Innovation and Commercialization Strategies for Healthy Juice

This report provides a comprehensive analysis of innovation and commercialization strategies for Healthy Juice, a UK-based company. It defines innovation in relation to invention, emphasizing its importance for organizational growth and outlining the roles of vision, leadership, culture, and teamwork in fostering innovation. The report explores the 4Ps of innovation and the creation funnel, including product, process, position, and paradigm. It also delves into frugal innovation and its application in developing products, such as Healthy Juice's instant energy drink. Furthermore, the significance of the commercial funnel and new product development are discussed, along with the tools used to protect intellectual property. The report concludes with a discussion of how to enhance sales, profit margins, and competitive advantages in the market. The analysis covers various aspects of business strategy, from product development to market analysis, providing a detailed overview of the challenges and opportunities facing Healthy Juice.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Define innovation and its importance to organisation in relation with invention............3
P2. Organisation vision, leadership, culture and teamwork can form innovation..................4
TASK 2............................................................................................................................................5
P3. Explain 4Ps of innovation and use of creation funnel......................................................5
P4. Describe frugal innovation and its use in Healthy Juice..................................................6
TASK 3............................................................................................................................................7
P5. Significance of commercial funnel and usage of new product development...................7
P6 Innovation business case...................................................................................................9
TASK 4............................................................................................................................................9
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property...................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In business world, innovation and commercialisation term can be understood as a process
that consist with new thoughts that may aid firm in modifying their products and services in
order to attain all goals and objectives that are related to their reputation, development and many
more (Chesbrough, 2010). It has been analysed that both innovation and invention plays an
important role in growth of a company. United Kingdom's firm which has been taken under this
assignment i.e. Healthy Juice. Report will include difference between invention and innovation
and its importance in context of expanding business. Along with this, vision, leadership, culture
and teamwork has also been included under this assessment. It is also going to include 4Ps of
innovation and funnel. Lastly, different tools that Mr Green has used in developing business
organisation at marketplace of United Kingdom.
TASK 1
P1. Define innovation and its importance to organisation in relation with invention
In business language, making modifications in products and services in order to enhance
sales and profit margins can be understood as an innovation and commercialisation process.
These alterations are mostly being made in goods and services so that to improve reputation,
brand image and revenue which directly puts positive impact on profitability. With the help of
this, firm can hit its goals and objective in much effective and in appropriate manner. It is
mandatory for Marketing manager of a company to keep on locating all the current trends and
needs of consumers so that to initiatives can be taken that are related to innovation and invention.
On the other hand, it has been located that innovation means making modifications in existing
products and services of a company (Difference between Invention and Innovation. 2016). On
the other hand, invention means building up a whole new good which was never been made
before. It is required for Healthy Juices to implement both after analysing the marketplace in
order to better serve to consumers and to make sustainability strong. Some of importance of
innovation have been given beneath:
 Innovation brings up both income and revenue to immense heights.
 Aid in giving good rivalry to competitors.
 Attaining sales goals right on time.
Differentiation between innovation and invention are given below:
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INNOVATION INVENTION
 Needs of consumers and technology
have rapid changing nature. Thus,
making modifications in goods and
services may helps company in
delivering services to customers
according to their needs and this
process can be consider as innovation.
 Competitive advantages can be gained
at marketplace of United Kingdom
through developing products through
making alterations in them (Dahlander
and Gann, 2010).
 Developing products which has never
been made before by any other firm
with an idea of fulfilling all
requirements of customers.
 Healthy Juice is trying to make
smoothie which has a unique taste so
that to grab attention of consumers in
order to enhance their profit ratios.
Henceforth, Mr. Daniel Green can improve growth rate of Healthy Juice in an appropriate
sense through making modifications in existing juices that they are offering to consumers. On the
other hand, invention process can also help Mr. Daniel Green where he can develop a unique
taste in a whole new smoothie. Both of these procedures may aid Mr Daniel Green to improve
both profitability and productivity of Healthy Juice.
P2. Organisation vision, leadership, culture and teamwork can form innovation
In today's business environment, it is must for every single organisation to have properly
clear vision and mission through which all the desired goals and objectives can be attained right
on time. It has been analysed that vision, culture, leadership and teamwork are some factors that
mostly affects innovational process that needs to be properly examined in an appropriate sense. Vision- This factor is much related to and works in context of future. Vision should be
clear in minds of employees so that they can work with full of efficiency where goals and
objectives can be attained right on time in much effective and appropriate manner.
Mission and vision can be both long and short term it is very much required for manager
of Healthy Juice to deliver all the information to employees that are related to
modifications which has been made by them in order to improve profit margins.
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 Leadership- Leader can be stated as the person who supports, directs, motivates and
coordinate with its team members and plays a vital role in context to company. Along
with this, it has been located that company's leader makes decisions that are related to
bringing innovation at workplace or not. Culture- The arts and other evidences that are related to human intellectual achievement
can be known as culture. Healthy Juice has ample number of employees and it is not
mandatory that they all follows same culture. Therefore, it is required for companies to
keep on making alterations in their policies right on time according to needs of
employees that may aid building up employee relations at marketplace of United
Kingdom. Mr. Daniel Green who is the founder of Healthy Juice can only bring
innovation in its products if staff members have accurate knowledge of business
environment.
 Team work- Sales can be improved of Healthy Juice through upholding all talented
individuals as a team and this may aid firm in attaining all the goals and objectives of an
organisation right on time in much effective and in appropriate manner.
TASK 2
P3. Explain 4Ps of innovation and use of creation funnel
Product innovation- Combined human actions under a group, cab be known as team
work. The Healthy Juice are required to manage all the products and services which are needed
in the innovation process (Drucker, 2014). The enterprise are mainly working hand in hand so
that customer values can be maximised in effective and planned manner. The market is always
welcoming the new entrants with new and innovative products with customers. The organisation
are always welcoming the new customers in order to enhance their sales and profitability ratios.
This results in establishing strong brand image at market place and also enhancing the experience
of the employee's.
Process development- The development process plays a very vital role in order to carry
out all the business operations effectively. There should be continuous up gradation in the new
technologies which are implemented at work place so that operations can be carried out in their
assigned time durations. Management develops plans and strategies in order to achieve effective
results and outcomes for their business activities so that effective quality of drinking products
can be manufactured. The essence drinking products are highly investing their money in the
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operation process in order to develop new products thus gaining attention of large group of
customers (Edquist, 2010).
Position changes- Alterations in position of both managers and leaders in a company
may aid in attaining goals and objectives right on time. It has been analysed that managers who
keeps on rotating from one place to another helps firm in many ways where they can expect high
profit margins (Gassmann, Enkel and Chesbrough, 2010). On the other hand, if innovation is
being adopted at workstation it may be possible that Healthy Juice may improve both
productivity and profitability and this may aid in giving good rivalry to competitors at
marketplace of United Kingdom.
Paradigm- This is basic for firm is to advance in development and accomplishment in
legitimate way. Channel progression is a mix of various process which required to be taken after
specific objectives and points successfully. The procedure will likewise help administration on
developing and growing new thoughts and considerations which fulfilled needs and needs in
legitimate way.
P4. Describe frugal innovation and its use in Healthy Juice
Frugal innovation is an appropriate aspect that is utilised for making inventions and focus
on designing several products for customers at market. Healthy juice is launching its business by
providing only one product named instant energy drink; it involves proteins, caffine, vitamins
etc. which is beneficial for sports players as they require more and instant energy while playing
(Goldberg, 2013). Apart from this, frugal innovation can be applied in order to implement
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marketing plans so as to capture customers' interest in target market. Products which are made up
with less cost, are purchased by wide range of buyers it helps in increasing sales and profitability
of the company.
In present scenario, people wants to consume qualitative products which aids to driven up
their living standard. For this purpose, Healthy juice is required to create effective energy drinks
by using value added raw materials in order to satisfy them in the best possible manner.
Following are the points which are related with growth and development of frugal innovation,
such as -
Decrease in manufacturing amount – By using this, business organisation can reduces
the entire operational costs which has been occur in manufacturing goods and services. On the
other side, Healthy juice is tend towards buying several ingredients, i.e. raw materials which
have minimal costs.
Develop reasonable and durable goods- Another role of frugal innovation is to formulate
affordable and value added products which are more effective rather than their competitors. In
this manner, the form is focused on generating durable and effective goods.
Extra features of existing goods and products – It is required for Healthy drinks to
extend its product quality in order to attract customers. For this, management adds various
features in its product quality so as to gain high competitive edge (Huizingh, 2011).
Increase in innovative methods- Using effective and innovative methods of production,
helps in reducing time and costs of the firm; it results people will products whenever they
required.
TASK 3
P5. Significance of commercial funnel and usage of new product development
Business funnel is being understood in an appropriate manner through developing three
stages which are related to making alterations in products and services that are already present at
marketplace of United Kingdom. It has been located that in order to attain all the goals and
objectives of a firm which are related to sales and profit it is must for organisation to keep on
making alterations in their products and services (Kline and Rosenberg, 2010). It is very much
required for Healthy Juice to hit its targets and objectives right on time through which concepts
of commercial funnel can be understood. Value of funnel within Healthy Juice are given
beneath:
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 Awareness: This sort of phase. incorporates the biggest measure of client prospects. It's
at this phase in which clients have decided an issue, started hunting down an answer and
end up mindful of an association through substance advertising, an email campaign,
social media showcasing or different roads. Interest: This sort of phase, where quantity of client prospects starts to diminish,
however the likelihood of a business transformation increments. This is for the most part
when the client will draw in with the association, ask for more data and make inquiries. Decision / Desire: When client has turned out to be mindful of the association, connected
and looked for answers to questions, it's the ideal opportunity for the choice. This phase
of the procedure may incorporate deals offers and further research into the distinctive
alternatives exhibited by the association.
 Action: Final position where consumers mostly set his/her mind that which products that
he/she is going to purchase (Leonard and Rayport, 2011).
It is important for every single organisation to keep on attaining all the goals and
objectives that are related to enhancing their sales and objectives in an appropriate sense which
are related to products and services.
On the other hand, the process of New Product Development are beneficial in attracting
large number of customer and this results in building strong brand images at market place. There
are various improvements made in the products with the helps of the desired plans and these are
discussed below as: Idea generation : This comes under as the first stage where market research is being
conducted by supervisors of business firms. Idea screening : Under this, stage most of firms consists with idea committee that takes
actions that looks into different aspects and in ideas as well. Concept testing : Here, needs and wants of customers are filled with different concepts
which shows perceptions of them. Business analysis : This can be considered as the most essential step which aid an
organisation is developing whole new product. Product development : Under this phase, product's manufacturing is being done after
analysing all the trends and requirements of consumers.
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 Test marketing : This takes place after when a product is being finally developed in an
appropriate sense. Commercialization : In the event that the test showcasing is effective, at that point the
organization presents the new item on a vast scale, say everywhere throughout the nation.
The organization makes an expansive interest in the new item. It publicizes the new item
on the broad communications like TV, Radio, Newspapers and Magazines, and so forth. Launch: This is the stage where products finally enters into the marketplace.
 Review of market performance : Monitoring is being done under this phase of product
which was launched (Lundvall, 2010).
P6 Innovation business case
Business case can be understood and filled with ample number of strategies and a suitable
method that can be adopted by Healthy Juice in order to hit its targets or to expand business. This
includes various steps and these are given below:
Executive summary- Mr Daniel Green who is founder of Healthy Juice which have made
a healthy milkshake but then after some time when company saw decrease in their sales they are
now locating to bring in both innovation and invention at workplace so that to manufacture Juice
products in order to enhance their sales in much effective and in efficient sense.
Objectives- Aim of Healthy Juice is to improve sales of both existing and new products at
marketplace of United Kingdom.
Solution- Reduction of all the problems, develop highly hygienic and full of taste
products (drinks and smoothies).
Research of customers- This process is being stated as one of the most important
approach that needs to be properly taken care in an appropriate manner (Stokes, 2011).
Development and design of plans- Here, plan is being developed in order to enhance
sales of products and services that are being offered by Healthy Juice at marketplace of United
Kingdom.
Necessity of capital- This stage also needs to be proper taken care by manager of Healthy
Juice where monitoring of all cash transactions is being done (Sawyer, 2011).
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TASK 4
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property
In this context, some of tools are given below: Trademarks: This can be considered as an indication that is competent in separating
endeavours from one to other. proprietor can put his signature as 'stamp' for that specific
item. It could be word, plan, image or come as expression and word. For this, in UK
registry took approx half year and re-establishment expense are taken in like clockwork. Copyrights: This way to secure unique work of initiation. A legitimate term that portrays
privileges of maker over his imaginative work ought to be in substantial shape or all
around communicated as their work ought to be appeared as words on paper, notes of
music on sheet. UK offering enrolments to their kin on online bases with normal $ 35
non-refundable charge (Tebbe, 2011).
 Licenses: This allude to selective ideal on a development. It offers legitimate ownership
to proprietor which causes them to choose how and who will utilize his function or
property. Any one who needs to take utilization of his licenses needs to get some
information about it to proprietor. This can be an agreement with individuals and creator
(Teece, 2010).
CONCLUSION
From above comprehended assignment is has been summarised and understood that both
innovation and invention plays vital role when a firm looks forward to expand its business at
domestic and international level. Organisation also needs to keep on making modifications in
their teams, vision and can use different leadership styles that may aid firm in attaining all the
goals and objectives right on time. Through adopting innovation process at workplace it has been
located that companies can gain various sort of competitive advantages and can give good rivalry
to rivals.
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REFERENCES
Books and Journals
Chesbrough, H., 2010. Business model innovation: opportunities and barriers. Long range
planning. 43(2). pp.354-363.
Dahlander, L. and Gann, D. M., 2010. How open is innovation?. Research policy. 39(6). pp.699-
709.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Edquist, C., 2010. Systems of innovation perspectives and challenges. African Journal of
Science, Technology, Innovation and Development. 2(3). pp.14-45.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation. R&d
Management. 40(3). pp.213-221.
Goldberg, D. E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kline, S. J. and Rosenberg, N., 2010. An overview of innovation. In Studies On Science And The
Innovation Process: Selected Works of Nathan Rosenberg (pp. 173-203).
Leonard, D. A. and Rayport, J., 2011. Spark innovation through empathic design. In Managing
Knowledge Assets, Creativity And Innovation (pp. 355-369).
Lundvall, B. Å. ed., 2010. National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). Anthem Press.
Sawyer, R. K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Stokes, D.E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Tebbe, J., 2011. Where good ideas come from: The natural history of innovation.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
[Accessed on 20th November 2017].
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