Vision, Leadership, Culture and Team Work
Added on 2020-10-05
20 Pages4984 Words339 Views
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3Vision, leadership, culture and team work in shaping innovation and commercialisation.........4LO 2.................................................................................................................................................5Frugal innovation and examples for using in Essence Drinks....................................................8LO 3.................................................................................................................................................9Commercial funnel ...................................................................................................................10The commercial funnel can be called as Sales funnel is a process of representing visually forwhich make the companies' product available to potential consumers. This affects action ofconsumers and their buying decision. ......................................................................................10Commercial funnel has following importance and use for Essence Drinks in following ways:...................................................................................................................................................10LO 4...............................................................................................................................................14Tools that is used by Essence Drinks to safeguard intellectual property and knowledge.........15
CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONInnovation is concerned with generating and adapting new ideas or thoughts.Commercialisation is a process to develop, launch and market new product in the market (Marxand Hsu, 2019). The study is supported by the stated case of a company named 'Essence Drinks'.It explains how innovation in products creates a rise in sales of the group. The study explains themeaning of innovation and invention, the difference between the two and also focuses on theimportance of innovation in an organisation. It reflects the impact of vision, leadership, cultureand team work in shaping innovation and commercialisation. It further explains the 4Ps ofinnovation and the use of the innovation funnel to examine and shape innovative ideas. It alsogives a glance on frugal innovation. It further explains the importance of commercial funnel andthe application of New Product Development. It also evaluates the different tools thatorganisations used to develop, retain and protect knowledge and intellectual property.LO 1Innovation :Innovation is an action or a process of generation and adoption of a new idea, method orproduct. It is defined as coming out with better and redefined solutions of unexplored needs orpresent market requirements (Menter, 2016). Innovation is the practical enforcement of aninvention. Innovation is the new and improved ability to impact market and society in asignificant and meaningful way. It focusses on adding value to a certain process in a totally newand different way. For example : developing and commercializing new flavours of 'lassi' istermed as an innovation (Liao and et.al., 2016). Invention :Invention is a unique process of exploring something new product or device for the veryfirst time. It is concerned with business process engineering and new product developmentthrough radical designing and differentiated business models. An invention may generate apositive or a negative change. An invention can be legally protected by acquiring patent rights onthe invention (Sotarauta and Mustikkamäki, 2015). For example : Invention of electricity in 19thcentury is termed as an invention.Difference between Innovation and Invention :Innovation is an approach to create a positive impact whereas invention may or may notcreate a positive impact but adds value to a certain area of development and growth. Innovation3
is more concerned with improving a process or method whereas invention is concerned withcreation and development of a product, process or device (Gabrielli and et.al., 2018). Innovationsucceeds or follows invention whereas invention precedes innovation. Innovation is aimed desireto add customer value and satisfaction whereas invention is primarily driven by the curiosity orresearch interest of inventor.Importance of Innovation for Essence Drinks :Innovation reaps long term stability in market to a business concern by building itsgoodwill in minds of customers. Innovation focusses on adding value which in turn increasescustomer satisfaction and customers stick to the brand or organisation i.e. conveys brand loyalty.A happy pool satisfied customers in turn increases an organisation's revenue and opens door togrow and expand in near future (Michaelis and Markham, 2017). Essence Drinks innovated itsLassi product into mango Lassi which resulted in dramatic and in-ordinary rise in company salesin the previous years. Essence Drinks can come up with 'caramel espresso' flavour of Lassi torecapture its lost growth in the market. Innovation makes the workforce more dynamic andprone to potential changes. Innovation differentiates the product from its competitors anddevelops a competitive edge to the business and it also helps in gaining market share in theindustry.Vision, leadership, culture and team work in shaping innovation andcommercialisationA pool of factors are responsible in shaping innovation and commercialisation :Vision: A clear picture of company's vision guides the team to shape innovations, launchand commercialise the product and ideas of the organisation. If the vision of the companyis clearly communicated to its employees, it will help in shaping their minds to generatenew ideas and thoughts more effectively. Vision of Essence drink is to raise its sales andgain competitive advantage (Marx and Hsu, 2019). This progressive vision of EssenceDrinks will facilitate systematic functioning of organisation and will contribute in propercommercialisation of its products.Leadership: An effective leadership contributes in the success of an organisation.Leaders can shape a company's process through their behaviour. It's a leader4
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