Innovation and Commercialization Strategies for Mr Green's Drinks

This report explores innovation and commercialization strategies, focusing on Mr. Green's Healthy Drinks. It differentiates between invention and innovation, emphasizing the importance of organizational vision, leadership, culture, and teamwork in shaping innovation and commercialization. The analysis covers various sources of innovation and methods for fostering an innovative environment. It further examines the 4Ps of innovation (Paradigm, Product, Process, Position) and the innovation funnel, applying these concepts to Mr. Green's case. The report discusses frugal innovation, the commercial funnel, and new product development processes, including building an innovation business case and securing funding. Finally, it evaluates methods for protecting intellectual property and knowledge within the context of the wider business environment. This report will provide a detailed overview of how Mr. Green's Healthy Drinks can regain its market position through strategic innovation and effective commercialization.

INNOVATION & COMMERCIALIZATION

Table of Contents
INTRODUCTION......................................................................................................................................3
BODY.......................................................................................................................................................4
LO1.....................................................................................................................................................4
EXPLAIN THE CONTEXT FOR INNOVATION AND DETERMINE THE DIFFERENCE BETWEEN
INVENTION AND INNOVATION..........................................................................................................4
P1 INNOVATION AND ITS IMPORTANCE TO ORGANIZATIONS IN COMPARISON WITH
INVENTION.....................................................................................................................................4
P2 EXPLAINING HOW ORGANISATIONAL VISION, LEADERSHIP, CULTURE AND TEAMWORK CAN
SHAPE INNOVATION AND COMMERCIALISATION.........................................................................6
M1 ANALYSE DIFFERENT SOURCES OF INNOVATION, AND HOW ORGANISATIONS CAN FOSTER
AND DEVELOP AN ENVIRONMENT AND CULTURE OF INNOVATION.............................................7
LO2.....................................................................................................................................................9
DIFFERENT TYPES OF INNOVATION...................................................................................................9
P3 THE 4PS OF INNOVATION AND THE USE OF THE INNOVATION FUNNEL TO EXAMINE AND
SHAPE INNOVATIVE IDEAS IN MR GREEN’S HEALTHY DRINKS......................................................9
P4 DEVELOPMENTS IN FRUGAL INNOVATION AND PROVIDE EXAMPLES OF HOW IT IS USED IN
MR GREEN’S HEALTHY DRINKS....................................................................................................11
M2 ANALYSING AND APPLYING THE INNOVATION FUNNEL IN ORGANISATIONAL CONTEXT OF
MR GREEN’S HEALTHY DRINKS....................................................................................................12
M3 EVALUATE THE ROLE OF FRUGAL INNOVATION IN ORGANISATIONAL CONTEXT OF MR
GREEN’S HEALTHY DRINKS...........................................................................................................13
LO3...................................................................................................................................................14
DISCUSS THE PROCESS REQUIRED TO COMMERCIALISE INNOVATION...........................................14
P5 THE IMPORTANCE OF THE COMMERCIAL FUNNEL AND THE APPLICATION OF NEW
PRODUCT DEVELOPMENT (NPD) PROCESSING FOR COMMERCIALIZATION OF INNOVATION...14
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P6 BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION, INCLUDING WAYS TO
ACCESS FUNDING.........................................................................................................................17
M4 DETAILED INNOVATION BUSINESS CASE WHICH INCLUDES HOW TO MEASURE ITS OVERALL
EFFECTIVENESS USING APPROPRIATE TECHNIQUES AVAILABLE TO TEST, ITERATE AND
IMPROVE......................................................................................................................................18
LO4 EVALUATE THE RANGE OF METHODS FOR PROTECTING IDEAS AND UNDERSTAND THEIR
ADVANTAGES AND DISADVANTAGES..............................................................................................18
P7 DIFFERENT TOOLS THAT MR GREEN CAN USE TO DEVELOP, RETAIN AND PROTECT
KNOWLEDGE AND INTELLECTUAL PROPERTY..............................................................................18
M5 EVIDENCE-BASED EVALUATION OF ABOVE TOOLS IN THE CONTEXT OF THE WIDER
BUSINESS ENVIRONMENT............................................................................................................19
CONCLUSION........................................................................................................................................20
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INTRODUCTION
In today’s marketing environment new companies are being launched day by day, the new
companies may sometimes become successful and sometimes unsuccessful. It has become difficult
to run a business without bringing any innovations and technologies in on-going products. The
innovations brought into products help in maintaining the unturned positions. In this report, we will
see the importance of innovations in products of the company by taking in consideration the case
study of Mr Green’s Mr Green’s Healthy Drinks. Mr Green’s Healthy Drinks was once a market hitter
when it was launched but with the commencement of new market rivals it has lost its glory and this
report will underline the important innovations which have to be carried out in accordance with the
current market trends to boost up the company to compete again in the marketing ring of the
globalisation.
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BODY
LO1 EXPLAIN THE CONTEXT FOR INNOVATION AND
DETERMINE THE DIFFERENCE BETWEEN INVENTION AND
INNOVATION
P1 INNOVATION AND ITS IMPORTANCE TO ORGANIZATIONS IN
COMPARISON WITH INVENTION
 INNOVATION:-
According to Kline and Rosenberg, (2010) innovation is the creative idea which is implied in the
organisation in order to bring the systematic change in the sales and to improve the quality and
standards of the product. Innovation is a process in which the personal knowledge is converted into
the economic strength of wellbeing. Innovation requires much study and it also requires series of
the commercial advancements and scientific knowledge which is to be carried out for the successful
execution of the product in the market (Camisón and Villar-López, 2014).
 COMMERCIALIZATION:-
It is the method by which a new product is introduced in the market talking in to account the role of
marketing leaders, retailers, distributors for the commercial success.
 INVENTION:-
The scientific data, perceptual knowledge practices and several other innovative factors when
summed up together in a collection to form something patentable is called Invention. Inventions
make the work easier and fast and make life easy (Ariga et.al, 2013).
Inventions and innovations both make work easier but have a big difference between them. An
invention is a tool which is obtained after the continuous process of thinking and practice on the
current technologies; basically, they are obtained after the continuous efforts whereas, innovations
are the application on inventions applied to get the perfect benefits by eradicating flaws and
mistakes (Lane et. al, 2013).
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 Differences between innovations and inventions have been described below:
Invention Innovation
1. Creation of something new which is
patentable.
1. Applying knowledge and skills to already
created things.
2. It is non-contingent. 2. It is contingent on inventions.
3. Requires technical knowledge 3. Requires technical knowledge as well as
knowledge about market trends.
4. The invention is the introduction of the
almost new product in the market
4. Innovation is the introduction of newer
and better solution of the product that is
already available in the market.
5. The invention can be patented. 5. Innovations cannot be patented.
6. The invention requires huge financial
Aids.
6. Innovations don’t require huge financial
capital.
7. The invention makes the life of
individuals smooth because inventions
are done after analyzing the needs of
individuals.
7. Innovations are done after seeing the
flaws in inventions.
8. For example Invention of the printing
press, the invention of the telephone.
8. Introduction of LED’s, LCD’s and flat
screen TV’s, Introduction of Touch Screen
Mobile Phones.
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Figure 1: inventions and innovations
Source: [https://www.slideshare.net/tutor2u/invention-innovation-introduction]
P2 EXPLAINING HOW ORGANISATIONAL VISION, LEADERSHIP, CULTURE
AND TEAMWORK CAN SHAPE INNOVATION AND COMMERCIALISATION
The world is in constant need of new technologies and to meet this needs many innovations take
place and this introduction of innovations in order to meet the current problems faced by the
product or organisation needs constant collaboration with the leadership as well as the
organisation in which the innovation is taking place (Taghizadeh et. al 2013). Innovation needs
support within the organisation whereas the commercialization needs support from outside the
organization that is from the marketing representatives, distributors, retailers who give the
commercial stability to provide the commercialization.
 Shaping of innovation and Commercialization through:
 Organizational Vision:
For innovations, it is very essential to identify the needs and current market trends and this is done
by the organisation because this identification creates an atmosphere within the organisation
forming an innovative environment (Aarikka-Stenroos et. al, 2014). Organizational vision creates a
culture in which every employee work together to achieve a common goal. This common goal is
adopting new technologies and innovations throughout.
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 Leadership And Team Work:
An effective leadership in which leader is having all the skills and traits to bring innovation in the
working atmosphere will help a lot in shaping it. The leaders will boost the teamwork and will
motivate them to achieve new techniques for the fulfilment of the works in the desired team.
Leadership will help in increasing commercialization by directing the market official to have the
easily viable mode to achieve more targets.
 Culture:
The culture within the organizational context helps in shaping the innovation by taking into account
the cultural needs which are necessary for the product to be successful in the market. Mr Green’s
Healthy Drinks is a drink which was a hot cake of the past. Cultural influences on Mr Green’s
Healthy Drinks by innovating new trends like innovating yoga juices, morning Basil juices, fresh
autumn leaves juices promoting Apple Juices on pie days will help a lot in influencing the
individuals having cultural concerns. Commercialization is affected by the cultures because some
innovations may be found violating the laws of the city and they cannot find commercial stability in
that area (Aarikka-Stenroos et. al, 2014).
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M1 ANALYSE DIFFERENT SOURCES OF INNOVATION, AND HOW
ORGANISATIONS CAN FOSTER AND DEVELOP AN ENVIRONMENT AND
CULTURE OF INNOVATION
Figure 1: Innovation Process Diagram
Source: [http://www.innovation-portal.info/book2chapters/5-sources-of-innovation/]
 Different Sources of Innovations
1. The unexpected source of innovation comes from the unexpected result of an event which
caused profit in past experience.
2. The changes adopted due to process needs are a source of innovation.
3. Change in the industry and market trends which caused the company to adopt changes in
their regular practice.
4. New Knowledge-based changes adopted in the common practices of the manufacturing is
also termed as the innovations but thus knowledge-based innovations are successful and
long lasting than any other innovation.
 Fostering and developing an environment and culture of the organisation
Fostering any company’s process and developing the market of the company is not the thing which
can be possessed overnight. The Mr Green’s Healthy Drinks should understand the marketing needs
and should analyze the marketing trends which are causing the other companies to capture the
market. Mr Green’s Healthy Drinks should hire new employees who are experienced and capable
enough to bring the innovations in the juice. Moreover, the Mr Green’s Healthy Drinks should
collaborate with the online food suppliers so that they can contract on the drinks served by them.
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Mr Green’s Healthy Drinks should increase the advertorial campaigns and if necessary they should
adopt newly designed bottles to attract teens. Mr Green’s Healthy Drinks should include new
flavours or the mixture of flavours in their juices. They should start providing discounts and
schemes because in today's time's schemes and discounts play an important role in attracting the
customers. They should include celebrities for the promotion of the product because the celebrity
gives impact to a large number of peoples. Moreover, they should become the official drinking
partner of the sports which is influencing a large number of peoples. As per Naranjo Valencia et. Al,
2010, to foster and develop culture and environment of an organisation it is necessary to develop
the skills of the persons working in the company, this can be done by providing training and
development sessions of the workers by the professional trainers.
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LO2 DIFFERENT TYPES OF INNOVATION
P3 THE 4PS OF INNOVATION AND THE USE OF THE INNOVATION FUNNEL
TO EXAMINE AND SHAPE INNOVATIVE IDEAS IN MR GREEN’S HEALTHY
DRINKS
The 4P’s of innovation was introduced by John Besant and Joe Tidd. This tool is very essential in
determining the innovation process which can boost the process in the industries. Paradigm,
Position, Product and Process are the innovation mixes and far different from the marketing mixes
that is Product, Promotion, Public Relations and Place (Anderson, T.D., 2012). The 4P's of
innovation helps in determining the present position and gives the idea about how Product,
Position, Process and Paradigm can be improved. The innovation mixes give the idea about where
the company currently holds its position and what are the areas which need innovation in business.
Innovation mixes help in exploring the possible areas of business and to enhance the possibilities
needed to enrich the particular area in the business.
The 4P’s of marketing are:-
 PARADIGM:
Paradigm enables the person to reframe the innovations to improve the methods used in doing the
business. The paradigm suggests that changes can range from zero to hundred percent. It can be
radical as well as the changes which could not prove positive sometimes. It emphasizes on changing
every procedure which can bring profit to the business.
 PRODUCT:
Product innovations are the modification in the classical approach of the product. The product
innovation can be done by taking seminars in which we can ask the team questions like that how
the product can be improved, what are the drawbacks in a product which will hinder the product
from the products available in markets (Fund, 2014). The answers from the team must be
suggestions which will bring complete or radical change in the product provided by the company.
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 PROCESS:
Process innovations are the changes which are brought in the methodology of the company's
manufacturing unit or human resource team. The process innovations can be any it can be a change
in the supply process or the change of workflow or changing the criteria for hiring the peoples.
 POSITION:
Position innovation is the change done in the process so that it can bring innovations in the position
of the product in the market (Fund, 2014). The change in position refers to the change in the
market stability and the image of the company in the market. Position innovation is done so as to
bring the positive and fruitful image of the company in the future.
Innovation funnel follows three steps and the use of these steps is done so as to bring the
positive impact on the company’s image.
The first stage of funnel focuses on increasing the base information and knowledge. More there will
be information; the more there will be chances of development. This stage needs visions and clear
thoughts for the formulation of objectives.
The second stage is the screening of ideas, in the screening of ideas the ideas are aligned and the
idea which matches the company’s goals are selected and the resources are allocated according to
the ideas allocated (Vanhaverbeke, 2013).
The third stage is the narrow stage of the funnel and in this stage, the ideas which are selected are
analyzed practically and their feasibility is analyzed according to the objectives of the company.
Figure 2: INNOVATION FUNNEL
Source: [https://www.slideshare.net/jdpuva/innovation-funnel-version-30]
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