Innovation and Commercialization: YOYO Drinks' Business Report

This report provides a comprehensive analysis of innovation and commercialization strategies applicable to YOYO Drinks, a UK-based food and beverage company. The report begins with an introduction to innovation, differentiating it from invention, and explores the importance of innovation for organizational growth and competitiveness. It examines various types of innovation, including incremental and disruptive innovation, and delves into the 4Ps of innovation (Product, Process, Position, and Paradigm) and their role in supporting innovation management. The report then discusses the innovation funnel and the new product development (NPD) process, analyzing frugal innovation and its application. Furthermore, it addresses commercialization strategies, including the use of a commercial funnel, marketing opportunities, industry analysis, financial projections, funding sources, and intellectual property rights protection. The report aims to provide YOYO Drinks with actionable insights to overcome declining sales and enhance its market position through innovative product development and strategic commercialization.

Innovation and
commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Explantation of the innovation and difference between innovation and invention.....................1
Importance and values of innovation to organisation.................................................................2
Several kind of innovation with a concentration on disruptive and incremental innovation......3
4P's of innovation and how they supports capability and management of innovation...............4
Innovation funnel and NPD process to drive new innovative ideas ans products......................5
Analysis of frugal innovation and how organisations are using it..............................................5
PART B............................................................................................................................................5
Overview of the and the problem................................................................................................5
Use of commercial funnel to provide a solution to the problem.................................................5
Explanation of innovative new drinks product...........................................................................5
Marketing opportunities of the innovative new drinks product and how it would meet the
needs of stakeholders..................................................................................................................5
Overview of the industry and competition..................................................................................5
Financial projection.....................................................................................................................5
Sources of funding......................................................................................................................5
Capital and funds that are required to be raised..........................................................................5
Evaluation of the different tools which can be used to protect the intellectual property rights
of new drink................................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovation indicates to the process of converting and translating the new thoughts and
ideas in to goods and services which have some value and customer are also ready to pay for
that. In context of an business organisation, innovation refers to those ideas and thoughts which
are used by the management of the company to make something new and innovative which help
in fulfilling and providing satisfaction to the needs and demands of the customers. Innovation
mention to new concepts or products which drives from an individual to make improvement in
the business of a firmv (Bashmakov and et. al., 2015). This assignment based on YOYO drink
which is a food and drink company which operated its business in UK and offer Mango Lassi
product in the market of UK. This firm generate revenue in three year at time of establishing nut
after fourth year, the sales of the company started to decrease cause of it competitors. In context
of overcome this problem, the management of YOYO drink decide to make innovation in its
products which are currently provide by it in the market. This report will explained about the
various aspects of innovation and 4P's of innovation. Further will discussed about frugal
innovation and importance of commercial funnel. Different tools and techniques of intellectual
property rights will also defined in context of provide protection ton the innovative products of
YOYO drinks.
PART A
Explantation of the innovation and difference between innovation and invention
Innovation can be defined as a process that can involve multiple activities to uncover new
ways to do things. Innovations create bigger opportunities and are critical for the survival,
economic growth and success of a company. It helps in developing new concepts. Whereas
invention refers to the process of creating or making up something new which have some value
and help in fulfilling or satisfying the needs and demands of the customers. In order to realise
innovation, leaders should be open-minded and collaborative (Bernstein, 2015). Innovations are
able to set the organisation in a different paradigm in order to identify new opportunities and best
method to solve current problems. Innovation in YOYO Drinks will help in increasing the
likelihood of company succeeding and can create more efficient processes that can result in
better productivity and performance.
Comparison of innovation and invention
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Basis Invention Innovation
Meaning Invention refers to the occurrence of
an idea for a product that has never
been made before (Chun and et. al.,
2015).
Innovation refers to implication of new
idea for product for the very first time.
Skills required Invention is set of scientific skills as it
needs experimental knowledge.
Innovation is set of marketing,
technical and strategic skills.
Occurrence Invention occurs when new idea
strikes in the mind of scientist.
Innovation occurs when a need is felt
for the improvement of product.
Activities Invention is limited to R & D
department because it needs research.
Innovation is spread in each and every
department or across the organisation.
Occurs when When a new idea strikes a scientist. A need is felt for a product or
improvement in existing product
Concerned with Single product or process. Combination of various products and
process.
Importance and values of innovation to organisation
Innovation is refer to the process of manufacturing innovative products which are
affiliated with the process and effective thoughts. In YOYO drink, innovation mention to new
and innovative thoughts which are help in producing dynamic goods and better services.
Innovation is beneficial because it help in increasing agonistical benefits from the market. In
YOYO drink, the management of the company can use innovation to create various values and
importance, the determination of it is as mentioned below:
Solve Problems Easily- The company need to come up with creative answers to solve
problems in their business. Many times they will face problems that don't seem to go away. They
need to think out of the box to find an answer which they have never come up with. By this way
YOYO Drinks find a creative solution to make their business better.
Creative Development- Qualities of innovative nature are essential for new businesses
today. A company can achieve growth by learning how to be creative (Datta, Mukherjee and
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Jessup, 2015). They need to learn this business skill to make things of value from their
creativeness. When they have this business skill they will find that it opens up all kinds of
opportunities and gives them the potential for a new market and helps them to keep with the
current trend.
Source: How to increase productivity in manufacturing, (2016).
Increase productivity- In YOYO drink, if the management of this company adopt and
utilize innovation by launching its existing products in different flavors like banana, strawberry,
chocolate, rose and Kesar lassi etc. then will be helpful for the organization (Ding, Eliashberg
and Stremersch, 2016). Because with the help of it, there are number of people and customers
will purchase it and the productivity and sales of the form will be increased. In order to work
smarter, think creatively. Company should focus on the programs and workflows to increase
their productivity and what things they need to cut out. For example, A company can use a
homegrown project tracker system to assign, monitor and prioritize tasks. They may use other
methods to do this, but building one to meet their specific demand is recommended.
Beat competitors-Innovation is beneficial to reduce the competition in term of gaining
competitive advantages. With the help of it, the firm can make increment in its sales and enhance
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Illustration: How to increase productivity in manufacturing

productivity and profitability (Elert, Henrekson and Stenkula, 2017). In YOYO drinks, the
management of the company can make innovation by manufacturing its existing product Mango
lassi in different flavours like rose, Kesar, Strawberry and various others. This way the
management of the company can overcome the high competition from the market. When an
organisation think innovatively, it becomes very easy to beat out their competitors. They just
need to put in a little creativity and they can easily come up with better ways to design products
and connect with customers (Gaddy and et. al., 2017). Along with this, creativity will help them
to figure out the right marketing techniques that will help them to grow their business.
How organizational vision, leadership, culture and teamwork can shape innovation and
commercialization
If the management of the company id effective and the company follow flexible
organizational culture. Then the firm can shape the innovation with in the firm in context of
fulfilling its target audiences needs and demands. Apart from it, the management of the company
can form an effective team and for this the leader of the company determine the skills and
cognition of the workers so that thy can work effectively in the team. Leader also adopt effective
leadership style to lead direct the employees of the team and set vision to the task so that
employees can perform in appropriate manner by accomplishing set objectives. These all things
help in shaping innovation and commercialization.
Several kind of innovation with a concentration on disruptive and incremental innovation
There are four types of innovation such as incremental, radical, architectural and disruptive. With
the help of these kind of innovation the firm can make innovation in its current products and
services. Explanation of some of these kind of innovation are as following:
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Architectural innovation- This kind of innovation basically refers to taking lessons,
skills and overall technology and implement them within a different market. With the help of this
kind of innovation, the management of YOYO drink can make improvement in its technology by
which make production of their products in sells them in different markets. It is also effective for
making increment in the productivity and profitability of the firm.
Incremental innovation- It is an another kind of innovation which is beneficial to make
improvement in the existing technology which is used to enhance value for the clients and target
audience with current market (Ge and et. al., 2017). This kind of innovation is useful for the firm
because it help in maximizing the sales of the company by minimizing ineffective features form
current goods and services.
4P's of innovation and how they supports capability and management of innovation
4P's of innovation is also known as innovation mix and also framed and formulated by
John Besent and Joe Tidd. This innovation mix can be used and implemented by the organisation
during the time of making plan and thinking about to do innovation in existing products of the
company to get attention of number customers (Greenstein, 2015). Determination of these 4P's of
innovation is as following:
Product- When an organization use new ideas and thoughts in its existing business to
make innovation so that they can attract large number of target audience towards the products to
make increment in the sales of the firm. In YOYO drink, the administration of the company can
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make innovation in its present product Mango lassi by launching it in different flavors like rose,
Strawberry, chocolate, Banana and others. It is beneficial for the company to maximize the sales
of the firm by providing satisfaction to the needs of its target audiences.
Process- It is another component of innovation mix in which the company use and
implement effective process and procedure to make innovation in its products. In YOYO drink,
the management of the company can use suitable production and manufacturing process which
help in production of flavored lassi without facing any issues and problems.
Position- It refers to the method and techniques by which a firm can positioned its
products in the market so that the people can get awareness about them and purchase them. It
will be helpful for the company to make profit and making improvement in its productivity. In
YOYO drinks, the management of the company can do market research so that they can find out
the needs and requirement of its target audiences and offer products according their needs. It will
be beneficial for this firm because it will provide a position to the new launched flavored
products in the market.
Paradigm- It is the last component of innovation mix and it is related to modification
perspective of business. Within it, the management can make inncovation after understanding the
effectiveness of products and services (Hossain and Kauranen, 2016). In YOYO drinks, it will be
useful and effective to determine things and offer them to the customer according their need and
requirements.
Innovation funnel and NPD process to drive new innovative ideas ans products
Innovation funnel indicates to the execution of a tool that can be utilized by the
administration of the company in context of generating proper position at the market place by
offering and following the process of new product development in context of innovative goods
and services to its customers (Hossain, 2015). In order to introduce flavored lassi, the
administration of YOYO drinks and adopt NPD for funnel innovaction which is as following:
Assessment of opportunity- It is the first phase of new product development within
which, YOYO drink can do market analysis to identify the requirements of consumer so that
management of this firm can make innovation according to their needs.
Sensibility supported ideation- It is another phase of new product development within
which the firm can identified that which strategy and idea can be more essential to the company
though which it can make improvement in its target audience. In YOYO drink, the organisation
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can conduct different kind of analysis with the help of which they can collect data about
consumer's requirement. For this they can use different methods and technologies like survey,
focus group, internet etc.
Conceptualization- With in this phase, the management of YOYO drinks hire consultant
so that the individual can provide suggestion in context of formulated appropriate strategy which
is beneficial for generating awareness about different flavours of Lassi.
Evaluation and measurement- It is the next phase, under it, company can offer its new
and innovative product to its target audiences so that they can measure the success of its product.
For this, YOYO drink can organise exhibition and other activities which will be helpful to
provide appropriate information about its flavoured lassi.
Go/No Go- Within this phase, the administration of YOYO drink can get feedbacks and
reviews fro its clients regarding innovative product. This phase is beneficial because within it,
they can collect information that why customers like their products and if they do not like then
what is the reason behind it. To gather information regarding it they can also know about the
different requirements of different customers.
Launch- It is the final stage in which, the management of YOYO drinks produce
products as per the needs and demands of their customers and launch it at market place (Ke and
et. al., 2016).
There are several kind of financial sources are provide by the UK government to make
innovation in the company so that organization can make creation in their business. Some
financial sources are Price trust grants, Apprenticeship Grant, Gigabit Broadband Voucher
Scheme, Seed Enterprise investment Scheme, CRACK IT challenges, EUREKA Eurostar,
Horizon and others.
Analysis of frugal innovation and how organisations are using it
Frugal innovation indicates to an action which can be adopt by a firm to identify new
business model, organise redesign of product, know value chain and various others by which the
organisation can attain its aims and objective in effective manner (Kuratko and Hoskinson,
2016). Apart from it, this process can be adopt by various firms to make improvement in its extra
components to offer them in the market. The process of frugal innovation in context of creating
awareness about its new product lassi, which is as following:
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New market opportunities- It is important fro a company to conduct market innovation
so that by which they can make development in the products and services effectively. In YOYO
drinks, this firm have to need of making expansion in it customer base and maximizing the
number of target audiences.
Resources-It refers to the need and requirement of important resources which are needed
to make innovation in the products and services of a company. In YOYO drinks, the
management of this company required several resources like production equipments, different
kind of flavours and others.
Frugal innovation- Within this phase, the administration of the company provide information
about new product in the market with the purpose of gaining competitive benefits. In YOYO
drinks, the company utilize different strategies of frugal innovation because it is effective to
create awareness about its new products. Within frugal innovation innovation the comparison
can be make on the basis of two segments, they are as following:
Problem- Accordant to it, during the time of providing information about the product and
services of the company, there are several kind of issues and conflicts which can be suffer by a
company bat market place. In YOYO drink, the organisation also face some issues related to
fund time, resources, target audiences and others.
Affiliated to products- It refers to those conflicts which are related to marketing and
awareness of the products (Leyden and Link, 2015). It is essential for YOYO drink that they
should make appropriate interaction with their target audiences so that the customers have proper
knowledge about flavoured products and determinative to purchase it.
PART B
Overview of the and the problem
YOYO drink is UK based small sized company which operated its business wioth the
help of its product Mango Lassi in UK market. This firm is set by Mr. Bond before 3 years ago
and it belongs from food and drink sector. When the firm was set up, it has been fast growth in
three years as well as achieve high success in term of sales. But now during the time of fourth
year, this organization face high level of decrements in its sales (Miller and French, 2016). Due
to numerous competitors in the market who create competition and issues for the firm.
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Use of commercial funnel to provide a solution to the problem
In an organization, commercial funnel indicates to a framework which include three steps
which are involved in reforming existing commodities and services by using various beneficial
plans as well as argumentation. This funnel is important for YOYO drink to launch flavored
Lassi in the market. Exploitation of these are as following:
Pricing policy- In YOYO drink, to make increment in the sales of the exciting products, the
administration of this organization decided to launch flavored lassi product with the purpose of
making increment in the sales of the company. The management of the company decided to
provide it products at reasonable prices so that products can be easily purchased by the
consumers of all income groups. This commercial funnel useful for the company because with
the help of it, a business firm can set and decide the prices of the product by determining the
customers needs and taste or their buying behavior.
Improving mode of flourishing business-With this procedure, commercial funnel have
captious concept for growth of the company. It is the initial phase, under which it has been
identify that this commercial funnel will include particular firm to satisfied the needs and
demands of it customers in effective manner. If the new different flavored products of YOYO
drinks are liked by the customers then it can be helpful for the company for maximizing the sales
of it.
Beginning of advance technology- Under this stage, the management of YOYO drink
can use funnel with the purpose of providing information about its different flavoured products
within competitive market (Mollick and Robb, 2016).
Utilize research program-In this last stage of commercial funnel, the administration of
the company can conduct research process to identify the needs, demands and requirements of its
target audiences (Mowery and et. al., 2015). Within this phase, commercial funnel play an
effective an crucial role to produce preservative flavour lassi within the market with the purpose
of increasing the sales.
Explanation of innovative new drinks product
In context of decreasing sales of the products of YOYO drink, the administration of the
firm distinct to make innovation in the present products of the company in term making
enchanting in the sales of it. The administration of this company decided to launch its existing
product Mango Lassi in different flavours like chocolate, strawberry, rose etc. It will be
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beneficial for the company because it will help the firm in making increment in its sales by
getting attention of numerous consumers.
Marketing opportunities of the innovative new drinks product and how it would meet the needs
of stakeholders
There are several marketing opportunities for YOYO drink to launch its flavoured lassi
products in the market. The major opportunity is that this organisation can make collaboration
with a well reputed firm which can be beneficial to make maximization with in the sales of it. It
will be also beneficial to gain competitive benefits from market place. Apart from it another
opportunity can be offer its product on different pricing strategies like discount band offers etc.
By setting prices of its new flavoured products which can be easily payable for all income group.
It will help in attracting number of customer which will make increment in the sales and
customer base of this firm.
Business Plan
It refers to a document which is designed by the administrators of the company to offer
ideas and thoughts to the top level administration. This written document consists the innovation
and creative thoughts which are designed by the lower extent of management to handle the issues
and acquire new assets to maximize effectiveness of the company.
STEPS DESCRIPTION
SUMMARY
The YOYO drink reckon as an administration which bring forth
healthy mango lassi drink in UK market. In UK food and drink is not
just delightful, it offers world-wide purchasers and capitalist genuine
products they can trust. Product traceability can opened market access
for UK all over the over the world at each and every stage of the
supply chain.
OBJECTIVES The objective of the companyb is maximise the sales if the company
by offering new diffenrt flavours of lassie by 2% within 2 years.
SOLUTION
To accomplish the set business objective the management of the
company can develop and design different plan of action which can
help the company in accomplishing its business objective.
INNOVATION IN
PRODUCT
The admsisnitartion of the company decided ton launch its existing
product mango lassie in different flavouirs like chocolate, strawberry,
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