Unit8-Innovation and Commercialisation

Innovation
And
Commercialisation

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
The success of an organisation mainly depends upon satisfaction level of customers’
needs and expectation through their quality products and services. Innovation and
Commercialisation is only factor which every association has to deal with. Innovation is coined
as a process 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 of a commodity and
services in reaction of ESSENCE drinks. However, company of ESSENCE drinks operates their
business by providing variety of soft drinks as well as those drinks which contains high proteins
and nutrients. This assignment also gives emphasis on reading of organisational culture, vision,
leadership which are needed while commercialising the products in an open market. It also
covers 4Ps of innovation , utilisation of innovation funnel and along with it significance of
commercial funnel and the concept of new product development. In last this study will furnish all
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 supports an organisation 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
attract more customers towards their drink which will increment their sales as well as
productivity. Through establishment of innovation concept of business can maintain their level
of survival for a longer time duration (Amadi-Echendu, 2021).
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Innovation:
This can be characterized as the technique of achieving changes in the current
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
neglected requests of market. This is a powerful interaction whereby innovativeness,
advancement and exceptional considering representatives are the most fundamental viewpoints
Invention:
It very well may be alluded to as the way toward concocting new items and
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.
The business 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 of a company 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 drinks to deals with major issues and problems by their
creative thinking and resolving techniques.
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 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
Basis Innovation Invention
Aim Its goal is to remember more qualities and
usefulness for existing services and
products.
Other hand, its point is to present
something new, inventive and new to their
particular consumers and society
Occurr
ence
It happens just when organization
discovers that they are deficient in
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.
Cost Innovation requires lesser assets instead of
creation.
It needs moderately a bigger number of
assets than to do development
R&D The degree of Research and Development
exercises therefore is lesser.
Countless Research and Development
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
drawn out manageability of an organization, continuous innovation is massively critical.
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):
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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
to generates new ideas and skills into the organisation while performing any activities.
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 their various 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: Innovation is at the core of the corporate culture of this organization. This empowers
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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
the visionary guidance and oversight of the leaders, the innovation team inside 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 together employees company 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).
Manager of 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
which will be prior target and desire of an enterprise to accomplish that vision. Every
organisation considered with their appropriate mission and vision approach for that they prepare
strategies in relation to accomplish them. The employees within business are driven to work just
because of attainment of these vision within given time frame. The perfectly structured vision
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
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