Business Report: Innovation and Commercialization for Healthy Drinks

This report provides a comprehensive overview of innovation and commercialization strategies, focusing on their application within the healthy drinks industry. It explores the importance of innovation, differentiating it from invention, and examines the roles of organizational vision, mission, leadership, culture, and teamwork in shaping innovation and commercialization processes. The report delves into the 4Ps of innovation (product, process, position, and paradigm), the development of frugal innovation, and the significance of the commercial funnel. It also covers new product development processes and the creation of a business case for accessing funding. Furthermore, the report discusses various tools for protecting intellectual property and evaluates these tools. The content is structured to provide a clear understanding of how innovation can drive business growth and sustainability in a competitive market. This document is a student report, available on Desklib, which offers a wealth of past papers and solved assignments to aid in your studies.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explaining the importance of innovation process and comparison between innovation and
invention. ...............................................................................................................................1
P2 Explaining the role of organization vision, mission, leadership, culture and teamwork and
how they shape innovation and commercialization. ..............................................................2
M1...........................................................................................................................................3
LO 2.................................................................................................................................................3
P3 Explaining the 4P's innovation .........................................................................................3
P4 Explaining the process or development of frugal innovation which provide better
environment in the company. And how it is used in an organization. ..................................4
M2...........................................................................................................................................5
M3...........................................................................................................................................5
LO 3.................................................................................................................................................5
P5 Explaining the importance of the commercial funnel and explain the process of new
product development..............................................................................................................5
P6 Produce a business case for an organization including the overall process to access
funding....................................................................................................................................6
M4...........................................................................................................................................6
LO 4.................................................................................................................................................6
P7 Explaining different tools that Mr green used to develop or to protect the intellectual
property. .................................................................................................................................6
M5 Present supported evidence-based evaluation of these different tools.............................7
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................9

INTRODUCTION
Innovation and commercialization is the essential activity or process which helps to deal
with many other challenging or opportunities. Innovation is the new techniques or services
offered by the organization to maintained their position in the long term market. Innovation and
commercialization is taught by distinguish practicing innovators. Present study will be based on
innovation for that Healthy Drink company will be taken into action in order to meet the needs of
organization. Further this assignment will cover the importance of innovation and comparison
with invention. It helps to present the overall different aspects of innovation such as 4P's of
innovation. It will also explain about the innovation funnel.
LO 1
P1 Explaining the importance of innovation process and comparison between innovation and
invention.
Innovation: Innovation is the process of generating new product and services in the market in
order to enhance the better opportunity and growth. (Ke, W. and et.al., 2016). Innovation give
the value of good products or services in the purest sense. In the market it will better introduced
when something new create and get attached by customer to fulfills their demand. Whatever is
going in a market we have to considered and introduced or developed a new product to show our
product. That process helping in the generation of the creative idea and changes into demand of
customer are covered under innovative ideas. (Yu, Y. and et.al., 2016).
Importance of innovation: Succeed in the business. Now a time a more competition created so
take a knowledge of our business whichever it is small but it will be succeed. Various important
part of is to create business that foster and more likely our creativity . It will use innovation as a
important, general, human centered & technological business management processes and global
industry eco-systems.
Differences Between Invention and Innovation:
Invention is defined as idea for a product or process it has never been used before. (Rasmussen,
T. E. and Eliason, J. L., 2017). Innovation is transformation of an idea into reality. Invention
always related to the new product . Invention is the most essential process to rerain potential
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customers with the company in long term goals. Along with that, without invention innovation
has not been done. (Yin, W. J., Shi, T. and Yan, Y., 2014).
P2 Explaining the role of organisation vision, mission, leadership, culture and teamwork and
how they shape innovation and commercialisation.
Vision: take nutrition today to keep our health well tomorrow Healthy drink shares
honesty and healthy body environment with customers. Apart from that, it also encourages living
healthy and protective life growth. The vision of the company to live healthy, energetic, fulfilling
lives. Creativity and innovation are the lifeblood of society and business especially in today's
competitive global economy. Healthy drinks products are scientifically developed to provide the
nutritious good quality and necessary nutrition many of us are missing in our modern lives
(Wang, C. and et.al.,, 2017).
Leadership: Quantitative analysis having a huge data to examines the relationship between
organizational culture, leadership behaviors, and innovativeness. The most valuable asset to a
company is its human capital and healthy companies start with healthy leadership. When an
executive is not getting adequate sleep, has a hormone imbalance, or nutritional deficiencies, the
decisions they make will be less than optimal. When the very people in charge of the health of
the company are avoiding their own health, it's a gamble with unfavorable odds (Song, Z., and
et.al., 2016).
Everyone needs to start somewhere, so here's a list of the top five things you can doing today to
become a healthier leader:
1-Take control of your sleep
2-Hydrate effectively
3-Have an executive physical exam
4-Eat clean
5-Exercise effectively
Teamwork: To be succeed in our life a tesam is very necessary to help us. (Song, Z., and et.al.,
2016). This idea is seen within the greater framework of a team, which is a group of
interdependent single who work together towards a common goal. Behind every good company a
great role is played is called team. Teamwork at the workplace has been demonstrated to increase
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ratio, improve act, expedite idea generation, distribute workload and establish a culture in which
each employee feels a sense of belonging and empowerment (Wang, C. and et.al.,, 2017). As
Daniel green once noted teamwork”is the drinks that allows common people to attain uncommon
results”.
M1
Different sources of innovation will help company to make new product and services for
healthy drinks. Innovation sources such as technology, ideas, new thoughts, new concept and
method of processing. Process need, industry and market structure etc. these are the sources of
innovation will help to innovate new challenges and innovation ideas.
LO 2
P3 Explaining the 4P's innovation
Innovation can take many forms but they can be reduced to four directions of change:
 Product innovation: product innovation refers to the system through company can
enhance better or new product and services to customers.
 Process innovation: it is the another P of innovation which defines the way in which they
are created and pass to the end consumers.
 Position innovation: it is the another process under which product place has been decided
in the market where product has been placed or position among others.
 Paradigm innovation: it is the overall changes in the model of the company.
'Product Innovation': Different types of suggestions can help us to make a new product better to
other product is known as incremental change. Another form of recommended design is making
your product completely different or new change (Chun, D., and et.al., 2015). Additionally,
developing current product to meet customer's needs. Healthy drinks is one of the leading based
drinks in the world. This can be understood by its product strategy in its marketing mix. In terms
of the width of the product mix.
'Process Innovation': It includes the manufacturing process and the distribution process. . Its
only available at chemist's shop and grocery store. It can also be used in to booth presence in
large retail , with a bright and attractive product displays. Improved fixed line telephone services.
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Extended range of stock broking services. Improved auction house operations (Ge, J. and et.al.,
2017).
'Position Innovation': It does not include the preparation process o0f your services or product.
This steps we always to think whenever we start the process, such as activity, progress, hiring
people. How can this all be enhanced to increase your profit. Which are the latest trends to carry
out those activity. Traditional higher education courses support on line processes. (Ge, J. and
et.al., 2017). Banking services offering to target at key segments students, retired, people etc.
'Paradigm Innovation': To do business use a innovative ideas. The changes must be new, but
bear in mind that not all changes are always positive. Let your imagination take you to all the
possible changes that can leverage your profit. That includes changes in your business model,
like, for example, changing your published products from print to online platforms (Aryal, P. and
et.al., 2016).
P4 Explaining the process or development of frugal innovation which provide better enviornment
in the company. And how it is used in an organisation.
Frugal innovation discovers new business models, reconfigure value chains, and
redesigns products to serve users who highly suffered from challenges and competition level.
Basically frugal innovation helps to provide the better solution making task which helps to regain
the better opportunity and growth. Frugal innovation is the process of developing the company
functional activities in terms of getting more customer satisfaction. Health drinks needs to be
developed innovation frugal in order to sustain customer attraction towards the company sales. It
will also explain the better growth and opportunity growth in more productive manner.
Frugal development aims to bring new product or services in order to fulfill the basic
needs and organization objectives (Walt, D.R., 2014). In order to entrance of new competitors in
the market healthy drinks needs to be taken new product and services in order to get the better
opportunity and growth. Besides, frugal innovation provides an opportunity through company
fulfill their new opportunity growth in order to meet the needs of company structure. Frugal
innovation has been given innovation process such as lo fluster growth and cutting funds to
reduce debt, new technological platforms, the fastest growing markets, market constraints etc.
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Frugal development stable the market position of the company which enhance the better
opportunity and growth apart from that it will also help to recover the better opportunity from the
market in order to make the better marketing growth. Frugal development process makes better
opportunity for grabbing (Kolychev, V. D. and Prokhorov, I.V., 2015).
M2
In order to adopt the innovation funnel in the organization is the more influencing and
more target market share through company helps to make better target market help. Innovation
funnel is used to describe the steps that take place in developing a process or product. Innovation
funnel includes three steps first step involves the focusing on the wide mouth of the funnel,
narrowing segments and narrow segment of a funnel (Ge, J. and et.al., 2017).
M3
Frugal innovation has been play a very important role through healthy drinks can adopt or
regain its value from the market. It also helps to protect the market formation process which
helps to provide better opportunity and growth. Frugal innovation process is just to make
innovation in the organization context.
LO 3
P5 Explaining the importance of the commercial funnel and explain the process of new product
development.
Commercial funnel gives new face or image of company in the market, it helps to gain
customer attraction and better quality of services. It helps to generate new advancing and better
opportunity and growth (Wang, C. and et.al.,, 2017). Apart from that, It will also help to protect
the better opportunity and growth. Commercial funnel also lead sales of the product which
makes better sustainability level in the long term market. Overall process also helps to recover
the new advancing growth market level. This generate or given new opportunity and market
growth. Apart from that, there are giving some process or steps of new product development
market approach.
New product development is the process of making good task oriented goods which
makes better growth oriented performance. Application of new product development has been
introduced new process of goal oriented and providing better opportunity and growth. In order to
make new market oriented goals and target market position. Moreover, it will be the new task
oriented goals (Kolychev, V. D. and Prokhorov, I.V., 2015). Along with that, new product
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development gives better responsive and goal oriented task. Along with that, it will more
promising and challenging process growth. Moreover, new product development is the process
of making good task oriented goals Which helps to take new better performance level.
P6 Produce a business case for an organisation including the overall process to access funding.
Business innovation case is the overall process to implement the new process of product
and services in order to built the new advancement and growth. The business case for innovation,
for us at inventium (Aryal, P. and et.al., 2016). Basically it relates the difference between
invention and innovation. It gives new better opportunity to take the business into new level of
manner. Besides, it also helps to bring new better innovation services for Healthy drinks. It is the
creative process or target market growth which enhance the better services and target market
growth.
Introducing new business case will help business:
 improve productivity
 reduce costs
 Build the value of Health Drinks.
 Increase company turnover
M4
Innovation helps to make better quality and services for the customer. Health Drinks can
make better opportunity growth and business image in the market. It helps to enhance the better
opportunity and growth for the company development. It also helps to get the better opportunity
growth in the target market goals (Kolychev, V. D. and Prokhorov, I.V., 2015).
LO 4
P7 Explaining different tools that Mr green use to develop or to protect the intellectual property.
Trademark: A UK based company was successful in registering trademark. placeable
mark is a trademark, design or look which identifies products or services of a particular source
from those of others, although trademarks used to identify services are usually called service
marks (Ge, J. and et.al., 2017). The trademark owner must be an individual, business system or
any legal entity. The trademark may be located on a collection, a label, a voucher, or on the
product itself. For the sake of corporate identity, trademarks are often displayed on company
6

buildings. A trademark serves to exclusively identify a product or service with a specific
company, and is a recognition of that company's ownership of the brand.
Copyright: is a legal right that grants the creator of an original work exclusive rights for its use
and distribution. This is usually only for a limited time. The copyright law have limitations or
expectations have no right to exclusively to include n fairy use. A major limitation on copyright
is that copyright protects only the original expression of ideas, and not the underlying ideas
themselves (Yin, W. J., Shi, T. and Yan, Y., 2014). territorial rights are also known as copyright.,
which means that they do not extend beyond the territory of a specific jurisdiction.
Patent: Small business sometimes create creativity that can be protected from violation by
others. (Ge, J. and et.al., 2017). Patent is the tool to protect the better enlarging and protect the
overall business activities. Drinks are usually proprietary under utility plain. Under this category,
the drink must be useful, Patent protect company intangible assets in order to protect the better
environmental growth. Small business does not require any long process of patent they only just
need to make registered. Along with that, it also protects the better environmental growth.
M5 Present supported evidence-based evaluation of these different tools.
The proper using of trademark, copyright and patent process will help in suitable rise in
the operational capability of the organization that will create the better rise in operational
capability of firm. This will support the organization and Mr. Green to safeguard their
intellectual property and thus will help in suitable improvement in the efficiency and
effectiveness of the firm that will help in suitable management of activities and growth activities
that are been followed by the firm. Besides this, it will help in maintaining the quality and
effectiveness of operations in a much better way (Yu and et.al., 2016).
CONCLUSION
Thus, this can be concluded that innovation lay a very deep impact on the operation of
the organization. The report laid an emphasis on the innovation process and why is it important
for the growth and development of the company. Factors impacting the leadership and teamwork
and importance of frugal innovation is discussed with respect to NPD process and building of a
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innovative business case. Other than this the measure to safeguard the intellectual property is
been analyzed.
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