Innovation and Invention: A Strategic Analysis for Sustainable Growth

In today's rapidly changing business environment, innovation is not just about new products or technologies but also involves rethinking business models. This essay delves into how organizations are restructuring their core activities, value propositions, customer relationships, and revenue streams to better align with market demands and technological advancements. Drawing on contemporary academic literature, the paper identifies key strategies for successful business model innovations and discusses the implications of these changes for long-term sustainability and competitive advantage.

Innovation and commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and determine its importance to organizations in comparison with invention1
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovation idea.......................................................................................................................3
P4 Developments in frugal innovation and provide examples of how it is used ..................5
TASK 3............................................................................................................................................6
P5 Importance of the commercial funnel and the application of new product development
processing...............................................................................................................................6
P6 Build an innovation business case for an organisation, including ways to access funding7
TASK 4............................................................................................................................................8
P7 Different tools that a business can use to develop, retain and protect knowledge and
intellectual property................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
There are number of business in current situation along with its process which in turn has
the motive of turning the vision within reality and that is being done by implementation of tools
and techniques (Adner and Kapoor, 2010). There are various kind of factors which mainly plays
essential role like giving out ample of opportunities, prototyping, sales along with marketing and
production. Company taken within this report is Healthy Juice which deals in food sector. There
are various kind of factors which are being highlighted within this report like major difference
within innovation and invention. Along with this, effective functioning of both kind of aspects
which are also being discussed.
TASK 1
P1 Innovation and determine its importance to organizations in comparison with invention
INNOVATION: Advancement is an idea in which there are numerous kinds of contemplations
and other imaginative thoughts are being changed into products and enterprises and
subsequently, being sold to the clients as far as money related. Development must be added to a
thought when it has the factor of decreasing expense in financial terms and henceforth, satisfy
requests (Dahlander and Gann, 2010). Other than this, development can be expressed as a
procedure in which fundamental data is being gathered and accessible assets are being used in an
ideal way.
Evolutionary Innovation: In this kind of approach, development mainly happens when there is
mechanical changes which are conducted on an item which are mainly done over and over. This
kind of procedure is mainly stated as transformative development.
Revolutionary Innovation: In this kind of factor, development is not mainly focused upon juts
one product but also it is being adjusted on every kind of new thoughts.
Importance of Innovation
There are numerous routes on which the development of organization
thoroughly depends alongside devices and methods which are being
connected for accomplishing expected outcomes. The real explanation for
progress and development of organization is advancement which ought to
be connected at introductory stages. The principle focal point of cutting
edge advancement is on giving upper hand along some different strategies
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by which improvement can occur. Certain differences among innovation and invention
which are described as below:
Basis Innovation Invention
Definition It is a term where there is
implementation for various
kind of thoughts and thus
create number of factors for
attaining the objectives.
In this term, there are primary
thought which are raw in
nature for a better kind of
outcomes.
Base Thoughts are being
implemented.
Fresh and raw thoughts.
Activities Entire company adopts it. Has certain boundaries within
research and development
wing.
Reason of occurrence Products and services are
being given in maximum level
of satisfaction.
Fresh ideas and thoughts
mainly occurs.
Allocated with Several processes Single process
P2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
Innovation is a part of business which used to take place in every course of mind. Thus,
with innovation, organisation vision, leadership, culture and team work used to take place in
better manner (Davila, Epstein and Shelton, 2012). Healthy juice used to work on better
innovation where all essential consideration used to determine for making and shaping
innovation properly: Vision: A business used to focus on their vision which concern with lifelong aspect and
consideration. A vision used to be future oriented which further assist in drawing things
better and appropriate in nature of frame (Drucker, 2014). The founder of a company Mr.
Green thinks that is to create an innovative new range of drinks, juice or smoothie but
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does not want to move away from drinks. This vision enable them to manage their
innovation properly of Health Drink so that effective and efficient results could be drawn. Leadership: Another thing on which business have to focus is leadership. Whenever any
kind of innovation determine, leaders required to reflect their role better so that effective
and efficient outcome could be drawn (Gassmann, Enkel and Chesbrough, 2010). Mr
Green adopt democratic style of leadership while they are going to execute the innovation
regarding launching of new health drink in frame. Culture: Another thing on which Mr Green need to focus better and in effective manner
is culture of working. As per the Handy culture there are mainly four major kind of
culture used to take place (Hall and Lerner, 2010). Out of which for better execution of
innovation at Healthy juice, role culture is appropriate. This facilitate each and every
individual to become dedicated towards their working and target accomplishment.
 Teamwork: A team work and cooperative working is an essential aspect on which
business management have to maintain their focus. For implementing the innovation at
Healthy juice, Mr. Green required to execute appropriate and effective team workings
scenario. Like they could narrate famous stories for motivating their individual in order to
made them dedicated towards working options.
TASK 2
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovation idea
Innovation is a process to develop new ideas and convert them into reality. Through this, an
organisation has produce high quality and differentiate goods as compare to their competitors
thus provide competitive benefits. Management of the company has created core competences by
implementing innovation at work place so that it is very important for an organisation to execute
creativity working process among all staff members which help to gain higher profitability in
long period of time. Mr. Daniel green has appreciate employees participation in innovative ways
of working in resulted they are receive positive outcome effectively. By this they are offer new
range of drinks, juices etc. that help them to retain their market position and increase sales. 4 P's
of innovation mix has help to know what is a current position of the company at market place
and accordingly they are select best method of implementing changes at work place in order to
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achieve goals and objectives in limited period of time. There are four P's of innovation that as
detail below:
(Sources: Four P's of innovation, 2015)
Product perspective: Product is a most important element for an organisation because
each and every business has run only for sell that in order to receive profits in long period of
time (Hjalager, 2010). Current enterprises environment has very dynamic in nature so that it is
important for management of the company that they have continuous improve their product
quality and feature in order to receive profitability as well as long time sustainability at market
place. When Healthy juice has introduce at market place then they are receive competitive
benefits but now all their innovation should be copy resulted reduce overall cost. So that, now
company has face loss of market share as compare to before. In present, they have want to
reimplemented creativity in working process to process new services or goods. Through this,
they are able to achieve goals and aim in limited period of time.
Process perspective: It mean how organisation may complete their work effectively to
achieve target in given time frame (Huizingh, 2011). Management of Health juice has analyse
their working style by this they are find out gap between actual and desire outcome accordingly
manager take decision related to creativity. Now company need to produce product with
innovation so that they are capable to achieve positive result in limited period of time.
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Illustration 1: 4 P's of innovation

Position perspective: It can be define as way that company may used to place brand
image in customers mind (Leiponen and Helfat, 2010). Through this, firm are able to increase
awareness of clients about company goods and services in long period of time.
Paradigm perspective: It belong to continuous function of goods and services when
organisation may add some new feature in their existing commodities which help to achieve
higher customer's satisfaction (Manso, 2011). Thus provide long term sustainability of the
company at market place that provide growth.
Innovation funnel: It is process of collecting new innovative ideas in order to run whole business
activities and they are select best one out of all available alternatives. Management of firms has
identify future needs and wants of market and accordingly manufacturing goods in order to full
fill them effective ways.
P4 Developments in frugal innovation and provide examples of how it is used
(Source: Frugal Innovation 2017)
Frugal innovation is a process of reducing several negative factor which affect production
process are conflicts among employees, complexities to completing work, remove issues and
many more. Through this, firm are able to achieve economic of scale thus help to reduce cost of
goods. By this, Healthy juice has capable to attract large number of customer's toward their own
commodities and services. In this process, management has remove unnecessary aspect as well
as feature that provide better utilisation of available resources.
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Illustration 2: Frugal Innovation

Manager of Healthy juice has find out the issues that affect product price negatively and
take appropriate action in order to reduce their impact (Melville, 2010). Through this, they are
able to achieve economic of scale in their production process and offer drink in low price with
same quality. Through which they are capable to gain high market position as well as
profitability in long period of time. It is a management responsibility to execute frugal
innovation at their work place in order to receive above given several benefits which help to
retain market once again.
TASK 3
P5 Importance of the commercial funnel and the application of new product development
processing
Commercial funnel: An organisation has focus on their goods feature as well as quality
through which they are able to attract large number of clients toward their product (Sartori,
Favretto and Ceschi, 2013). It is a management responsibility to check quality of commodities on
time to time basis in order to provide high quality commodities to their consumers. Commercial
funnel has implemented by Healthy juice to create derivative choices of distribution by which
organisation has deliver goods at right place to right customers in limited period of time
effectively.
Encourages activities of selling: It is very important for Healthy juice to encourage their
employees to sell more and more product. For this, they want to provide training to them to
deliver better services to their clients at market place that enhance customer's satisfaction as well
as profits.
Reaching to customers: This activity is helpful to select best way by which firm may
react to attract targeted customers toward their commodities. Innovative designing has help
better utilisation of available channel at market place that helps to reach out at large number of
clients who take advantageous for the company.
New product development: Healthy juice want to develop new product to gain higher
profits as compare to before. After certain time buyers has bored with old product and they
demand some thing new, for this organisation has add some feature in existing product in order
to offer new goods to their customers. But it is a modification process through this firm are able
to retain customers but not for long period of time. So that is why, healthy juice need to
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implemented innovation strategies at work place in order to product completely new
commodities that help to attract new marker segment as well as retain existing in an effective
manner. Thus provide benefits of core competences as well as competitive advantage at market
place.
P6 Build an innovation business case for an organisation, including ways to access funding
Mr. Green is a founder of one of famous product healthy drink whom want to launch
their new products and services at desire market world. Business founded that from past few
days, their sales tend to decline most which not determine as appropriate and suitable
consideration. Hence, this result in gaining and deriving lack of superior outcome in nature of
frame. In such relation, appropriate business innovation case get crafted with suitable sources of
fund. This will result in gaining and deriving beneficial attribute so that sufficient fund get raise
in order to execute innovation better.
Executive Summary: Healthy juice are one of a major company whom used to deal in quality
products and services. Business used to deal in appropriate quality standard products and
services but fro past few days their sales used to decline due to increase in competitors. Thus, for
gaining competitive edge better innovation is really essential which get done by raising
appropriate source of fund.
Need: Sometimes, innovation become requirement of a company so that they could maintain and
manage them differ from others. Mr. Green will going to launch another new product at market
world because their sales tend to decline due to increase in number of competitors.
Solution – On this stage, business start thinking about solution which need at the time of
modification. Healthy juice derive a better solution for their decreasing sales where innovation
determine as appropriate consideration.
Market Evaluation: On this level, business managers start evaluating their market world, where
operations used to take place. This need to get done by the manager of a company where
determine and new market world get assess in order to derive and determine better and signified
gains as well.
Planning & Evolution- This stage concern with planning and evolution which get done on the
basis of market evaluation. This result in effective utilisation of resources.
With such consideration, another thing requires most is fund. Without finance a business
would not get establish operations properly. This need to understand by Mr. Green better and
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required to analyse various sources of finance. Certain example of finance are bank loan, family
etc. All of them enable in raising appropriate capital for launching business.
TASK 4
P7 Different tools that a business can use to develop, retain and protect knowledge and
intellectual property
Intellectual property rights can be characterized as a structure which was made by
government in order to ensure the privileges of the general population in a successful way. In the
wake of actualizing these sorts of rights, the odds of duplication is decreased and innovations are
additionally secured (Teece, 2010). On the off chance that anybody will at present to exploit
developments and innovations of others them they will be stuck in an unfortunate situation as
any move can be made against them and case may likewise be documented. Along these lines, if
proficient arrangement administrations will do any sort of development and they need its
trademark or copyright then they should take consent for it ahead of time. The rights can be
examined as under:-
 Trademark – One of a major thing which requires to utilise by a company in order to
maintain and manage their innovation could might be trade mark. This is basically a
legislative consideration which define and associated symbol or to present a product. This
enable and facilitate to manage working better in order to determine effective outcome.
When Mr. Green start thinking about symbol for their product they could go with trade
mark option in order to made drinks differ from others.
 Copyright – It is a kind of legal consideration which use to provide to an originator a for
a fixed period of time (Yin, Shi and Yan, 2014). Thus, whenever any kind of print,
publish or any consideration get evaluated copyright could be utilise. But for Mr. Green
this segment is not appropriate just because Healthy juice could be determine as a single
thing.
 Trade Secrets – For gaining competitive advantage, sometimes, certain firms will use
trade secret option where they not used to share any kind of process, strategy associated
with working. Thus, Mr. Green can protect their innovation of healthy drink properly by
not disclosure it in front of others.
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CONCLUSION
From the mentioned report, it can be concluded that the innovation and invention are two
elements who majorly plays various kind of role within the company. There are majorly new
kind of product which are being defined by the help of innovation and commercialisation which
can be made present by the help of distributive channel along with objectives in better and
effective manner.
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REFERENCES
Books and Journals
Adner, R. and Kapoor, R., 2010. Value creation in innovation ecosystems: How the structure of
technological interdependence affects firm performance in new technology
generations.Strategic management journal.31(3). pp.306-333.
Dahlander, L. and Gann, D. M., 2010. How open is innovation?.Research policy.39(6). pp.699-
709.
Davila, T., Epstein, M. and Shelton, R., 2012.Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation.R&d
Management.40(3). pp.213-221.
Hall, B.H. and Lerner, J., 2010. The financing of R&D and innovation.Handbook of the
Economics of Innovation.1. pp.609-639.
Hjalager, A. M., 2010. A review of innovation research in tourism.Tourism management.31(1).
pp.1-12.
Huizingh, E.K., 2011. Open innovation: State of the art and future
perspectives.Technovation.31(1). pp.2-9.
Leiponen, A. and Helfat, C.E., 2010. Innovation objectives, knowledge sources, and the benefits
of breadth.Strategic Management Journal.31(2). pp.224-236.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Melville, N. P., 2010. Information systems innovation for environmental sustainability.MIS
quarterly.34(1). pp.1-21.
Sartori, R., Favretto, G. and Ceschi, A., 2013. The relationships between innovation and human
and psychological capital in organizations: a review. The Innovation Journal. 18(3). p.2.
Teece, D. J., 2010. Business models, business strategy and innovation.Long range
planning.43(2). pp.172-194.
Yin, W. J., Shi, T. and Yan, Y., 2014. Unusual defect physics in CH3NH3PbI3 perovskite solar
cell absorber. Applied Physics Letters. 104(6).p.063903.
Online
Innovation of small medium enterprises for sustainability. 2011. [Online]. Available through:
<https://www.slideshare.net/togar/innovation-of-small-medium-enterprises-for-
sustainability>.
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