Unit 8 Innovation and Commercialisation Assignment Sample

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Innovation and Commercialisation Assignment

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1. Introduction 

There are several firms on the global market, each of which should devise an innovative strategy to balance the maturity and standards position of the company. The entity has been positioned as ultimate protection, sheltering the firm from a competitive market, thanks to the innovation attitude (Daemmrich, 2017). As a result, a renowned organisation has an edge in expanding its operations and advancing the concept. In light of this, the focus of this research is on the contrast between innovations. Rather, the focus of this article is on the commonly agreed direction of value and relevance of innovation in company operations (Van de Vliert and Murray, 2018). Several types of innovation and approaches, such as the innovation funnel and frugal innovation, are also covered. The core strategy of the paper is based on the Essential Drinks Organisation, and it offers some recommendations for improving the business platform.

2. Distinction between Invention and Innovation

The terms invention and innovation are frequently used synonymously. In addition, the terms “invention” and “innovation” are frequently interchanged. Not only is it inaccurate, but it also lacks vital subtlety, implying that the issue will shift. The invention requires the development of anything new, whereas the innovation displays an idea or procedure’s “application” notion (Tirmizi, Malik and Hussain, 2020). Companies routinely assert to be “innovation pioneers” and show off a diverse portfolio of inventions. Patents provide verification of innovations, first-hand evidence, and a record of the most recent production in a judicial proceeding. If a new concept or way of operation leads to innovation, the extent to which it affects customers, businesses, and procedures might be regarded as an invention.

An invention adds to the advancement of this invention and the deciphering of these novel modes of thought. Commercialisation of the ensuing products and services is the major goal of these discoveries and developments. To commercialise a product on the market, several elements affect the selection of innovation and commercialisation, and this is no different in the case of the Essence drink (Enos, 2015). The organisational culture incorporates all aspects of an organisation’s future objectives and ambitions. For instance, Essence beverage aims to give the greatest culinary service possible to its customers. To do this, it must invent new ideas and ways of thinking about current or new products. Essence Drink used an autocratic leadership style to develop its organisation’s attributes via this leadership method. Essence drink has many teams assigned to various tasks to create and market the product.

3. The Implications of Innovation for Organisations and the Essence Drinks Leadership and Culture

The slogan “change or survive” has been used, and it encapsulates a critical reality for organisations wanting to thrive in today’s climate. Consider the exponential growth in creative progress over the previous decade; as a consequence of this unprecedented growth, businesses have been compelled to evolve and expand more than before. Numerous aspects of a firm are influenced by an entity’s innovation involvement. Behind the rapid expansion of the firm, innovation plays a critical function in assisting the firm in quantifying its capacity on a broad scale (Cropley and Cropley, 2011). Innovation may foresee the company’s realities to the business, which is beneficial for the outside world to understand the details as well as for the firm’s progress. The world around us is changing at a breakneck pace, and the company’s mission and prosperity will eventually require adaptation to suit these emerging realities. As a result, only the inventive mind, in conjunction with the changing globe, can speed the wheels of business.

The ambition to outperform everybody else in the universe is at the heart of creativity. When a company adds innovation into its goods, for example, the objective is to upgrade or refresh the things until none are left on the market. Innovation is akin to an evolving element that may swiftly shift from routine to a new beginning, implying that it comprises the addition of new parts to the company that has the potential to alter the company (Bag, Gupta and Telukdarie, 2018). Innovation has always given a company a sense of uniqueness, distinguishing it from other companies in the same industry. As a result, in need for Essence Drinks to grow, they must help boost as the last resort for distinguishing their manufacturing technique from that of other companies in the same industry. The degree of competition in the UK sector is growing, which means that a company that is more devoted to innovation in its production, such as Balanced Hydration Creation, will prosper.

Akshay Kumar, the company’s chief Pathfinder, is responsible for promoting such innovation, bringing this superior concept to the management, and expanding the company’s output instead of Mango Lassi. People in the United Kingdom are health concerned, and as a result, they avoid sugar and other substances that might jeopardise their normal health eating (Moraiset al., 2021). Because digestive health is an increasing issue among UK residents, the corporation must avoid conducting fewer W/V of Carbon Dioxide and instead utilise more natural fruit juice. Thus, if a business attempts to include this type of formation into their production system, it will gain popularity with consumers and also contribute to the evolution of the accepted mentality toward innovation, which successfully drives the organisational culture.

4. The Various Types of Innovation and the Four Effective Directions

Tidd and Bessant describe innovation as the act of creating, processing, and putting: the individual four aspects would aid the Essence Drinks Organisation in the United Kingdom in grasping the variation in company criteria and systematic growth.

Source: (Akgunet al., 2017)

  1. Product (Service): In today’s internationally competitive business environment, an organisation’s primary objective is to deliver a superior service or product. In such circumstance, consumers would always prioritise the real services supplied by a business (Akgunet al., 2017). As a result, Essence Drinks Organisation also places a premium on brand development in order to expedite the product’s reputation in the worldwide commercial market.
  2. Process: Processes are a means of increasing the value of a business. This would be an explanation of the product’s manufacturing process, as well as how the company and the customer alter the product. (Ubaid and colleagues, 2019). They are more efficient, productive, and cost-effective, or produce higher-quality services or goods. Typically, firms do this through the development of innovative internal processes. Additionally, the process innovation will be simple for customers to utilise.
  • Position: The business segment currently uses Position to target the goods or service. A new segment of the market for the product will result in a previously unconsidered innovation or the production of a completely new product in a new part of the company. (Pinto and Sampaio, 2020).
  1. Paradigm:

The term “paradigm shift” refers to changes in the manner in which a drug is utilised. Oftentimes, mental models are referred to as a paradigm. Even such, the paradigm is made up of metal models like Newton’s gravitational theory or Albert Einstein’s E=MC2. Within an organisation, paradigms and behaviour patterns are referred to as market innovations (Rosenström, 2019).

5. Discussion of the Different Ways in Which Essence Drinks Can Process Innovative Ideas Innovation funnel

It is a methodology that enables the feasibility of a continuous spread of thoughts to be analysed. Additionally, the funnel management procedure is termed to as the Funnel Project Management. The Innovation Funnel is a well-known innovation approach that many firms use to generate a creative and actionable strategy (Di Fiore and Rosani, 2021). The Innovation Funnel concept was developed on the premise that it takes a big number of potential customers to qualify for a transaction and that it takes a big number of ideas and expert opinions to establish whether a new product will be profitable (Hossain, Levänen, and Wierenga, 2021). Following that, Henry Scarborough changed the idea by adding a permeable funnel. He coined the phrase ‘open innovation,’ arguing that ideas should originate not just from within the organisation, but also from external consumers and partners.

Figure: Innovation Funnel

Source: (Valdez-Juárez et al., 2021)

6. Explanation of Recent Advances in Frugal Innovation and Examples of Its Application in an Organisational Context

As a result of this process, frugal innovation creates new business models, inefficient value chains, and remains items in order to sustainably serve customers with severe affordability constraints. It comprises bridging or capitalising on institutional divides and resource constraints in order to create more inclusive markets (Mukerjee, 2012).

There are several reasons why frugal innovation is critical:

  • In developed economies, slow growth and budget cuts to pay down debt would raise demand for frugal services and products, as well as frugal innovation techniques.
  • Climate, energy, water, and other resource limits will raise demand for more thrifty production and consumption methods (Hossain, Levänen and Wierenga, 2021).
  • New technological platforms are significantly lowering the cost of certain types of invention, opening up enormous new potential for thrifty innovators.
  • Caring for rapidly ageing populations will necessitate fundamentally new methods to social care, including a rethinking of economic models and value chains, as demonstrated by several successful examples of frugal innovation.
  • Fast-growing Markets are located in developing and growing economies where there is a great demand for cost-effective products and services.

7. A Business Case for Innovation for an Organisation, Including Methods of Funding

Building the Business Case is one of the most challenging components of innovation. A strong business case for a start-up should demonstrate the areas of debate, not just glossing over the uncertainties but seeking to measure and qualify them to the best of one’s ability with the (imperfect) facts available (Andersson et al., 2018). It must guarantee that conclusions do indeed minimise the more emotive elements, allowing the ‘thought or concept’ to solidify, stand elevated, and be appreciated for their true qualities. This has the potential to alter the goods by incorporating more effective characteristics in subsequent batches. To generate significant money, the business should charge a fair price to its target clients. Promotional activities are critical (Andersson et al., 2018). The organisation may develop their brand identity and also influence the generation that works for them.

Detailed Innovation Business Case on overall effectiveness using appropriate techniques available for improvement

The business evaluation gained ensures uniformity of approach across the firm, allowing for the development of a compelling complete case-building strategy that gives critical information to all stakeholders via a transparent procedure.

  • Offering a variety of creative tools to kick-start the process, structuring project material on a similar basis, clarifying sometimes ambiguous criteria of success, offering suggested directions to those making the case, and analysing many issues of ‘gearing up to argue the argument and what it entails, as well as pointing to resources for resolving issues (Lüdeke?Freund, 2020).
  • The next set of aspects to examine includes creating accurate evaluations of competition, detailing tactical movements to examine market attractiveness, capacity to execute, and the business model that will give the fit and draw commitment (Lüdeke?Freund, 2020).
  • Finally, review the Business Case components checklist to offer a structure that logically develops and deconstructs the case using the best possible inputs. Transforming a concept into a popular activity is one of the most difficult tasks to do.

8. Evaluate the Various Tools Available to Organisations for Developing, Retaining, and Protecting Knowledge and Intellectual Property

Numerous tools are available to businesses to aid in the development of knowledge and the protection of the firm and its goods’ privacy. Certain tools are available to assist in the preservation of items, including the following:

  1. Patents

Trademarks are used to protect the company’s inventions and enhancements to its products. In this situation, Essence Drink can protect its company’s products.

  1. Trademarks

Trademarks are used to defend the rights to the names, logos, and pictures that small businesses employ to distinguish their companies and products and to create an image for their clientele to readily recognise them. This might be used to safeguard the logo of Essence Drinks’ healthy beverage business (Davoudi et al., 2018).

  • Copyright

Copyright protection is used to safeguard the spread of thoughts in literary, creative, and other orchestral compositions. In this instance, Essence Drinks may be able to prevent the advertising created for the company from being reproduced.

9. Conclusion

In that case, while creativity and invention are distinct concepts, they work in tandem to propel the organisation forward in a competitive business market. According to this research, The Essence Drinks Organisation has a strong commercial foundation in the United Kingdom; however, the middle sector of the organisation has been compromised. Now, this research has provided some useful strategies that will assist the organisation in expanding again with a viable road and producing something fresh instead of Mango Lassi.

References

Akgun, A.E., Keskin, H., Ayar, H. and Etlioglu, T., 2017. Why companies go positive marketing innovations: a new theoretical prototype for 4ps of innovation. Journal of Business Economics and Finance, 6(2), pp.70-77.

Andersson, P., Mattsson, L.G., Movin, S., Mähring, M. and Teigland, R., 2018. Digital transformation supporting public service innovation: Business model challenges and sustainable development opportunities. Managing digital transformation, pp.217-243.

Bag, S., Gupta, S. and Telukdarie, A., 2018. Importance of innovation and flexibility in configuring supply network sustainability. Benchmarking: An International Journal.

Cropley, D.H. and Cropley, A., 2011. Understanding value innovation in organisations: A psychological framework. IJCPS-International Journal of Creativity and Problem Solving21(1), p.17.

Daemmrich, A., 2017. The invention, innovation systems, and the Fourth Industrial Revolution. Technology & Innovation18(4), pp.257-265.

Davoudi, S.M.M., Fartash, K., Zakirova, V.G., Belyalova, A.M., Kurbanov, R.A., Boiarchuk, A.V. and Sizova, Z.M., 2018. Testing the Mediating Role of Open Innovation on the Relationship between Intellectual Property Rights and Organisational Performance: A Case of Science and Technology Park. Eurasia Journal of Mathematics, Science and Technology Education, 14(4), pp.1359-1369.

Di Fiore, A. and Rosani, G., 2021. How to embed sustainability into the innovation funnel. LSE Business Review.

Enos, J.L., 2015. Invention and innovation in the petroleum refining industry. In The Rate and Direction of Inventive Activity (pp. 299-322). Princeton University Press.

Hossain, M., Levänen, J. and Wierenga, M., 2021. Pursuing frugal innovation for sustainability at the grassroots level. Management and Organisation Review, pp.1-8.

Lüdeke?Freund, F., 2020. Sustainable entrepreneurship, innovation, and business models: Integrative framework and propositions for future research. Business Strategy and the Environment29(2), pp.665-681.

Morais, G.M., dos Santos, V.F., da Silva Tolentino, R.D.S. and Cordeiro, H., 2021. Intrapreneurship, Innovation, and Competitiveness in Organisation. International Journal of Business Administration12(2).

Mukerjee, K., 2012. Frugal innovation: the key to penetrating emerging markets. Ivey Business Journal76(4).

Pinto, C.S. and Sampaio, P., 2020. Innovation, technology and quality. International Conference on Quality Engineering and Management (ICQEM).

Rosenström, H., 2019. Lean construction as a driver of innovation: Case Finnish construction industry.

Tirmizi, S.M.A., Malik, Q.A. and Hussain, S.S., 2020. Invention and Open Innovation Processes and Linkages: A Conceptual Framework. Journal of Open Innovation: Technology, Market, and Complexity6(4), p.159.

Ubaid, A.M., Sahban, M., Hammad, O., Ramadan, A. and Abdel-Razek, R., 2019, March. Advancing Knowledge in Technological Innovation: Innovation Mapping Model. In 2019 Advances in Science and Engineering Technology International Conferences (ASET) (pp. 1-7). IEEE.

Valdez-Juárez, L.E., Gallardo-Vázquez, D. and Ramos-Escobar, E.A., 2021. Online buyers and open innovation: Security, experience, and satisfaction. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), p.37.

Van de Vliert, E. and Murray, D.R., 2018. Climate and creativity: Cold and heat trigger invention and innovation in richer populations. Creativity Research Journal30(1), pp.17-28.

Verdict Drinks, 2017. Key innovation trends in soft drinks. [Online] Available at: https://www.drinks-insight-network.com/features/featurekey-innovation-trends-in-soft-drinks-5886875/. [Accessed on 26.05.21].

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