Innovation and Commercialisation in the Beverage Industry

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Innovation and Commercialisation
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Table of Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................4
1. Explanation of the innovation and how it is different from invention.................................4
2. Discuss the value and importance of innovation to organizations and explain how these
can turn a company into a more profitable one...........................................................................5
3. Provide an overview of the different types of innovation with a focus on disruptive and
incremental innovation, and explore the pros and cons of each approach..................................6
4. Explain the 4Ps of innovation and how this supports capability and management of
innovation. Advise the company which form of innovation they should engage in...................7
5. Discuss how New Product development (NPD) processes and innovation funnel can be
used by the company to drive new innovative ideas/products to market....................................8
6. Analyse what is meant by frugal innovation and provide examples of how organisations
are using it. Also, make recommendations on how the company can benefit from this concept.
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Conclusion.....................................................................................................................................10
References......................................................................................................................................11
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Introduction
3

Part A
1. Explanation of the innovation and how it is different from invention
Innovations are very important for the growth and sustainability of the organization. By
innovative ideas and strategies the managers of the firm are able to enhance the area of
production and are likewise able to improvise the sales of the organization. YOYO drinks is an
organization that is founded three years ago and was experiencing great success in the market.
The customers of the firm are quite satisfied and the managers were experiencing great boom in
the market. But with time the requirement of innovation started emerging and impacted the
business of the firm in negative manner. The managers of the firm are able to get back their
goodwill and brand equity by following the innovative practices in the organization. By
launching new and innovative products in the market they will be able to attract new customers
in the market. They will be able to enhance their area of production with the help of respective
approach (Galindo and Méndez-Picazo, 2013).
Innovation and invention both are completely different terms. Innovation is a process in which
the company tries to make innovative changes in the existing product or services. While
invention is a process in which completely different product range is introduced in the market.
Both of the approaches have impact on the growth and sustainability of the organization. With
the effect of innovation the managers of the firm are able to get regenerate their goodwill in the
market. On the other side, with the impact of inventions managers of YOYO drinks are able to
enhance their productivity. They will be able to attract new customers and will be able to create
completely different and new customer base for the company (Galindo and Méndez-Picazo,
2013).
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2. Discuss the value and importance of innovation to organizations and
explain how these can turn a company into a more profitable one.
In this era of technology advancement innovation holds high value for the organization. With the
effect of innovative goods and services the managers of YOYO drinks are able to satisfy the
requirements of the subordinates and are also able to achieve success in the market. Some of the
other benefits of respective process are:
 With the help of innovative goods the managers of the company will be able to enhance
the brand equity and goodwill of the organization.
 This approach will help in enhancing the market segment and area of productivity in the
organization (Ngo and O'cass, 2013).
5

3. Provide an overview of the different types of innovation with a focus on
disruptive and incremental innovation, and explore the pros and cons of each
approach.
6

4. Explain the 4Ps of innovation and how this supports capability and
management of innovation. Advise the company which form of innovation
they should engage in.
7

5. Discuss how New Product development (NPD) processes and innovation
funnel can be used by the company to drive new innovative ideas/products to
market.
8

6. Analyse what is meant by frugal innovation and provide examples of
how organisations are using it. Also, make recommendations on how the
company can benefit from this concept.
9

Conclusion
10

References
 Amores-Salvadó, J., Martin-de Castro, G. and Navas-López, J.E., 2015. The importance
of the complementarity between environmental management systems and environmental
innovation capabilities: A firm level approach to environmental and business
performance benefits. Technological forecasting and social change, 96, pp.288-297.
 Autio, E., Kenney, M., Mustar, P., Siegel, D. and Wright, M., 2014. Entrepreneurial
innovation: The importance of context. Research Policy, 43(7), pp.1097-1108.
 Ngo, L.V. and O'cass, A., 2013. Innovation and business success: The mediating role of
customer participation. Journal of Business Research, 66(8), pp.1134-1142.
 Petkovska, T., 2015. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development, 17(1-2), pp.55-74.
 Souto, J.E., 2015. Business model innovation and business concept innovation as the
context of incremental innovation and radical innovation. Tourism Management, 51,
pp.142-155.
 Galindo, M.Á. and Méndez-Picazo, M.T., 2013. Innovation, entrepreneurship and
economic growth. Management decision, 51(3), pp.501-514.
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