To make business growth, it is essential to know what is market trend. There are many changes which are taking place in business which are effective with joint efforts of employer and employees. This is effective with change in business plans and policies. It is important to alter plans so goals can be achieved in better and effective way. This report is based on Healthy juices, which has good business in UK in initial days. They have varieties of juices to satisfy demand of society (Aarikka-Stenroos, and Sandberg, 2012). But after few years, there is many competitors so their sales goes down. Now they are thinking to innovate new things so they can earn revenues. To achieve this can add fusion flavour in shakes. In this there is mixture of two or more flavours to come with new taste. There is discussion about innovation with comparison to invention, role of innovation funnel, frugal innovation, P's of innovation, commercial funnel, application of new product development, tools for protecting intellectual property.
P1 Innovation and its importance with comparison to invention
Innovation means to altering current product and services and come with new and effective ideas. This helps to achieve profits and there is increment in image of brand in society. Innovation is not responsibility of owner of Healthy Juice, they have to motivate workers to accept policies, which are effective to achieve goals and objectives (Bogers and West, 2012). In case of Healthy Juice,, there is decrement in sales, so they have to make changes in taste of juice which help to compete with new brands in industry.
In innovation there is requirement of all department of Healthy Juice, this is effective because of change in plans and policies. There are many factors which has to9 considered such as cost, tine. There is requirement 0f market analysis so they can achieve profitability in effective and efficient manner.
In this, research and development department has to more work, as others and they can achieve goals and objectives in better and effective way. This invention in done for thing which does not exist in market and hence this is more impactful for performing changes in business policies.
Importance of innovation and inventions
These days there are many changes which are taking place in business environment. So to make long term relations,. It is essential to make policies which are effective to achieve targets and goals of company. There is increment in sales of which helps to increase profit also. Through innovation and invention employees learn new techniques and hence they are competitive with external forces of environment. There is requirement of motivation hence positive results can be get (Chun and et. al., 2015). As per change in business policies, this helps to perform activities in better and effective way.
P2 Role of vision, leadership, culture a viend teamwork in innovation
Healthy Juice is the company which operates in juice and shake segment. This is small scale company in UK. There are many changes which has to be performed by employer and employees to achieve targets. Employer and employee are two main component of business which helps to achieve and complete set targets. Vision, mission must be communicated to workers so they know the reason behind performing operations. So when managers are thinking to use change then this can be effectively apply when it is communicated to workers.
There must be good communication within organisation so there must not be confusion related to activities. There are many activities in Healthy Juice which are inter related so with good culture helps to apply business policies in better way. There is requirement of policies with which manager can know views of employees also. They can tell more better way that what should to be done to regain same image in industry. While giving weight-age to employee's need they also get motivated and give their best. Team work is one of the best approach through which they can us resources in better way. There are different skills to workers, so while team work they can accomplish task in better way (Cui and Wu, 2016). This can be done when there is good and proper communication channel and this has less chances of failure.
As industry there are many competitors so innovation is the way through Mr Green can make regain profits and then this is effective as per change in business policies. It is important to keep eyes on activities top know whether workers are performing activities in proper way or not.
M1 Different sources of innovation, how organisations can foster and develop an environment and culture of innovation
There are various sources of innovation which helps top innovate things in better and effective way. There are various sources of innovation such as competitor's policies, customer demand, change in market structure, etc. It is responsibility of manager to select best source among them.
P3 4P's of innovation and use of innovation funnel
Innovation is not easy task, there are many changes which has to be done. There is requirement of factors through which h they can apply variations in business operations. This is effective with proper planning about what has ton be done, areas of innovation, etc. through which they can apply innovation in best way. Owner of healthy Juice can apply innovation in proper way, when they consider all aspects which help them to know what has to be done and how (Cunningham and Porter, 2011). There is goals to regain sales in specified manner. There 4 P's of innovation, which are discussed as under-
Product innovation- In this innovation, there is alteration in product and services provided by company. Its aim is to show what has to be done and this is effective with change in plans and policies. In case of Healthy Juice, they do not want to switch to option other than juice, so they must use this option.
Process innovation- There are different process which are used to compete services or product, so it is essential to tell what has to be done and this is effective to make changes in business strategies. There are many options which can be used to alter processing of production. This helps to give better services and it reduces production time with cost.
Positioning innovation- As Health Juice organisation is facing problems related to branding of product. In this case there is use of strategies through which they can apply changes in strategies and hence they can modify changes.
Paradigm innovation- This innovation shows the area which is applicable for achieving business objective. It is important to make alteration in plans so policies can be applied in better way. Under this it is essential to analyse all aspects and then actions must be taken.
Use of Innovation Funnel
Innovation funnel is the technique through which Mr. Green can come to point which can be innovated. There are many options come in mind of owner in initial stage of innovation. But there are many elements which are associated with change in plans and policies (Drucker, 2014). In this funnel all the ideas are put in funnel and then they are compared with various other elements. Through this many options get eroded because of availability of resources, frequency of use, etc. so this helps to come with last option which is more appropriate after considering all factors. Through innovation funnel Healthy Juice come with option of fusion Juice.
P4 Frugal innovation
Frugal innovation means to come with product which is most effective and less costly. This innovation helps to use resources in best and effective way. Frugal innovation means to come with new approach which is less costly and then it affects business policies. There are many changes which has to taken and hence this is effective to satisfy demand of society in less costly way (Eesley, Hsu and Roberts, 2014). It is essential to analyse market and then come with option which is most approachable and easily available. This innovation is eco friendly so this can be effective in industry to enhance same image in market.
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Principles of Frugal Innovation-
Engage and literate- In this principle, there are use of different policies to know what can be done in better and effective way. There is change in demand of customers so it is important to alter policies and then this can be achieved in proper way.
Flex your asset- There is use of different sources through which they can analyse market and it is effective to to know what is required in innovation and then check its availability.
Create sustainable solution- As Healthy Juice face problem because of more competition and they have resistant policies. So as per this principle, it is essential to select innovation which is suitable for achieving business objectives.
Shape customer behaviour- Consumer is the key factor to achieve profits. When there is some innovation , then it is essential top create demand for it through promotion. Sales of fusion juice can be improved if they promote it more and more, through which society is aware of such alteration.
Co-create value with prosumers- Prosumers are most helpful in applying innovation. As they want to know what has to be done and hence through this innovation is fruitful.
Make innovative friends- Person's surrounding is one of the impactive thing which helps to know what has to be done in better way. They come with activities which are helpful in business growth (Herath, Cranfield and Henson, 2010).
M2 Analyse and apply the innovation funnel
Innovation funnel is wide concept. This can be applied in business operations with the help of market analysis. It is essential to analyse 4 P's of innovation. They are- Product, Process, Positioning, Paradigm innovation. This helps to get positive results on production and productivity.
M3 Evaluate the role of frugal innovation
Frugal innovation plays vital role in innovating new ideas. As there are many ideas, so with the help of frugal innovation managers are able to analyse all options and select best among them. As above discussed principles has to be followed through which positive results will be get.
D1 Critically analysis how innovation is developed, embedded and measured
According to Hoque, Chishty and Halloway, 2011 innovation helps to compete with external parties of business and take actions in positive way. There are many factors which as to be kept in mind to apply innovation. Culture of company is most effective factors which analyse market and then take actions in better and effective way. It is not possible to apply changes without motivation of workers.
P5 Importance of commercial funnel and application of NPD
Business has many activities which has to be performed after analysing market. It is necessary to make changes in strategies as change in targets and objectives. Commercial funnel is the technique which help company to achieve goals and objectives in better way as it helps to know which resource is better to use. There are many alterations which has to be done in better and effective way. Through commercial funnel, there is analysis of market elements, through which they can apply changes in appropriate manner. Innovation is not only task but it is essential to apply that innovation n better and effective way.
Commercial funnel can be understood more deeply with the help of AIDA model.
Attention- In first step of AIDA model, manager has to know what can be done through which consumer can get attention. This is effective for creating awareness about product and services.
Interest- After creating awareness, it is essential to create interest. While innovating new things commercial funnel help to create awareness. This helps to make consumer avail fusion juice.
Desire- After creating interest, purchase can be after creating desire to intake it. Through innovation funnel, managers are able to evoke desire to try fusion shakes.
Action- At last after creating desire, actions are taken. There are possibilities of positive and negative actions. In case of negative results, review of actions must be there.
While company is innovating new product then it is essential to make available resources as per requirement. There is change in factors which can be performed by workers in better way. As per change in plan then it is essential to apply actions properly so there must not be difference in planning and actual outcome (Hoque, Chishty and Halloway, 2011). Steps of new Product Development is as under-
- In first step of plan. It is essential to generate ideas and then take actions in better and effective way. There are various ideas which are considered by Mr. Green to innovate new flavour of juice.
- After generating ideas, it is essential to screen them to know what can be done to achieve targets. There is requirement of various resources so in this step they tries to know which option is compatible to complete.
- After completing one ideas, it is essential to know develop other plans through which they can perform further activities. There is testing done to know which measure is effective.
- Market is the place which has to be considered while implementating business. It is essential to make changes in business in accordance with market policies. This helps to compete with external parties of industry and there is brand promotion after analysing market strategy.
- After market analysis business's financial status has to be analysed. With this it can be known how much has to be implemented. This step is important which is effective to apply innovation in proper manner.
- After financial analysis innovation is done. In case of fusion juice, there are possibilities that people do not like it (Huizingh, 2011). To avoid such situation, there must be provision of customized product, in which public can order mixture of juices as per their need. It is essential to test fusion flavour among small group of people before launching it.
- In case of negative results improvement must be done. In last stage, there is commercialisation of juice after testing it among small group of people.
Importance of Commercial Funnel
Commercial funnel is important for innovating new product in order to get positive results. Importance of commercial funnel is as under-
Promote creativity- With the help of commercial funnel there is innovation in business activities. It is essential to make changes in working style and then accept best way through which positive results can be get out of creativity.
Increment in profits and productivity- With the help commercial funnel, managers are aware of business operations and perform it in better and effective manner. There is less wastage so profits will increase.
P6 Innovation business case
While innovating new things it is essential to make changes in plans and policies which can be done in better way if they are analysing market and proper planning must be there. It is necessary to make changes in business plans and it is essential to perform activities in better way. There are possibilities that due to alterations in factors employees are not ready to accept it and hence they can manage (Aarikka-Stenroos and Sandberg, 2012). Healthy Juice is the company which is effective due to change in plans and policies. Company can apply business planning through which they can judge what can be done to apply innovation.
Business case of Healthy Juice for launching fusion of shakes is as follows-
Overview of the company: Healthy juice is association which deals in juice sector from last 2 years in UK. They wants to expand their business in this sector, so they are thinking to initiate something which makes their revenue at growth.
Identify target audiences: Initially it is important to come with ideas for which company is innovating. It is important to collect data which is supporting idea of Mr. Green. This helps to conduct other further actions in better way.
Situational analysis:After collecting input, it is essential to analyse data which is collected. There is change in policies which can be effective due to alteration in policies. There is difference in perception of workers so there is difference in analysis.
Decide brand message: There must be some brand message which helps to make fusion shake popular among society. Healthy juice must come with some tag-line which helps them to create brand awareness.
Choice of Communication Channel: Mr. Green must come with some communication channel through which they can interact with consumers. It is essential to convey information related to fusion shake. This communication may include online sources, advertisement, etc.
Formulation of budget: While launching new flavour of shake, there must be some budget which is essential to be set up by Mr. Green. This helps to reduce cost and achieve targets on time.
Formulation of strategies and programmes: At last there is formulation of policies as per market demand. This helps to launch fusion juice effectively. In this step there are various factors which are to be understandable. This can be effectively achieved with alteration in plans and policies. As per change in working style due to innovation, then it is important to deliver it to workers so they are aware of operations (Bogers and West, 2012).
Stating the conclusion- Conclusion means to wind up work. In this step Mr. Green will analyse about difference between actual and budget. There is requirement of factors which is specific and achievable with joint efforts of employees. This steps helps to know about what can be done and how to achieve set objectives.
SOURCES OF FUNDS:
Finance is one of the essential component which is required for successful launching of new flavour. As there are many sources of funds. This includes internal as well as external sources, some of them are- Bank loans, retained earning, ploughing back of share, peer to peer funding, crowd funding, etc. Mr. Green will prefer bank loan and retained earning in the ratio of 60:40.
M4 Innovation business case which includes how to measure its overall effectiveness
Business case is one of the approach which is used by managers to plan innovation activities in pre- determined manner. As there is requirement of funds to apply innovation, so through business case, managers are able to set targets and focus on achieving it on time. Funds can be taken from best source.
P7 Tools to protect intellectual property
There are many tools which are used to protect and show ownership right on it. Intellectual property right is used for property which are innovated, so other person cannot use it without permission of owner. There are many tools which are covered under this, some of them are as under-
Patent- This is effective with use of techniques which shows ownership of owner. In this tool, owner can give right party to use that with charge of some specific amount. This can be used with change in plans and policies. There is requirement of various policies through which it is effective to change plans and policy. Patent period is mainly for 20 years and it is essential to renew it after completion of period (Chun and et. al., 2015).
Trade mark- These are symbols, colour, alphabet, character, etc. which are registered under intellectual rights. Through this trade mark brand can be recognised by society and hence there is increment in goodwill of company.
M5 Present supported evidence-based evaluation of various tools
Trade mark and patent are essential components through which possibilities of being copied is less. It is essential to register innovation in proper and effective way. There is use of techniques through which shake cannot be copied by competitor.
D2 Critical evaluation of nature of innovation
As per Drucker, 2014 innovation helps association to grow and carete good imafge in market. There is use of policies which is effective for growth and in today's era change is one of the important component which talks about requirement of resources.
Consistency is not relevant in current scenario, so it is important to make changes in plans and policies. There are many ways through which they can innovate new and effective methods. While innovation it is essential to consider change inn plans and policies and then actions ion better and effective way. Frugal innovation, funnel innovation, etc. are techniques which help to perform innovation in better way. As per change in business policies, it must be communicated to workers so they can achieve targets in better and effective way. There is requirement of funds to apply innovation, so it must be planned properly.
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