HND in Business Management: Innovation and Commercialization Project

This report assesses the importance of innovation and commercialization, particularly within the context of Essence Drinks. It differentiates between invention and innovation, highlighting the need for companies to adapt to changing market trends and consumer demands. The report emphasizes how organizational leadership, vision, teamwork, and culture shape innovation and commercialization efforts. It suggests that Essence Drinks should develop an innovation strategy to create new products and meet target audience objectives. The report concludes that managing innovation effectively, including understanding the innovation funnel and utilizing proper commercialization techniques, is crucial for a company's development and competitive advantage. Desklib provides similar solved assignments and past papers for students.

Innvoation and
Commercilisation
(Project 1)

Table of Content
• Introduction
• Importance of innovation in comparison with invention
• Organizational leadership, vision, teamwork and culture
shapes innovation and commercialization
• Conclusion
• References

Introduction
This change is fundamental in order to manage the
development process a well as produce services and good
according to demands and expectation of consumer. Though,
innovation is essential, this is required to commercialise new
concept or idea to attract target consumer which play a crucial
role in increment of sales of services as well as market share
of enterprise

Importance of innovation in comparison
with invention
The main important aspects in present era is changing and
altering technology which is transforming the trends in more
advanced and modified way. Commercialisation is forming
process of fresh goods and services through using several
effective marketings and promotional tools to access in new
trade.

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Innovation: Innovation refer to implementation of
resolution in effective way that enable in achieving
unarticulated requirements, new needs as well as existing
demands of trade.
Invention: Invention refer to discovering of new idea,
products, services, opinions, technology and other services
that can avail in catering alternation in competitive industry.

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Difference between
Innovation and Invention -
Invention
Innovation
Developing new concepts,
products, methods,
technologies or idea for
forming new business
concept.
Advancement and
modification in existing
services, commodities,
methods, techniques and
mental objects.
Requirement of study in
entire trade, evaluating
varies models, theories and
consumer expectation. It
need technical and scientific
method of research.
Utilize new market trends
and study. This undertake
systematic and organised
research process for proper
innovation.
Example – Discovery of
WWW in trade.
Example : Continuous
development in WWW till
present era of digitalisation.

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Importance of Innovation & Invention
• Build Competitive Benefits
• Balanced Utilisation of Resources
• Development Skills of Communication
• Workplace management

Organisational leadership, vision,
teamwork and culture shapes innovation
and commercialization
This is required for essence drinks to develop their products
and service in competitive business industry as its been three
years since the company is selling Mango Lassi special.
though it is good for company to keep producing exclusive
products like this but as change in trends and market, clients
demands for modification and new taste.

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Essences drinks incorporates a clear vision, if the company
desire to create their own recognition and deliver a different
product to society, they have to develop innovation strategy
for development of required products. commercialisation is
the process through which organisation can meet their target
criteria as it avail enterprise in meeting the objectifies to
meet target audiences

Conclusion
This report state that innovation is one of the most
significant process of an organisation which is required to
be managed in a company for development purpose. A
company need to manage various essential aspects for this
process such as understanding and undertaking innovation
funnel, sing proper commiseration techniques etc.

References
Ansell, C. and Gash, A., 2012. Stewards, mediators, and catalysts: Toward a
model of collaborative leadership1. The Innovation Journal. 17(1). p.2.
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.
Cui, A. S. and Wu, F., 2016. Utilizing customer knowledge in innovation:
antecedents and impact of customer involvement on new product
performance. Journal of the academy of marketing science. 44(4). pp.516-
538.
Huberman, A. M. and Miles, M. B., 2013. Innovation up close: How school
improvement works. Springer Science & Business Media.
Jaffe, A. B. and Lerner, J., 2011. Innovation and its discontents: How our
broken patent system is endangering innovation and progress, and what
to do about it. Princeton University Press.

Thank You