motivate the buyer to make a purchase and also creates higher user loyalty. Speaker Notes: Therefore,ithasbeenobserved on thebasisof above providedinformationthat Intellectualpropertyrightsareeffectiveinsupportingdevelopmentofknowledgebased industries, stimulates international trade and encourages investment and technology transfer but still it leads to counterfeits for a company like Essence Drink that might creates issue of legal suite and complexation related with health or any other misshaping in future. 22
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Speaker Notes: It has been observed that the implication and growth of the open source and open innovation platforms helps in reducing the costs and also Accelerate time-to-market, Increase differentiation in the market, and create new revenue streams for new innovation. But still some issues are also lead out by open source and open innovation platforms on IP as it is not provides any appropriate strategy and enhance the possibility of revealing information not intended for sharing thus might lead to lose their competitive advantage as a consequence of revealing intellectual property. 23
If overall production and optimum utilization of resources in ASOS is going, this will helpful in achieving the business objectives. The proper leadership need to be follow after that employees are ready to work under the certain circumstances. 24
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CONCLUSION As per the in-depth analysis of the study it has been concluded that innovation is essential for any company as it brings success to them and offers varieties of products and services in the market. It has been examined that innovation helps the companies to work in different areas and also to add unique features in their existing product. Business plan is made in advance so that effective strategies can be made which will be helpful in achieving the objectives. Frugal innovations are studied above which helps the business to make any innovations with less cost. Commercialisation of product will help the company to attain competitive advantage in the market from their competitors. 26
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