Innovation and Commercialisation Strategies for YOYO Drinks: Report

This report provides a comprehensive analysis of innovation and commercialization strategies, using YOYO Drinks as a case study. It begins by defining innovation and differentiating it from invention, then explores how organizational vision, leadership, culture, and teamwork shape innovation. The report delves into the 4Ps of innovation, the innovation funnel, and frugal innovation, providing examples of their application. It then examines the commercial funnel, new product development processes, and the creation of an innovation business case. Finally, it evaluates tools for developing, retaining, and protecting knowledge and intellectual property. The report highlights the importance of continuous improvement, social media, creative development, and branding in the context of YOYO Drinks, offering valuable insights into the practical application of innovation and commercialization principles.

Innovation and Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Explain innovation and difference between innovation and invention.............................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
TASK 2............................................................................................................................................6
P3 4P's of innovation and explain the use of innovation funnel to examine and shape
innovation ideas......................................................................................................................6
P4 Development in frugal innovation and provide example of its usage in an organisational
context....................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and application of new product development (NDP)
processing for commercialisation of innovation....................................................................9
P6 Build an innovation business case for an organisation, along with ways of access funding.
..............................................................................................................................................10
TASK 4..........................................................................................................................................12
P7 Evaluation of different tools that organisation can use to develop, retain and protect
knowledge and intellectual property....................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation means introducing new views and ideas and generate innovative and different
product and services. Innovation is a process which help to provide new product and services in
effective manner (Bernstein, 2015). On other hand Commercialisation is process in which an
organisation launch new product and services in the market for increasing its overall sale. Many
activities are included in it like production, distribution, marketing and many other which effect
the growth of organisation in positive manner. This report is based on YOYO drinks which was
started three years ago. This company was started by Mr. Sameer who is also CEO of this
organisation. In this report management is focusing on sale maximisation of the organisation. It
is also cover detail information innovation and invention, its importance and differences. 4P's of
innovation are also discussed in this project. Beside it frugal innovation and benefits are also
describe in this report.
PART 1
P1 Explain innovation and difference between innovation and invention.
Innovation is an important term in which many new and innovative ideas are generated to
provide effective product and services for the market. Through innovation an organisation can
fulfil all the needs and requirement of their customers. It also helps the market by offering
satisfied products. Innovation help the organisation in development as well as target
achievement. Along with this, it help in fulfilling the demand of customers in effective manner
(Carayannis, Cherepovitsyn and Ilinova, 2016).
Innovation is also known as updated version of product which included various method
like creating, designing, discovering and developing. These all are not available in market.

Tangible products are generated by innovative ideas, market research and development.
Different new method and techniques are uses for improve market and existing product.
Difference between innovation and invention
Innovation Invention
Innovation is introducing new ides which
provide innovative product and services.
Through this customer find innovative and
creative products. Innovation also fulfil the
requirement of an organisation in an effective
manner.
Invention is totally different from innovation.
In this they developed ideas and methods of
production which are not available at
marketplace. All new services are provided by
invention for customers.
Innovation required new ideas with critical
thinking ability in order to understand
customers taste and preferences. Organisation
should hire skilled employees so firm can
generate profits in future.
For development of process, many skills are
required with effective role and responsibility
such as innovative skills and interpersonal
skills are required to gain competitive
advantages among rivals. This will facilitates
organisation to capture large market share.
It refers to updating a product and services
which already available at market place. It is
like adding value in a product which
differentiate it from other products.
It is creation of new product by using new
strategy, process and method and introduction
it with market.
This activity is done separately in organisation,
there are no requirement of research and
development.
It is totally based on research and development
because before launching new product
organisation want to know the actual condition
of the market. For example YOYO should take
feedback form customers regarding product
and make changes to offer quality services.
Importance of Innovation in organisation

Innovation play an important role in the growth of an organisation. It means innovation
of new ideas provide effective product and services for the market. It provides change for the
organisation which effect the environment of organisation as well as marketplace. An
organisation can update its product through dynamic change in it. In context of YOYO drinks,
there are various benefit of innovation which effect the growth of this organisation. There are
some importance of innovation and those are as given.
Continuous improvement: Innovation is important for the organisation because it help
the organisation in improvement in various sectors (Chun and et. al., 2015). In context of YOYO
drinks it has been analysed that innovation helps in attaining organizational goal. By introducing
new product in market company can capture large customer base and it will in generating
goodwill in the minds of customers. Improvement can be done by taking feedback from
respective customers and make product as per the customer’s satisfaction.
Using of social media: Social media play an important role for introducing new product
in market. It is the only way which effect the customers most. YOYO drinks also using this
effective strategies like promotion and campaigns on social media to attract more and more
customers. Social media have a big platform which effect the target market. Through providing
advertisement of these side this organisation can increase its productivity in effective manner.
Creative development: According to current scenario innovative ideas and product
support the organisation in its development. Through this they provide different product and
services for the market. YOYO drinks also focusing on this strategy on innovation which help
this organisation to increasing sale and cover large part of market share.
Branding: Building relationship with customers is important for the long term goal
achievement, branding is important for every organisation for its growth (Datta, Mukherjee,and
Jessup, 2015). YOYO drinks also focusing on this because it is important for their organisation.
By using this strategy, they can build a strong brand image in the market which help them to
increase their sale.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
Vision: It is a statement that an organisation declares for achieving future goals and
targets. Those targets are focused by the organisation to achieve it in future. In context to YOYO
drinks, they also focus on their statement because after launching mango flavoured lassie they

also face a bad phase which decrease the productivity of this organisation. After this case YOYO
drinks decide to declare their statement in which they are focusing on the growth of organisation
(Dutta and Folta, 2016). They use many strategies through which they attract more customers
and build a strong brand image in the market. Through vision this organisation found a plan
through which they direct their employees for their target. When an organisation has a proper
vision in that condition they collect their target easy.
Leadership: It is skill which is founded in a person who direct the workforce in an
effective way. It plays impermanent role in an organisation because with the help of effective
leadership they direct employees and achieve target in a particular time. Leadership depends on
nature, attitude, behaviour and many other thing. Beside it leadership is also classified into
various type and those are like participative, democratic, autocratic and situational. These all
styles describe about different leaders behaviours like how they react in any situation. In contact
of YOYO drinks it has been analysed that they follow Participative leadership style in which
they provide a comfort zone to their employee. Though providing healthy environment they also
increase the performance of the organisation as well as they provide them right related to
decision making. With the help of different ideas of different employee’s organisation can
provide innovative ideas for their customers. This leadership style focus on the growth of
organisation as well as employees.
Culture: It include values norms, behaviour and attitude of individual towards
organisation. Innovation leads towards change which provide new directions and ideas to
achieve organisational objectives. YOYO drinks manager should maintain positive culture in
organisation so that employees can perform their activity effectively. Innovation culture help in
improving employee’s capabilities and skills to complete task in well-defined manner. In result it
will enhance the marketplace and profitability of company (Henttonen and Lehtimäki, 2017).
Teamwork: Every employees of an organisation is performing their task to achieve
conmen goal but when they perform in team work in that condition they achieve their target easy
in an effective manner. Many views and ides are discussed in this condition and they select a best
one. YOYO drinks are also focusing on this strategy because they provide various kind of
effective training for employees and they achieve target and increase the sale of the organisation
which is important for profit maximisation of the organisation. Innovation and
commercialization help team members to work effectively to produce quality outcomes. It helps

employees to indulge in their job and help them to create new and innovative plans for
development and growth of the company in future.
TASK 2
P3 4P's of innovation and explain the use of innovation funnel to examine and shape innovation
ideas.
Innovation mix is also known as 4P's of innovation. This model was provided by John
Bessant and Joe Tidd. Various kind of research and ides are done in an organisation for the
growth (Henttonen and Lehtimäki, 2017). These strategies they can apply in various situation.
Briefed description of 4P's in referent of YOYO drinks are ass given.
Paradigm: It is use to improve the way of doing business. YOYO should plan properly
before launching their product in market. When a company introduce new product with the
market in that condition they face both situation which effect the growth of organisation in
positive and negative manner. It is the responsibility of marketing manager to understand the
needs and want of customers by conducting research. This strategy will help firm to gain larger
customers base and huge profit in coming years.
Product: Each and every organisation analysis the market condition as well as demand
and requirement of their customers. Customer satisfaction is the main purpose of every
organisation. YOYO organisation also provide many effective services for customer and launch
product according to the need of customers (Hossain and Kauranen, 2016). All these things
impact on the overall sale of the organisation. With the help of information, they update its
services.
Process: In this production and distribution play important role. They provide product
and services to customers which effect the value of project and impact on sale of organisation.
YOYO drinks also focusing on this activity of distribution according to the order of users.
Organisation also can collect information about the demand with the help of various strategy
which is important to know.
Position: It is all about the position of the organisation in its industry. Strong brand
image of the organisation attracts more customer as well as develop the demand of product.
YOYO drinks also analysis the market and found its actual position at marketplace. They
distribute many healthy products for health conscious peoples.

Innovation Funnel: In this process the value of product in defined in this funnel. These
activities are classified into three steps and those are as given.
Wide mouth funnel: In this company gather new ideas for attracting new customers.
YOYO drinks must explore and take customers feedback and crucial information regarding
drinks and then offer product which meets the satisfaction level of customers. Organisation
should come up with new ideas such as different flavour drinks in order to attract larger
audience. Firm should do market research to attain knowledge regarding the trends and launch
product as per customers taste and preferences.
Narrowing segment funnel: In this stage company have to develop screened which
include ideas which have goals and value. YOYO drinks must evaluate the ideas and innovation
and select the best possible method for better outcomes. Firm can test the product by giving
samples to the customers and make changes if required.
Narrow part of the funnel: In this phase organisation ensure about the idea should be
turned into companies objectives. YOYO drinks now use the best suitable ideas and implement
those innovation techniques and ideas in their business activities for effective outcomes. It will
help company to develop safe and secure business model to survive in long run.
P4 Development in frugal innovation and provide example of its usage in an organisational
context.
Frugal innovation: This model is used for reducing the overall cost of production by
removing unnecessary cost of project. In this framework they also maintain the quality of
product to meet the demand and requirement of their customers (Hossain, 2015). Fugal
Innovation emphasis on the research and development which is helpful in production at
affordable and reasonable price.
In context of YOYO drinks this model is too much usefully for company which help in
reducing unnecessary cost to maintain the price, quality and quality of the product. It reduce
overall cost of their production and provide product and services on reasonable rate too
customer. Firm have launch different kind of lassies with different flavours in United Kingdom.
For reducing overall cost they also provide lassie in kullads and reduce the packaging cost for the
company (Kolychev and Prokhorov, 2015).

Another example is Unilever of frugal innovation. In this organisation is focusing on
research and development to improve the quality of product and services. They launch and also
sell small packages for reducing unnecessary cost of a particulate product. These packages can
use many times. This strategies provide effective solutions to deliver more value to the
customers at lower price.
TASK 3
P5 Importance of commercial funnel and application of new product development (NDP)
processing for commercialisation of innovation.
Commercial Funnel: It is also known as sales funnel which is a graphical representation
of sales stage where customers goes through buying process. In this stage company analyse the
purchasing pattern of individual. The efficiency of commercial funnel can be evaluated based on
the number of buyer found on a single stage. There are various importance of commercial funnel
are explained below:
Helps in making strategy: It help in understanding tool for business model and for
growth and development. For YOYO, managers should develop effective strategies to compete
in the business. It became easier for the company to drive the customers’ needs and provide best
quality services.
Help to relate to customers: It help YOYO to understand the customers need and make
product as per the requirement present in market. This method help to identify what buyers or
client want and offer the services as per choice of individual. This assist YOYO to expand their
business in well-defined manner.
Generate more sales: This funnel help in capture larger audience from market. YOYO
drinks must use effective marketing strategies to pull buyers towards organisation. Sales funnel
provide opportunity to evaluate the best promotional activities in order to capture large market
share and help in generating revenue.
New product development (NDP): It is a strategic plan which is helpful for the
organisation when they launch new product in the market. Main purpose of this organisation is to
beat the computation in the market and overall development of the organisation. When YOYO
drinks is plaining to launch lassie with ice cream and chocolate flavour lassie, mix fruit lassie

that time they use this plan (Rasmussen and Eliason, 2017). There are various stages which
describe whole process of new product developmental. All these stages are explained below:
Idea generation: It is the first step of new product development in which many kind of
ides generated with different sources. In this condition they conduct a market research and
analyses the whole market which provide them information about the market condition. YOYO
can introduce new product and services by innovation. Company should provide different
flavour lassie on order to target larger audience.
Idea screening: It is the second important step of this process in which organisation
choose one effective idea from various options. Organisation know its straight and weakness so
according to this they choose best one idea. YOYO should do market research and figure out the
best suitable idea which help company to gain competitive advantage in the market.
Concept development and testing: It is a process where organisation focuses on
documentation plan of idea which they can convert into concept. YOYO drinks manufacture
some sample products of lassie in order to take feedback form customers. It is necessary before
launching product on a big level (Schmitz and et.al., 2017).
Business strategy analysis & development: According to this step organisation focus
on the strategy, tools and techniques which increase the profit of the organisation. YOYO drinks
also use all these strategies for effective marketing.
Product development: After all these steps organisation changes this concept in a
physical product. YOYO drinks have limited lassie products.
Test marking: In this method company take feedback form customers and make changes
to provide quality services and meet satisfaction level of individual.
Commercialisation: In this step of new product development YOYO drinks set their
target and they achieve it with the help of marketing mix. This is important for selling various
product in the market.
Introducing: It is the final step of new product development in this organisation launch
its new lassie produces through using all strategies.
P6 Build an innovation business case for an organisation, along with ways of access funding.
Innovation business case: It refer to all those plan which are used to fulfil the
documentation form (Song and et.al., 2016). It is essential for the organisation to build a strong
business plan to increase the productivity of the organisation. Along with this, it also help the

organisation in technology requirements, funds, and potential risk to improve the efficiency in
business activities. Innovation plan for YOYO drinks are as given.
Executive summary YOYO drinks is a small size organisation which provide its
product and services for United Kingdom. This organisation
was established by Mr. Sameer who is the CEO of this
organisation. Currently this organisation is working on to
introduce health conscious lassie to capture large market share.
Need It is the basic need of this organisation to focus on its quality to
satisfy its customers. Beside it they also launch new flavours
for a change in products. Through this they can improve its
brand image in the market.
Solution Demand of fruit punch is increasing in the market so they
should provide it in the market in an effective manner. It is also
an effective solution for increasing the growth of YOYO
organisation. It also offer various discounts and offer in order
to attract more and more customers. This strategy will assist
YOYO to make huge profit in long run.
Consumer analysis In this company figure out whether customers are satisfied or
not. Customer analysed is done by conducting market survey
and also by taking customers feedback regarding product.
YOYO have analysed that customers are happy by new ice
cream flavour lassie.
Creation and improvement It help in developing market research and make changes as per
the requirement of customers taste and preferences. It has been
analysed that sugar free lassie is the main product which
increase the market share of this organisation.
Acquisition of funds This organisation has many kind of options to raise funds. They
can take from loans from banks, financial institutes, from friend
& families and angel investors. They all are provide capital

with less interest charges. So YOYO organisation have many
options to raise funds for expanding its business operation in a
well-defined manner.
Benefits availed YOYO drinks provide good quality of lassie to their customers
which is an major advantage for company. Along with this,
organisation have generated trust of customers which help firm
to capture wider market as well as customer’s base.
TASK 4
P7 Evaluation of different tools that organisation can use to develop, retain and protect
knowledge and intellectual property
Intellectual property is known as the collection of new view which is useful for
innovation. It plays a vital role in an organisation. Beside this, it help organisation to differentiate
from their rivals in marketplace. It is classified into two parts which are property rights and copy
rights. Many methods are used while company operate its business activities. So all these tools
and techniques are explained briefly down below (Song and et.al., 2016).
Patent: It is a legal right which organisation avail from the government. According to
patent rules the product can be manufactured by a particular organisation. In this case another
organisation cannot launch similar product in the market (What is the Difference between
Copyright, Patent and Trademark?, 2019). This right is gain only by the owner of the company.
In context of YOYO organisation, they have patent its product to reduce the duplication in the
market. It also provide right to stop from copying, manufacturing and selling the product without
concern of the company.
Copyrights: It is also a legal right which is provided by the United Kingdom
government. It is a legal framework of protecting the work of individual from getting duplicated
or cheated by rivals present in market. (Walsh and et. al., 2016). It secure a individual right in the
market. Copyrights is design to protect the time, value, efforts and many other things of an
individual. It plays an important role in the market to protect the rights of a particular
organisation related to its product and services. In context of YOYO drinks, they also have a
copyright of their product to reduce the theft copying from other business entity. If any other