UNIT 2 Innovation and Commercialization R/508/0486 Regent College

LO 1

P1 Explaining innovation and determining its significance to organisation in comparison with invention

Invention refers to the process of creating something new for the first time and innovation refers to the process of improving the existing invention in more efficient and effective manner. Innovation is considered as the framework for converting innovative idea or a specific invention or goods and servcies in order to enhance the customer value and organisations profits and revenue (Sonne, 2012). With increase in globalisation new and emerging organisations are establishing rapidly in United Kingdom thus generating stiff competition. In order to sustain in competitive environment it becomes essential and rudiemntary for the busienss managers to think innovative and upgrade their products and services in order to enhance customer base and profitability. Innovation becomes milestone for determining success of the organisation. It is the process which can be implemented in all the departments of the organisation such as marketing, production, distribution, customer support, etc.

Apart from this, invention simply refers to the process of creating something new whicih has not been created by anyone. Invention helps the organisations in providing new and unique products to customers. This helps them providing competitive advantages and also assists in raising the profitability and productivity of the organisation. For instance, invention of driver less car by Tesla. There are difference between invention and innovation but in order to maximise organisational profits, it is essential for management to use both simultaneously. In simple terms invention and innovation are essential part of organisation development (Abdul Razak, Murray and Roberts, 2014). Albeit there are numerous challenges associated with invention and innovation such as rise in cost, time and efforts, lack of skilled and creative employees, inapproparite direction and planning, etc. Healthy Juice faced numerous challenges and complicationsi in innovating its products and services. In this context, the difference between innovation and invention are described below in the table:

P2 Vision, leadership and culture in redesigning innovation and commercialisation

Healthy Juice is know for providing healthy and quality juice, milkshakes and other refereshments to their target customers. With their innovative formulae the management were able to attract ample of customers towards their organisation. The vision of organisation is to be the leading healthy and organic juice provider in the country (Wang, Vanhaverbeke. and Roijakkers, 2012). The mission of the company is to gain competitive advantage through inventing and innvoating new and unique products. In order to accomplish the mission of the organisation every employee and staff work in team. Teamwork, leadership and organisational culture helps in reshaping the innovation and commercialisation. Commercialisation refers to the process of managing and running business activities in order to enhance financial gains. Company's strategic intent significantly influence the success of the organisation. Apart from this, the overall mission, vision, goals, objectives, organisational culture, value, teamwork, leadership greatly impacts on organisational productivity and profitability. These not only transforms the work process but also influence the innovation and commercialisation practices followed within the organisation. Innovation and commercialisation is considered as essential important for the growth and development of the organisation. In order to sustain in the competitive environment it is rudimentary for business organisation to focus on their strategic intent as it directly influences the innovation and commercialisation process of the organisation. Organisational mission, vision, goals and objectives helps in redesinging the innovation and commercialisation process of the organisation (Dries, Pascucci, Török and Tóth, 2013). Vission of the organisation provides management a direction, mission provides a straetegy through which they can reach towards mission. In this context, both the elements are essential for enhancing the business growth and development. Organisation functions and business objectives relied on the osition and their sales revenue in the future. After analsying the present level of competition, Helathy Juice needs to develop strategies for innovating their products and commercialised it in efficient manner so that organisational goals and objectives can be accomplished. Mission and vision are both vital element which provides direction to the management and helps them in increasing customer base.

LO2

P3 4Ps of innovation

4Ps of innovation is the model which is developed with the motive to improve the process of innovation which is essential for the business organisation. In this context, the 4Ps of innovation model which is to be used by the management of Helathy Juice is described below:

Paradigm: it is the pattern through which business managers conduct their business activities. The transformation can be radical but business manager needs to keep in mind that not all transformations are positive in nature (Sengoku, 2015). In this context, business manager needs to focus on the patterns which provides more benefits and concentrates less on those products which hampers their growth.

Product: In this management and team members needs to brainstorm in order to enhance the effectivness in the quality of product and services. This is important phase as it helps the management to enhance the quality of products and services. Management needs to take suggestions from the team in order to enhance and improve the quality of products and services.

Process: It includes improving and innovating all the processes which are associated with the development of product to its dispatch to customers (Sengoku, 2015). In this context, manager of Health Juice needs focus on improving the processes of the organisation in order to attain the aim and obejctives of the company.

Position: Position is the location of work. Management needs to consider the position of the organisation in order to enhance the customer base and profits of the company. They needs to innovate new and efficient methodologies in order to robust the location of the organisation.

Thrifty advancement upgrades organization useful exercises as far as getting more consumer loyalty approach (Kolychev and Prokhorov, 2015). It is the new sort of research for the organization which helps in offering new product and administrations. Healthy juice company dispatch new administrations for purchasers so they can undoubtedly buy retail administrations or products on the web. Alongside that, they likewise give free home conveyance administrations to the main buying. Cheap improvement process is the positive procedure of chipping away at the premise of some particular statistical surveying. Through this, organization become acquainted with about new market requests. It gets the best viable process regarding new advancement development. Thrifty advancement is the term which communicates the development or creation in the present business keeping in mind the end goal to develop the consumer loyalty approach among clients. It gives better open door for the organization which gives upgraded deals income to the organization (Song and et.al., 2016). With the assistance of transmission of the example approach, improvement of frugal innovation happens adequately.

P4 Development in frugal innovation and how it can use in organisational context

This approach of frugal innovation is to make new outlines, urban communities, building and developments. Through this, organization can without much of a stretch get new thoughts. Parsimonious procedure of improvement is the nonstop procedure keeping in mind the end goal to hold the compelling administration instruments and methods. Transmission example or approach grows new idea and imaginative thoughts as far as new compelling procedure. It makes new powerful procedure of working(. Wang, Vanhaverbeke and Roijakkers, 2012)Transmission view of three speculations. While of new product or administrations, they confronting a few difficulties thoughts and clashes, for example, lacking foundation, antagonistic atmosphere conditions, missing budgetary assets. As far as getting the best powerful sources, organization needs to overcome from every one of those difficulties. Healthy juice company embraces lawful controls and reception process as far as affecting procedure of working. Besides, another period of advancement improvement is concentrate of the broke down thrifty developments. It gives creative working and process regarding powerful process. Another progression is to deduct the issues which having proficient pioneers and quality process, keeping in mind the end goal to create viable procedure of working this is the compelling procedure of working which makes less demanding procedure of working.

Advancement development cheap gives better market open door for Healthy juice company as far as market notoriety. With the assistance of online administrations or new offering products make enthusiasm among clients. To embrace the most ideal undertaking, it is the powerful procedure of working which upgrades business exercises.

M2 Application of development funnel in Healthy juice company.

Healthy juice company is the firm which makes new administrations or propelled benefits with a specific end goal to meet the best compelling procedure of working. Development gives new procedure of working which gives new procedure of working. This procedure likewise makes new client relations for long haul. On the opposite side, it likewise takes the long haul procedure of working keeping in mind the end goal to accomplish advertise extension design.

M3 Role of Frugal development in Healthy juice company

Cheap development is the capacity to create the new product and administration as far as getting the best viable sources. It is the way toward working which upgrade the worker inspiration and this is a powerful procedure of working. It likewise makes the way toward working which isn't helpful for the association. Another primary target of the association is to stable the market position and presence errand situated process.

LO 3

P5 Importance of commercial funnel and use of new product advancement handling for commercialisation of development.

Procedure of product advancement is exceptionally successful and effective as far as business extension techniques (Walt, 2014). Alongside that, new product or organization development likewise improves the piece of the pie of the organization which gives viable procedure of working. New product improvement process addresses the issues of clients and in addition benefit of the associations. It helps in estimating the genuine position and friends share in the market. New product advancement process upgrades the organization picture before the clients or expanding rate of new product people. Keeping in mind the end goal to make new product, organization additionally needs to receive compelling innovation advancement with a specific end goal to achieve the fundamental goal. There is gigantic significance of business channel keeping in mind the end goal to deliver new products and ventures. It is fundamental for the organizations to drive their organization development. This is the tedious procedure which require gigantic planning keeping in mind the end goal to make imaginative product and administrations for the clients. It contends with different contenders and give extreme rivalry to the market equal firms. New product advancemen.t Advancement is required nowadays as a result of quick changes popular and necessities of the clients. It is the affecting procedure of working which gives new administrations and powerful procedure of working. This gives the new administrations and propelled administrations for the association upgrade. Development commercialisation ought to accord to the requirements of clients.

P6 Development of advancement business case for an association, including approaches to get to subsidizing.

Business case for development it is clear and critical viewpoint amongst creation and advancement. Advancement is the new thought which builds up the business thought. It is the specialized and important procedure of development for business case. Development presents new exercises and administrations in the business condition (Osoro, Kirama and Vermeulen, 2017). Regarding new powerful administrations.

• It helps in enhancing the business procedures and proficiency level of efficiency. This empowers the business to accomplish consumer loyalty. For that, it expands the nature of existing product and administrations.
• Developed new whole product and administrations for clients with a specific end goal to fill the quick changes holes.
• Innovation commercialisation is additionally including the benefit of existing merchandise and ventures of Healthy juice company.

Development business case can likewise present advancement

• Enhance profitability among worker
• Reduce operational expenses keeping in mind the end goal to embrace high propelled administrations.
• Become more aggressive and testing.
• Build the esteem including administrations.
• Increase turnover and benefit among showcase.
• It receives the best viable procedure of working

Frugal innovation

With a specific end goal to orchestrate the financing procurement so as to take the best powerful process so as to meet the association targets. With the motivation behind gathering advancement systems, organization can utilize their own assets or taking advantage of outer subsidizing, for example, advances or value back. It gives new gainful administrations. As far as getting stores from outside assets, they require gainful strategy for success that depicts business.

M4 Detailed development business case which incorporates approaches to quantify its general adequacy.

Keeping in mind the end goal to quantify the adequacy of development design is to decide the real execution of the organization. Director needs to screen the business exercises which makes simple approach to play out the assignment. This gives the best powerful procedure to examine the organization execution. Director likewise checks the representatives' execution towards the undertaking doled out for estimating the viability.

D2 Nature of advancement and approaches to conquer difficulties to create effective developments.

Organization needs to receive remedial activity or alternate courses of action with a specific end goal to overcome from hazard and difficulties. Market vulnerabilities or changing requests may give organization challenges. For that, organization ought to get ready protect designs keeping in mind the end goal to overcome from the negative effects.

LO 4

P7 Evaluate the distinctive devices that associations can use to create hold ensure learning and licensed innovation.

Keeping in mind the end goal to ensure the protected innovation of the organization, Healthy juice company needs to embrace designs and methods to ensure about the security and insurances. F inor satisfying the necessities of association, there are a few apparatuses and strategies which help to secure the organization's protected innovation(Stojčić., Hashi and Orlić, 2018.)

Trademark: Names, expressions, sounds or image utilized as a part of relationship with administrations or products go under the trademark. Usually associated with organization esteems which are unique in relation to others. Trademark organization ought to secure and other can't duplicate it without the taken any legitimate activities.

Copyright: It doesn't enable anybody to utilize one's protected innovation for another. This ends up void and illicit regarding law. Copyright secures the outflow of the business as opposed to thought. Each organization needs to enrol the material to hold copyright encroachment.

Conclusion

This report concluded that innovation and commercialization are very essential elements for an organization or business. The report identified frugal innovation and it’s importance for a business, it also determined 4ps of innovation such as people, place, product etc. Furthermore, the assignment identified various differences between innovation and invention.

REFERENCES

• Abdul Razak, A., Murray, P.A. and Roberts, D., 2014. Open innovation in universities: The relationship between innovation and commercialisation. Knowledge and Process Management, 21(4), pp.260-269.
• Birkeland, J., 2012. Design for sustainability: A sourcebook of integrated ecological solutions. Routledge.
• Dries, L., Pascucci, S., Török, Á. and Tóth, J., 2013. Open innovation: a casestudy of the Hungarian wine sector. EuroChoices, 12(1), pp.53-59.
• Sengoku, S., 2015. Innovation and commercialisation of induced pluripotent stem cells. Stem cells in regenerative medicine: Science, regulation and business strategies, pp.423-446.
• Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business incubation and micro venture capital. Technological Forecasting and Social Change, 79(4), pp.638-647.
• Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open innovation on national systems of innovation—a theoretical analysis. Technological Forecasting and Social Change, 79(3), pp.419-428.
• Weng, B., Grice, C.R., Ge, J., Poudel, T., Deng, X. and Yan, Y., 2018. Barium Bismuth Niobate Double Perovskite/Tungsten Oxide Nanosheet Photoanode for HighPerformance Photoelectrochemical Water Splitting.Advanced Energy Materials,8(10), p.1701655.

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