Detailed Analysis of Innovation and Commercialization in Business

This report provides a comprehensive analysis of innovation and commercialization within a business context, using The Fat Duck restaurant as a case study. It begins by defining innovation and invention, emphasizing their significance, and then explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The report delves into the 4Ps of innovation, the innovation funnel, and frugal innovation, illustrated by The Fat Duck's strategies. It further examines the commercial funnel, new product development (NPD), and the importance of innovation business cases. Finally, the report evaluates tools for developing, retaining, and protecting knowledge and intellectual property, concluding with a synthesis of the key findings and recommendations for effective innovation management. The report covers topics like profit maximization, brand image, and the comparison between invention and innovation.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of Innovation and determination of its importance in comparison with
invention.................................................................................................................................1
P2. Explanation of how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................3
TASK 2............................................................................................................................................5
P3. 4Ps of innovation and use of innovation funnel...............................................................5
P4. Explanation of developments in frugal innovation and its use in Fat Duck....................7
TASK 3............................................................................................................................................8
P5. Importance of Commercial Funnel and Application of New Product Development (NPD)
................................................................................................................................................8
P6. Innovation Business Case.................................................................................................9
TASK 4..........................................................................................................................................11
P7. Evaluation of different tools are used to develop, retain and protect knowledge and
intellectual property..............................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the process of launching a new product with innovative features and the use of
technology by the business organisation so that they can attract the large group of customers. It is
important for every form to adopt the innovation regardless to their size, innovation helps the
organisation to meet the changing needs and wants of their potential customers so that they can
sustain in the market for a longer period of time. It helps organisation to measure competitive
advantage in the large market as we are coming with the unique features or new technology in
their product by which we can increase their sales and profitability. The fat duck is a chosen
organisation for this report it is the UK based restaurant which is offering various type of distress
in order to attract their potential customers now they are planning launch the new beverage
which will called healthy strawberry lassi in which organisation is planning to innovate that is
zinc would be added into flavoured lassi and the company will use various packaging methods.
This report with cover explanation of innovation and invention and also their types. It also
explain the process that is required in commercial innovation along with the different method
used in order to get effective ideas with their advantage and disadvantages.
TASK 1
P1. Explanation of Innovation and determination of its importance in comparison with invention
Innovation refers to the concept in which the unique features is being added into product on
a services that helps the organisation to enhance their offering and the product will get more sale
the fulfillment of other utility. It is the initiatives which is taken by the organisation in order to
apply their imagination into reality and institution new product in the existing market so that they
can attract the large group of customers and also enhance the effectiveness of their organisation.
Is the approach which is being used by the organisation in order to to expand their market
understanding the various change in the needs and wants of their potential customers. In relation
to this effective innovation and to help the company in meeting the sustainable competitive
advantage.
Invention is aspects in which the organisation launch completely new product by doing the
factor market research and the use of new technology. In relation to this, the company is offering
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a unique product that will be served to the different type of customers in order to fulfill their
demands so that the company can attain higher profitability and growth.
Innovation is important for an organisation like the fat duck so that we can establish our good
friend and substance in the competitive market for a longer period of time. It is the main
consideration of the individuals to have the better results so that they can attend higher
profitability and growth. In context to the fat duck, there are various point which explain the
importance of innovation in an appropriate manner which are explained as follows:
Profit maximisation: when the relation is getting some innovation and satisfying the
needs and wants of their potential customers. This will helps in establishment the good brand
image and so that the comapny can able to generate the higher productivity and profitability in
the large market.
Brand image: when the organisation is getting some innovation or operating a unique
product by which they can attract the large group of customers and also leads to a better brand
image in the large market. It is important for the form to do the effective market research so that
they can meet the various needs and wants of their potential customers ensure better brand of
their organisation. In context to the fat duck, they can generate higher profitability and growth.
there are various aspects which help in doing the comparison to invention and also enhance
the importance of comparison between innovation and invention that is explained as follows:
Basis Innovation Invention
Concept It is the process of
implementing the unique
product in the market and it
helps in enhancing the value
of the company.
It is the aspect in which
completely new product is
been launched in the new
market and they are focusing
on the implementation of the
product that have not been
developed before.
Skills It is important for the each
employee to have a indicated
set of skills so that the can
implement the effective
innovation within the
The employee must ensure
that they can use their
appropriate skills and
knowledge so that they can
get the innovative idea and
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organisation. meet the needs and wants of
their potential customers.
Occurrence Occurrence of innovation is
depends upon the needs and
wants so that the necessary
innovation can be implement
in the existing in the
products.
Occurrence of invention
majorly depends upon the
introduction of the unique
idea in the minds of scientist
or the managers of the
company.
Concern The company is majorly
focuses on offering
innovative product in order to
attract the large group of their
potential customers.
In relation to invention it is
concern about development
of the single product or the
services
Limitations Innovation is facilitated
within each department so
that it can produce its
livelihood to a particular
department in order to offer a
better product.
Invention usually associated
or linked with the research
and development so that the
company can offer
completely unique product in
the organisation.
P2. Explanation of how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation.
Commercialization is the activity that is associated with the introduction for
communicating the the new product in the business which means it is the method by which
company can develop their product or processes within the marketplace at the same customer
segment. For innovation as well as the commercialization there are various elements that can
shape the factor organisation in order to attain the highest profitability and also help in
installation of a good brand image in the large market. The various factors are explained as
follows:
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 Vision: The vision statement of the fat duck that is to create and offer the the satisfied
dishes to their customers by which they can enhance the immersive dining experience to
their potential customers. This aspects effectively save the commercialization and
innovation as the various factors in relation to health and quality wood encourage the
company to adapt to various practices so that they can provide our healthy beverages that
can give various health benefits to their customers. Leadership: In this aspect, organisations focuses on getting effective leadership so that
they can make the best use of their employees by understanding their skills and
competencies in the given job role. The leaders of the fat duck restaurant is taking their
own decisions in order to make best beverages and how could they can sold in the target
market. The company must adopt the democratic leadership style so that they can take the
valuable feedback and the innovative ideas of their potential employees by which the
company can get the advancement in their functionality in order to meet the changing
demands of their potential customers. Culture: organisational culture is the integrated set of norms attitude and beliefs as well
as the values of their employees within the organisation. In context to the fat duck, the
company must support and promote the innovative ideas as well as the commercialization
so that they can positively impact the performance of the company and innovation can
shape the business in an appropriate manner. Culture helps in getting our innovative ideas
and concepts which appropriately help in getting a new features and effective innovation
within the organisation. Teamwork: when a group of people are come together with the consideration of attaining
a common objective so this forms effective team and in every organisation it is very
important that the appropriate team must be there which can properly help in shaping the
innovation and commercialization. They also introduced the brainstorming ideas and
innovative offerings so that they can I get the large group of potential customers who will
contribute in increasing the sale of a company.
However there are various sources which help the company in developing the environment
as well as the culture of innovation within the organisation by which each employee can
emphasis on getting a innovative product so that they can meet the changing demands of the
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potential customers in order to get higher profitability and growth. In context to the fat duck,
various sources of innovation are explained as follows: Industrial Structure Change: it is the important source which is related to the
infrastructure technology all the regulation in relation to innovation. When there is a
change in the industry, this will help the organisation to get innovation in order to meet
the changing demand of their potential. The fat that can effectively utilise the source in
order to implement the innovation within the organisation. Demographics: There are various changes which occurs in this aspect of the business
environment such as human capital income level and the population of the country. It is
important for the organisation to develop the innovative product so that they can meet the
huge change in the business environment and the organisation can also able to establish a
good brand in the large market.
 Perception: the perception is related to the taste and preferences of customers or in other
words this is effectively based on the product and services of the company. For example,
people in the UK are quite healthy regarding their food habits so the Fred that have to
invert their products accordingly so that they can meet the taste and preferences of their
potential customers.
TASK 2
P3. 4Ps of innovation and use of innovation funnel
It is important for the fat duck restaurant to use their four piece of innovation that is the
appropriate framework that help in understanding the concept of innovation is there any four
elements in this model which help the organisation effectively implement the innovative product
and services in the large market and the various elements are explains as follows: Person: it is the first to the manager and employees of an organisation and contacts to
effective restaurant, they can ensure the effective skills importance of their employees so
that they can contribute in developing a unique product within the organisation with the
help of their creative abilities. Process: what is the element which is related to the procedure that is being used by the
interpreter in the development of their product and services. It is the important process
which is being used by the business in order to get effectiveness and development of the
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new product. Company can establish a good brand and profitability by using advance
technology and methods in their business operations. Product: it is the method which includes the actual product which is being produced by
the organisation with the help of using 4 P's of innovation. The companies using the
affective processes and market research in order to offer the product and services. In
context to fat duck, they are offering the healthy strawberry lassi so that they can satisfy
the needs of their potential customers.
 Press: it represents in the business environment within the enterprises so that the business
can create their product in an appropriate manner. Strawberry lassi the press can use for
all those condition which can be help in getting a sort of innovation in the various
business activities. It includes the organisation culture of the fat duck and the resource
available with in the organisation by which they can run their business in an appropriate
manner.
It is the model which is adopted by the fat duck and also help the organisation to create a
better culture by which they can promote their creative ideas and develop the processes so that
they can offer a waste product with their customers.
Innovation Funnel:
Innovation funnel is the technique which is being utilised by the organisation in order to
create a better product within the organisation and the main aim of this innovation is to help the
company for the development of those project which is perfectly match the needs and wants of
their potential customers. In context to fat duck, they are developing the product and services and
improving their existing product that involves the three major steps of this funnel that help the
company in developing as well as evaluating the innovation so that the company can meet the
changing demands of their potential customers in the large market and also helps in establishing
good brand image. These steps are explained as follows:
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Illustration 1: Innovation Funnel
(Source: Innovation Funnel, 2019) Assessment of Opportunity: it is the first step of this model in which the company
perform the factor market research so that they can understand the differences of their
potential customers in the target market. This could be done with the help of question
reason service so that they can grab the available opportunities in the large market. Ideation Process: next step the process develops for the several products that can help in
increasing the capitalization of the company. It can be done by having effective
brainstorming and also to paint on the insights of their potential customers. Conceptualisation: It is the step in which the concept is doing design on the basis of
innovative ideas that involved the packaging advertising copies or the configuration of
the product in the given market. Benchmarking: in this step the company must evaluate their concepts and ideas so that
they can determine the most effective benefits in relation to sales and profitability.
Testing method can help the organisation to substance in the market for a long period of
time and with the help of this method actual reviews of the product can be collected in
order to introduce them in the large market.
 Go or No Go and Launching: After the idea is being chosen this is the last step which
includes the evaluation of the selected idea so that the objectivity can be achieved in an
appropriate manner. Moreover is evaluated and the innovative product is been launched
in the new market.
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P4. Explanation of developments in frugal innovation and its use in Fat Duck.
Frugal innovation is the concept that is effectively used by the organisation in order to
develop the product and services I am eating the best use of the advanced technology that could
be available at a low prices. Moreover there are various external factors in the business
environment live cortical shoshan technological environment that are are act as a driving forces
for the innovation. The main consideration of frugal innovation is to reduce the cost of the
innovative product so that they can open the product which could be affordable by the large
group of their potential customers and the company can able to increase their customer base in
the large market.
Frugal innovation can help the fat duck restaurant to increase their profitability as they
can produce the cost of an unproductive operations. Moreover, the innovation and also help in
adopting by the business so that they can use there are resources in an effective manner in order
to develop their product and services. Effective example of an innovation is would be considered
by the packaging done by the company and they are using the technique in which the healthy
beverages can be stored for more time and retain their various benefit in them.
TASK 3
P5. Importance of Commercial Funnel and Application of New Product Development (NPD)
Commercial funnel is the aspects which includes the overall journey of purchase related to
the specific product and services. It is beneficial for the fat duck that help them to attract a large
group of customer and convince them in order to purchase their product. Moreover, thousands of
the company to get their potential customers as they are promote in their product and services.
There are various steps include in the commercial funnel are awareness, opinion, consideration,
preferences also the purchase of the products and services. With the help of these steps, the
company can effectively attract and influence the purchasing decision of their potential
customers.
In context to fat duck, dayar of rain healthy strawberry lassi and there are various issues
which are rises in the UK. It is important for the organisation to ensure the scope of improvement
in health as well as the the shelf life of the product. The company must use the effective ways
and they are using a zinc in there beverage in order to meet the health issues of the people in the
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UK and also help in providing the butter shelf life by doing good packaging. There are various
steps which are involved in the new product development that are explained as follows:
 Idea Generation: what is the first step of the new product development model ine whitch
the idea is been generated so that the fat duck can come up with the new ideas and
implement them in their product. The company must analyse the internal sources as
research and development and external sources like suppliers and competitors so that they
can get better results. With the help of this sources the organisation can launch their new
product with the addition of gym as well as offer various flavoured lassi as a new idea.
 Screening: what is the next stage in which the screening of the ideas is being done and
the organisation filter all the ideas and select the appropriate one. In this stage company
can screen both ideas and choose a new range of the lassi as a good option.
 Development of Concept: After every effective screening the phatic must develop its
innovative and attractive Idea into product. This idea can be tested among the various
group of the customer and understand effectiveness of the product. The product is being
tested among various small group and their response in context to healthy strawberry
lassi came out to be positive.
 Marketing Strategy: It is the step which includes the marketing mix like product price
place and promotion that can help the organisation to launcher unique product and the
organisation must need to develop the marketing strategy for that the company have used
the diversification as a product strategy in which they are providing the low cost product
at the store of the company and they are used in a social media platform has a marketing
strategy so that they can attract the large group of customers.
 Business Analysis: after determining the product concept and the marketing strategy, the
next step in which the required to evaluate their new product and ensure better packaging
of their healthy lassi to retain the attractiveness of their potential customers. The idea
needs to be review in all the aspects like cost sale as well as the profitability ratio in the
new project so that the higher profitability can be attend in the large part by which the
computer can have growth.
 Development: it is the step steps which is related to the actual development of a product
and in context to fat duck, new range of their product with the addition of zinc as well as
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the long durable packaging. Internal testing in which product tested again in order to
launch in the new market.
 Test Marketing: It is the step in which a new range of lassi with effective marketing
program tested in an effective manner so that the organisation can understand the market
need. This would also allowed the company to perform various modification in relation to
the product.
 Commercialisation: it is the last step in which is launch within the set marketplace so
that the higher profitability can be obtained within the organsiation in order to establish a
good brand image in the large market.
P6. Innovation Business Case
Innovation plays significant role effectively including the organisational culture and in
relation to fat duck, innovation can help the company so that they can increase their competitive
advantage in the large market and also earn higher profitability biceps tendon in the competitive
market. When the company is doing innovation of a new and unique healthy strawberry lassi
with the addition of zinc element to make it more healthy. The companies developing a detailed
business case including all the important aspect in relation to overall implementation of the
innovation are explained as follows:
STEPS DESCRIPTION
SUMMARY
The fat duck is the most recognised restaurant in the United Kingdom
which is deal in various beverages but however, this require reduction
the same the companies required to innovate their various product.
OBJECTIVES
The main objective of the company is to develop the new and
innovative product without eliminating their original product that is
lassi.
SOLUTION
In order to attain the objectives of the company, the company news
new range of rank so that they can attract the large group of their
potential customers and also increase the Sale of the company. This
contribute in making the better and healthy life in the society.
INNOVATION IN
SERVICES
The innovation is paint an by utilising the pack the packaging in the
new range of lassi that can help in eliminating the plastic. Use of zinc,
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