Innovation and Commercialisation Report for Healthy Juice

This report examines the concepts of innovation and commercialization within the context of a business, specifically Healthy Juice, a firm offering various types of drinks. The report begins by defining innovation and highlighting its importance, including its role in providing competitive advantages,...Read More

Innovation and
Commercialisation

CONTENTS
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to organisation.......................................................................1
P2 Leadership, vision, teamwork and culture shape innovation.................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovation and use of innovation funnel to analyse innovative ideas.........................3
P4 Development is frugal innovation and its use in organisation...............................................4
TASK 3............................................................................................................................................4
P5 Significance of commercial funnel and application of new product development................4
P6 Innovation case for an organisation........................................................................................5
TASK 4............................................................................................................................................6
P7 Various tools that can be use by organisations to develop, retain and protect intellectual
property........................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is a concept under which company add some unique and new features in order
to increase its usefulness and satisfy the needs of its customers. One of the main benefit of this is
that it help in increase the profits of enterprise and also provide competitive benefit to company.
Implement the concept of innovation on continuous basis is very important for a business
organisation in order to sustain in market for long run. Healthy Juice, a firm that offer various
type of drinks to its customers is consider in this report for study. Importance of innovation for a
business enterprise is mentioned in this report. Different tools that a company can utilise in order
to protect its intellectual property is all given in this.
TASK 1
P1 Innovation and its importance to organisation
Innovation is known as the process in which company offer some new features to its
customers in order to fulfil their needs. One of the main feature of innovation is that it help in
utilise all business resources at an optimum level. This improves efficiency and help entity in
offer featured products to its customers at affordable prices. It is very important for important for
manager to encourage employees to think creatively so company can attain its set goals and
objectives in adequate manner. Innovation provide various long term benefits to company and
significance of innovation for business enterprise can be understood by following points:
 Provide competitive benefit: Concept of innovation is the one that help in manufacture
and offer better products to its customers. Unique features attract more customers and this
provide competitive benefit to entity (Anderson, Potočnik. and Zhou, 2014). With this
company can generate more number of profits and can sustain in market for long time
period.
 Ensure optimum utilisation of resources: When entity offer something new to its
consumers then it help in utilise all resources at an optimum level. This improve
efficiency and increase profits of company.
 Increase profits of company: Innovation is the one that make the entity different from its
customers. With this company can step forward from all its customers. This increase
large number of customers and increase profits of enterprise.
1

 Make the communication stronger: Various activities are perform by entity under concept
of innovation. It is very essential for entity to use effective channels of communication as
this bring cooperation among various activities and increase profits of enterprise.
Difference between innovation and invention
Basis Innovation Invention
Meaning Under this entity add a new
feature in current product for
increase its usefulness and to
better satisfy the needs of
customers.
A totally new and unique
product is offer by company
to increase its profits.
Concept In this only a single feature is
added in the product.
Totally new product is
manufacture in this.
Skills required Marketing, technical,
financial and various type of
skills are required to
implement innovation.
Technical skills are required
for implement invention at
workplace.
Activities involved Activities that are implement
by manager in this are spread
across all departments of
company (Boons, Lüdeke-
Freund, 2013).
Activities are only limited to
research and development
department.
P2 Leadership, vision, teamwork and culture shape innovation
It is very important for manager to identify and examine all element that affect innovation in
order to get all benefits related with it. These factors can be understood by the following points:
 Vision and innovation: Vision statement of entity represent where entity wants to go and
want company wants to achieve in coming future years. Effective vision encourage
managers and employees to implement innovation. It is very important for manager of
firm to set effective vision so that innovation can be implemented at workplace in
effective manner.
2

 Innovation and leadership: Leaders play a big role in implementation of innovation at
workplace (Cross, 2011). These are the one who direct and encourage employees to work
well and right approach of leadership encourage employees to work well.
 Innovation and Teamwork: This define how employees of company work in teamwork. It
is very important for manager to encourage employees to work in teams as this help in
implement the concept of innovation in effective manner.
 Organisational culture and innovation: Culture adopt by enterprise create the environment
in which workers perform their roles and duties. Positive work environment encourage
employees to perform well and this support entity in achieve its set goals and objectives.
TASK 2
P3 4Ps of innovation and use of innovation funnel to analyse innovative ideas
Effective implementation of innovation is very essential in order to get all benefits related
with it. 4Ps of innovation help manger in implement innovation at workplace. All Ps can be
understood by the points given below:
 Product: This highlight product manufacture and offer by entity to satisfy the needs of its
customers. Effective and featured products help in attract more customers.
 Process: This elements highlight the process use by firm in order to manufacture
innovative product. It is very important that right process should be utilise by firm as this
help in save time and cost of company.
 Positioning: Under this various marketing tools are use by firm in order to position its
products and to increase the sale of its products.
 Paradigm: Unique and effective features of products help in attract more customers and
increase profits of enterprise.
Use of innovation funnel in shape innovation
Innovation funnel help in implement innovation at workplace. this provide basis to
manager to examine the innovative idea through which entity can manufacture and offer
better products to its customers (De la Mothe and Paquet, 2012). This increase the success
chances of innovation. With help of this concept, Mr Daniel Green can identify which type of
innovation should be done by entity and in which manner so company can generate more
profits.
3

P4 Development is frugal innovation and its use in organisation
Concept of frugal innovation is one of the effective concept which is utilise by firms during
implement innovation idea. One of the main aim of this is to bring down the costs of innovative
products and offer the same to each and every individual. Under this all efforts are done to
decrease the cost of product but at the same time quality and features are maintain so product can
satisfy the needs of its customers (Gennaioli, Shleifer and Vishny, 2012). Frugal innovation is
based on following six principles:
 Identify opportunity in adversity: every single problem should be examined form each
point of view as this increase understanding about the problem and at the same time
support in find better solution.
 Do more with less: Efforts should be done by researcher to identify the solution of
problems with available data he should not go for further research.
 Think and act flexible: It is very significant for researcher to think and act flexible during
the research as this help in find better solution.
 Keep it simple and attractive: It is very important for researcher to use only simple and
effective methods as this support in reveal better solutions.
 Include the margin: As per this principle, customers should be encouraged to take part in
decision making process as this help in find better solution.
 Follow your heart: It is very important for an individual to be passionate about his work.
TASK 3
P5 Significance of commercial funnel and application of new product development
Commercial funnels is the concept which is use by business enterprise in order to increase
the number of its profits (Gunday, G. and et. al., 2011). In this firm first identify all the ideas
through which it can generate large amount of profits. After that all ideas are analysed in order to
select the best one. commercial funnel support manager in identify and select the idea through
which entity can generate more number of profits.
Process of new product development
 Idea generation: In this various ideas are developed through which company can satisfy
the needs of its customers.
 Idea Screening: All the idea developed in first stage are examine in this in order to select
the best one.
4

 Concept development: In this idea is converted into final report. Appropriate tools and
methods are require to be use by manager in this.
 Strategy development: This is the stage in which manager formulate strategy for
implement innovative idea at workplace.
 Situational analysis: It is very important for manager to undertake situational analysis as
this help in identify the right time to implement innovation.
 Product development: In this manager decided the final features which should be there in
a product for satisfy needs of customers.
 Test marketing: Under this entity launch its product in some limited areas in order to
examine its features and to determine its acceptability.
 Commercialisation: In this entity offer its products to its target customers and use various
communication channels in order to encourage them to buy the same.
P6 Innovation case for an organisation
One of the main benefit of implement innovation at workplace is that it help manager in
identify new and effective ways to carry out business operations. With help of this company can
manufacture and offer quality products to its customers and at the same time can retain them for
long time period (Lundvall, and et. al., 2011). As Mr Daniel Green the founder of healthy drinks
wants to expand in drinks so to bring innovation in its products following are necessary to
consider:
 Executive summary: Healthy drinks is a firm that offer various type of drinks to its
customers in order to satisfy their needs and to increase its market share. As company
wants to increase its customer base so it is very essential for entity to bring innovation at
in its products. In this company can introduce a drink with flavour of two fruits known as
Kiwi and Strawberry.
 Objectives: With its new product, company wants to capture a large market share and
wants to generate more number of profits.
 Solution: With help of innovation entity can increase its profitability but before bring
some innovation in its products it is very essential for company to carry out research as
this help in understand about needs and requirements of customers.
 Why product is innovative: It is very important that product should be innovative as this
create product’s demand in market.
5

 Funding: Without funds company cannot implement innovation at workplace.
 Expected benefits: This aspect highlight the major benefits that an entity get after
implement innovation.
TASK 4
P7 Various tools that can be use by organisations to develop, retain and protect intellectual
property
Intellectual property is use to describe the unique creation of human being. Different tools
are there which can be use by entity to develop, retain and protect intellectual property and this
can be understood by the following points:
 Professional help: This is one of the most popular tool use by firms to protect intellectual
property. In this individuals take help of experts who provide a password to the owner so
that no other individual can use it.
 Trademark: In this company use a specific sign, symbol, logo or design in order to make
its products different from other products exist in market.
 Patent: Under this tool government bodies provide a specific right to the individual for
specific period of time so that no other individuals can copy it.
 Copyright: In this a specific right is given to the owner so that no other individual can use
the relevant information.
CONCLUSION
From the given project report, it can be concluded that innovation provide various long term
benefits to a business organisation. This provide an opportunity to the enterprise to respond to
the changes take place in needs and requirements of customers which help in retain them for long
time period. 4Ps help entity in implement innovation in an effective way and can get all benefits
related with it. Various elements are there which affect the process of innovation so all elements
should be identify and examine by manager so firm can achieve its set goals and objectives.
6

REFERENCES
Books and Journals
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal of
Management. 40(5). pp.1297-1333.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-19.
Brynjolfsson, E. and McAfee, A., 2012. Race against the machine: How the digital revolution is
accelerating innovation, driving productivity, and irreversibly transforming employment
and the economy. Brynjolfsson and McAfee.
Cross, J., 2011. Informal learning: Rediscovering the natural pathways that inspire innovation
and performance. John Wiley & Sons.
De la Mothe, J. and Paquet, G. eds., 2012. Local and regional systems of innovation (Vol. 14).
Springer Science & Business Media.
Gawer, A. ed., 2011. Platforms, markets and innovation. Edward Elgar Publishing.
Gennaioli, N., Shleifer, A. and Vishny, R., 2012. Neglected risks, financial innovation, and
financial fragility. Journal of Financial Economics. 104(3). pp.452-468.
Gunday, G. and et. al., 2011. Effects of innovation types on firm performance. International
Journal of production economics. 133(2). pp.662-676.
Jiménez-Jiménez, D. and Sanz-Valle, R., 2011. Innovation, organizational learning, and
performance. Journal of business research. 64(4). pp.408-417.
Kleinknecht, A., 2016. Innovation patterns in crisis and prosperity: Schumpeter’s long cycle
reconsidered. Springer.
Lundvall, B. Å. And et. al., 2011. Handbook of innovation systems and developing countries:
building domestic capabilities in a global setting. Edward Elgar Publishing.
Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
Metcalfe, J. S. and Miles, I. eds., 2012. Innovation systems in the service economy: measurement
and case study analysis (Vol. 18). Springer Science & Business Media.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
7