There are number of business in current situation along with its process which in turn has the motive of turning the vision within reality and that is being done by implementation of tools and techniques (Adner and Kapoor, 2010). There are various kind of factors which mainly plays essential role like giving out ample of opportunities, prototyping, sales along with marketing and production. Company taken within this report is Healthy Juice which deals in food sector. There are various kind of factors which are being highlighted within this report like major difference within innovation and invention. Along with this, effective functioning of both kind of aspects which are also being discussed.
P1 Innovation and determine its importance to organizations in comparison with invention
INNOVATION: Advancement is an idea in which there are numerous kinds of contemplations and other imaginative thoughts are being changed into products and enterprises and subsequently, being sold to the clients as far as money related. Development must be added to a thought when it has the factor of decreasing expense in financial terms and henceforth, satisfy requests (Dahlander and Gann, 2010). Other than this, development can be expressed as a procedure in which fundamental data is being gathered and accessible assets are being used in an ideal way.
Evolutionary Innovation: In this kind of approach, development mainly happens when there is mechanical changes which are conducted on an item which are mainly done over and over. This kind of procedure is mainly stated as transformative development.
Revolutionary Innovation: In this kind of factor, development is not mainly focused upon juts one product but also it is being adjusted on every kind of new thoughts.
Importance of Innovation
There are numerous routes on which the development of organization thoroughly depends alongside devices and methods which are being connected for accomplishing expected outcomes. The real explanation for progress and development of organization is advancement which ought to be connected at introductory stages. The principle focal point of cutting edge advancement is on giving upper hand along some different strategies by which improvement can occur. Certain differences among innovation and invention which are described as below:
It is a term where there is implementation for various kind of thoughts and thus create number of factors for attaining the objectives.
In this term, there are primary thought which are raw in nature for a better kind of outcomes.
Thoughts are being implemented.
Fresh and raw thoughts.
Entire company adopts it.
Has certain boundaries within research and development wing.
Reason of occurrence
Products and services are being given in maximum level of satisfaction.
Fresh ideas and thoughts mainly occurs.
P2 Organisational vision, leadership, culture and teamwork can shape innovation and commercialisation
Innovation is a part of business which used to take place in every course of mind. Thus, with innovation, organisation vision, leadership, culture and team work used to take place in better manner (Davila, Epstein and Shelton, 2012). Healthy juice used to work on better innovation where all essential consideration used to determine for making and shaping innovation properly:
- Vision: A business used to focus on their vision which concern with lifelong aspect and consideration. A vision used to be future oriented which further assist in drawing things better and appropriate in nature of frame (Drucker, 2014). The founder of a company Mr. Green thinks that is to create an innovative new range of drinks, juice or smoothie but does not want to move away from drinks. This vision enable them to manage their innovation properly of Health Drink so that effective and efficient results could be drawn.
- Leadership: Another thing on which business have to focus is leadership. Whenever any kind of innovation determine, leaders required to reflect their role better so that effective and efficient outcome could be drawn (Gassmann, Enkel and Chesbrough, 2010). Mr Green adopt democratic style of leadership while they are going to execute the innovation regarding launching of new health drink in frame.
- Culture: Another thing on which Mr Green need to focus better and in effective manner is culture of working. As per the Handy culture there are mainly four major kind of culture used to take place (Hall and Lerner, 2010). Out of which for better execution of innovation at Healthy juice, role culture is appropriate. This facilitate each and every individual to become dedicated towards their working and target accomplishment.
- Teamwork: A team work and cooperative working is an essential aspect on which business management have to maintain their focus. For implementing the innovation at Healthy juice, Mr. Green required to execute appropriate and effective team workings scenario. Like they could narrate famous stories for motivating their individual in order to made them dedicated towards working options.
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovation idea
Innovation is a process to develop new ideas and convert them into reality. Through this, an organisation has produce high quality and differentiate goods as compare to their competitors thus provide competitive benefits. Management of the company has created core competences by implementing innovation at work place so that it is very important for an organisation to execute creativity working process among all staff members which help to gain higher profitability in long period of time. Mr. Daniel green has appreciate employees participation in innovative ways of working in resulted they are receive positive outcome effectively. By this they are offer new range of drinks, juices etc. that help them to retain their market position and increase sales. 4 P's of innovation mix has help to know what is a current position of the company at market place and accordingly they are select best method of implementing changes at work place in order to achieve goals and objectives in limited period of time. There are four P's of innovation that as detail below:
Product perspective: Product is a most important element for an organisation because each and every business has run only for sell that in order to receive profits in long period of time (Hjalager, 2010). Current enterprises environment has very dynamic in nature so that it is important for management of the company that they have continuous improve their product quality and feature in order to receive profitability as well as long time sustainability at market place. When Healthy juice has introduce at market place then they are receive competitive benefits but now all their innovation should be copy resulted reduce overall cost. So that, now company has face loss of market share as compare to before. In present, they have want to reimplemented creativity in working process to process new services or goods. Through this, they are able to achieve goals and aim in limited period of time.
Process perspective: It mean how organisation may complete their work effectively to achieve target in given time frame (Huizingh, 2011). Management of Health juice has analyse their working style by this they are find out gap between actual and desire outcome accordingly manager take decision related to creativity. Now company need to produce product with innovation so that they are capable to achieve positive result in limited period of time.
Position perspective: It can be define as way that company may used to place brand image in customers mind (Leiponen and Helfat, 2010). Through this, firm are able to increase awareness of clients about company goods and services in long period of time.
Paradigm perspective: It belong to continuous function of goods and services when organisation may add some new feature in their existing commodities which help to achieve higher customer's satisfaction (Manso, 2011). Thus provide long term sustainability of the company at market place that provide growth.
Innovation funnel: It is process of collecting new innovative ideas in order to run whole business activities and they are select best one out of all available alternatives. Management of firms has identify future needs and wants of market and accordingly manufacturing goods in order to full fill them effective ways.
P4 Developments in frugal innovation and provide examples of how it is used
Frugal innovation is a process of reducing several negative factor which affect production process are conflicts among employees, complexities to completing work, remove issues and many more. Through this, firm are able to achieve economic of scale thus help to reduce cost of goods. By this, Healthy juice has capable to attract large number of customer's toward their own commodities and services. In this process, management has remove unnecessary aspect as well as feature that provide better utilisation of available resources.
Manager of Healthy juice has find out the issues that affect product price negatively and take appropriate action in order to reduce their impact (Melville, 2010). Through this, they are able to achieve economic of scale in their production process and offer drink in low price with same quality. Through which they are capable to gain high market position as well as profitability in long period of time. It is a management responsibility to execute frugal innovation at their work place in order to receive above given several benefits which help to retain market once again.
P5 Importance of the commercial funnel and the application of new product development processing
Commercial funnel: An organisation has focus on their goods feature as well as quality through which they are able to attract large number of clients toward their product (Sartori, Favretto and Ceschi, 2013). It is a management responsibility to check quality of commodities on time to time basis in order to provide high quality commodities to their consumers. Commercial funnel has implemented by Healthy juice to create derivative choices of distribution by which organisation has deliver goods at right place to right customers in limited period of time effectively.
Encourages activities of selling: It is very important for Healthy juice to encourage their employees to sell more and more product. For this, they want to provide training to them to deliver better services to their clients at market place that enhance customer's satisfaction as well as profits.
Reaching to customers: This activity is helpful to select best way by which firm may react to attract targeted customers toward their commodities. Innovative designing has help better utilisation of available channel at market place that helps to reach out at large number of clients who take advantageous for the company.
New product development: Healthy juice want to develop new product to gain higher profits as compare to before. After certain time buyers has bored with old product and they demand some thing new, for this organisation has add some feature in existing product in order to offer new goods to their customers. But it is a modification process through this firm are able to retain customers but not for long period of time. So that is why, healthy juice need to implemented innovation strategies at work place in order to product completely new commodities that help to attract new marker segment as well as retain existing in an effective manner. Thus provide benefits of core competences as well as competitive advantage at market place.
P6 Build an innovation business case for an organisation, including ways to access funding
Mr. Green is a founder of one of famous product healthy drink whom want to launch their new products and services at desire market world. Business founded that from past few days, their sales tend to decline most which not determine as appropriate and suitable consideration. Hence, this result in gaining and deriving lack of superior outcome in nature of frame. In such relation, appropriate business innovation case get crafted with suitable sources of fund. This will result in gaining and deriving beneficial attribute so that sufficient fund get raise in order to execute innovation better.
Executive Summary: Healthy juice are one of a major company whom used to deal in quality products and services. Business used to deal in appropriate quality standard products and services but fro past few days their sales used to decline due to increase in competitors. Thus, for gaining competitive edge better innovation is really essential which get done by raising appropriate source of fund.
Need: Sometimes, innovation become requirement of a company so that they could maintain and manage them differ from others. Mr. Green will going to launch another new product at market world because their sales tend to decline due to increase in number of competitors.
Solution – On this stage, business start thinking about solution which need at the time of modification. Healthy juice derive a better solution for their decreasing sales where innovation determine as appropriate consideration.
Market Evaluation: On this level, business managers start evaluating their market world, where operations used to take place. This need to get done by the manager of a company where determine and new market world get assess in order to derive and determine better and signified gains as well.
Planning & Evolution- This stage concern with planning and evolution which get done on the basis of market evaluation. This result in effective utilisation of resources.
With such consideration, another thing requires most is fund. Without finance a business would not get establish operations properly. This need to understand by Mr. Green better and required to analyse various sources of finance. Certain example of finance are bank loan, family etc. All of them enable in raising appropriate capital for launching business.
P7 Different tools that a business can use to develop, retain and protect knowledge and intellectual property
Intellectual property rights can be characterized as a structure which was made by government in order to ensure the privileges of the general population in a successful way. In the wake of actualizing these sorts of rights, the odds of duplication is decreased and innovations are additionally secured (Teece, 2010). On the off chance that anybody will at present to exploit developments and innovations of others them they will be stuck in an unfortunate situation as any move can be made against them and case may likewise be documented. Along these lines, if proficient arrangement administrations will do any sort of development and they need its trademark or copyright then they should take consent for it ahead of time. The rights can be examined as under:-
- Trademark – One of a major thing which requires to utilise by a company in order to maintain and manage their innovation could might be trade mark. This is basically a legislative consideration which define and associated symbol or to present a product. This enable and facilitate to manage working better in order to determine effective outcome. When Mr. Green start thinking about symbol for their product they could go with trade mark option in order to made drinks differ from others.
- Copyright – It is a kind of legal consideration which use to provide to an originator a for a fixed period of time (Yin, Shi and Yan, 2014). Thus, whenever any kind of print, publish or any consideration get evaluated copyright could be utilise. But for Mr. Green this segment is not appropriate just because Healthy juice could be determine as a single thing.
- Trade Secrets – For gaining competitive advantage, sometimes, certain firms will use trade secret option where they not used to share any kind of process, strategy associated with working. Thus, Mr. Green can protect their innovation of healthy drink properly by not disclosure it in front of others.
From the mentioned report, it can be concluded that the innovation and invention are two elements who majorly plays various kind of role within the company. There are majorly new kind of product which are being defined by the help of innovation and commercialisation which can be made present by the help of distributive channel along with objectives in better and effective manner.
- Adner, R. and Kapoor, R., 2010. Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations.Strategic management journal.31(3). pp.306-333.
- Dahlander, L. and Gann, D. M., 2010. How open is innovation?.Research policy.39(6). pp.699-709.
- Davila, T., Epstein, M. and Shelton, R., 2012.Making innovation work: How to manage it, measure it, and profit from it. FT press.
- Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
- Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation.R&d Management.40(3). pp.213-221.
- Hall, B.H. and Lerner, J., 2010. The financing of R&D and innovation.Handbook of the Economics of Innovation.1. pp.609-639.
- Hjalager, A. M., 2010. A review of innovation research in tourism.Tourism management.31(1). pp.1-12.
- Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives.Technovation.31(1). pp.2-9.
- Leiponen, A. and Helfat, C.E., 2010. Innovation objectives, knowledge sources, and the benefits of breadth.Strategic Management Journal.31(2). pp.224-236.
- Manso, G., 2011. Motivating innovation. The Journal of Finance. 66(5). pp.1823-1860.
- Melville, N. P., 2010. Information systems innovation for environmental sustainability.MIS quarterly.34(1). pp.1-21.
- Sartori, R., Favretto, G. and Ceschi, A., 2013. The relationships between innovation and human and psychological capital in organizations: a review. The Innovation Journal. 18(3). p.2.
- Teece, D. J., 2010. Business models, business strategy and innovation.Long range planning.43(2). pp.172-194.
- Yin, W. J., Shi, T. and Yan, Y., 2014. Unusual defect physics in CH3NH3PbI3 perovskite solar cell absorber. Applied Physics Letters. 104(6).p.063903.