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Unit 2 Innovation and Commercialization Assignment UK Level 5 HND Diploma Business

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Innovation and Commercialization in Business

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INTRODUCTION

Invention and innovation are complimentary of each other, invention is to discover something with an idea or concept and innovation depends on the alteration of existing things with a new concept that can give a value to the customer or business. Invention needs scientific approaches to process an idea effectively which gives valuable output, for example Albert Einstein discovered the Theory of Relativity. Once Einstein invented the theory, later it was studied by the various scholars and innovated as per their examination and experiences and this process is known as innovation. This report is about business innovation and commercialization of Healthy Juice which is founded by Mr Daniel Green who is looking for the new idea of innovative products. Therefore the report includes differences between invention and innovation and its importance within leadership and culture, different forms and 4Ps of innovation(Shakeel, Takala and Zhu, 2017).

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TASK 1

P 1 Explain innovation and determine its importance in comparison with invention

Innovation refers to modification of processes or putting some more efforts to process the products and ideas. In order to increase in business innovation can be define to implement new ideas, creating dynamic products or amendment in existing goods and services. This use to increase the likelihood of business because it creates value for customers because of that they make transaction against the use of products and services. Healthy Juice was started with an idea to sale the unique flavour of juices and they observed that there was a dramatic sales but the lack of innovation after three years they firm goes to declining the business. This happened because people was looking for the new relish that they enjoyed, that old concept of providing juice was not satisfying their needs and there was nothing new which can allure people according to their imagination. The company can search for the new ideas that can make attract people like they can offer more products such as smoothie, ice creams, milkshake, mock-tails, etc. But Mr Daniel does not wanted to apart from the juice then they can innovate new ideas of juices like they can offer new ranges of juices along fruit juices that can be aloevera, amla, wheat grass juices, etc. cause these all juices are healthy and that's what the business came in inception(Sheep, Fairhurst and Khazanchi, 2017). They can also use some basic ideas in packaging and promotion that can also influence the people. The business should get innovate the products cause it has significance in business, that can be include as -

  • Healthy Juice can get the competitive advantages in marketplace because there are so many firms which are offering the same type of products.
  • It aid to establish the best method for business in terms of unique priority, sector specific issues and business objectives(Dutta and Hora, 2017).
  • It increase the customer engagement.

Difference between invention and innovation

There are some difference between invention and innovation that are given below-

Invention

Innovation

· Invention can be defined as a creation or introduction of the product for the first time.

· Invention is about to develop an idea into physical s world through scientific reasons and logical methods.

· Invention can be done by only one person or it is limited to research and development department of a firm.

· On the other hand, innovation refers to improvement of existing product for better results.

· Innovation adds some extensive value to the product that has some utilisation for customer.

· Innovation can be in various sections of a company as needed by them.

P2 How organisational vision, leadership, culture and teamwork can shape innovation and commercialisation.

The innovation supports an organization to give hike in business activities through offering a definite vision, leadership, culture and teamwork which aids to shape firm with new concepts.

Vision : Vision defines a core purpose of the organization and therefore good leaders determines a vision with articulation and passion that has to be achieve relentlessly. A predetermine vision encourages the organization to take challenges in order to attain the goals and objectives. Healthy Juice is putting the efforts to gain the success with determination and within a fixed time(Dutta and Hora, 2017).

Leadership : Leadership is about to direct a team towards the target in order to reach out to the vision with new emerging technologies and processes. When the leadership is eager to adopt new changes then the team will also get inspire by them and then they will also admit the new challenges and changes that can make them stand in the market. Innovative leadership will face less struggle in the competitive environment. Healthy Juice should have an innovate leadership so that they stay in the market for a long time.

Culture : Culture is about social value that is learned and transmitted to the members. The organizational culture can be define as the guidance to the staff members because they should get know what to do and what not to do. This also includes practices, values of the organization. In Healthy Juice there must be some ethics and policies which are followed by the employees because they are the foundation of success.

Teamwork : Team work is most important in a business, because if a business or the staff member does not have a unity then it is next to impossible for a business to touch the sky. Team work makes a task easy as there are many members are involved in a team and they all shares some responsibilities in completion of a module. Innovative teamwork refers to including the ideas which can make the work efficient and effective with certain technologies.

In Healthy Juice these things would be essential to be get successful in competitive environment.

TASK 2

P3 Explain the 4Ps of innovation and use of innovation funnel

Innovations can be divided in forms and they are named as -

Sustaining innovation – Sustaining innovation is used when a business is seeking for a better option for the process what it is already doing. In this form the existing capabilities are improved in the market to get the clear idea of the problem which needs solution and the skills regarding the product(Clayton, Feldman and Lowe, 2017).

Breakthrough innovation – It involves to make changes to an existing product, service or process that has significance affect on business.

Disruptive innovation – Disruptive innovation is a unique innovation that creates a new market and value network and eventually disrupts an existing market and value market.

Healthy Juice should adopt the sustainable innovation that can improve the products in a better serve and it also use to enhance the user engagement(Goble, Bercovitz and Feldman, 2017).

4Ps of innovation

The 4Ps of innovation that are described below -

Product innovation – Product innovation is about to everything what includes products and services which are offered by organization. For an instance, a ball point pen which has gone through several iterations since its origin. So, Healthy Juice needs to innovate its products which should has some different value for the end user.

Process innovation – Innovation can be apply to the processes through which the products are developed or delivered. For example, the products delivery should also include the working days to deliver a product to the customers(Gaddy and et. al., 2017).

Position innovation – It is based on the changes how a specific process or product is perceived and how the products or services are used.

Paradigm innovation – Paradigm is relates to innovation that defines or redefines the dominant of an organization. The innovations relate to the mental models which shapes an organization.

Innovation funnel

An innovation funnel is used to describe the steps that take place in developing a process or product. The main motive of the innovation is to create processes or products that can meet market needs in manufacturing or economical form. At the beginning stage of development, some ideas are collected that goes through a refinery system and after the refinement a few ideas left which are applied by the organization because these remaining ideas will be combined with refined idea and to generate a new concept. So Healthy Juice needs to use one of the innovation form and innovation funnel that can generate new ideas which are beneficial for the firm(Henttonen and et. al., 2017).

P4 Explain developments in frugal innovation and provide examples

Frugal development is a process which reduces the complexity and cost of good and its production. It removes the non-essential features from a durable product. This kind of innovations is different by high strength, practicality, friendliness and affordable price. It is a making place in emerging markets with a purpose to reach to the end user from the narrow bottom mouth to broaden level that has benefits for the all users. It is a concept that urges business to respond to limitations in resources whether financial, material or institutional and turn these constraints into innovative ideas and practical solutions. When Healthy Juice will introduce its new range of products then frugal innovation will be implement itself. Because initially, the products are introduced in the market at that time it would have low sales but gradually it will increase it sales in wide marketplace. For example, innovation in cars aimed to offer new features in car and increase in sales. The products are customized at reasonable cost and high productivity in new introducing marketplace. These innovations are comprises with increment process and product innovations which target at the centre or bottommost of the pyramid(Khan and et. al., 2017).

TASK 3

P5 Explain the importance of the commercial funnel and the application of new product development (NPD)

The commercial funnel or sales funnel refers to the buying process that company lead by the customers when they purchase the products. That's why the sales funnel is also referred as marketing funnel or revenue funnel because every sale begins with the a huge range of customers and ends with a much smaller number of people who actually purchase the products.

There are several steps which works in Healthy Juice that can increase sales, that are as follow -

Awareness – This stage includes various problems for which the people begins to search a solution and become aware of an organization via advertisement like content marketing.

Interest – creating interest is the second stage which engages the customers within the organization so the interested people can ask questions to get the information about the desired item(Perryand et. al., 2017.

Decision – When the customer become aware about the product or organization and get the information about intended questions then they are able to make decision. At this time the process may include sales offers and further research into the different options presented by the organization.

Action – After passing through all the process customer finally takes an action to purchase the product.

Though commercial funnel has a significance to generate sales various stages that are essential to reach out customer's mind which aid to increase its sales. Healthy Juice should follow these these steps because will made up attract the customers and then made their mind to purchase the product.

Along with sales there is a new product development strategies that are as follows -

Conceptualization – In first state a new idea will be generated to introduce a product in the market.

Screening of idea – In screening process the idea will be focus on more suitable plan that is well suitable to the business.

Testing – After screening of idea and product development the testing of the product will be applied to know the feasibility of product(Lim and et. al., 2017).

Commercialization – commercialization refers to launch a product in the market to make the people aware about the availability of product.

Health Juice is needed to follow the product development cycle which gives it a new identity(Mamoand et. al., 2017).

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P6 Innovation business case including funding

Healthy Juice is going in down fall due to lack of new flavours so now it needs to innovate new kind of flavours in juice which it never used before. For example, the it is processing only the fruit juices but now it can introduce wheat grass juice which is the most healthy for everyone and also prescribed as a treatment. It can launch the juice by adding a range of flavour so that people can attract towards it no matter in what age they are. Mr Daniel Green can introduce a product for kids and elders.

To introduce a new product in the market there will be requirement of funds, so in order to raise funds they can go to financial institutions and present their business plan that will help them to get the fund.

TASK 4

P7 Evaluation of different tools which are utilised by business in preserving intellectual property

Intellectual properties are the most fundamental part of the organization that assist to protect the business property from the competitors. These intellectual property rights acts are applied on intangible assets from the rivals, it keeps safe plans, ideas so that they cannot be used unauthorised people. Intellectual property is a property which arise from the human intellect, that means human creation like movies, books, paintings, etc. There are three acts of intellectual property that are as follows -

Copyright : Copyright work is given to the literary and artistic works such as books, music composition, sculpture. This id authorised to the creator of original work. I t does no the cover the ideas of work but it includes the proof in written format of the work. This only for a limited period of time after completion of the time the owner can renew the copyrights.

Trademarks : Trademarks can be refer as distinct sign that can be a logo of company in symbolic form, geographical indications, that can be a word or picture which represents a company. The protection is for a life time there is no limit. Any firm can legally register a trademark to make it a brand image(Schmitz and et. al., 2017).

Patents : Patents includes innovation, design and creation of technology, inventions, industrial designs that needed to be protected from unethical peoples so that they cannot use the invention for wrong purpose. It is granted by the government to an inventor, the owner has the right to exclude others from making, using, selling and offering to sell and importing an invention for a limited period of time. After the fixed time patents can be renew by the government. But it will take a lot of time to get register almost four to seven months after filing the application(Shi and et. al., 2017).

CONCLUSION

This report is about the innovation and commercialization which moves around the invention and innovation of an existing product that has a value to the end user. Because the new things are modified according to the requirements of the customers which includes ideas, value, concept, method and procedure. It comprises the various types of innovation along with its 4 Ps and frugal and commercial innovations and also the intellectual properties which are used ot protect the organizational properties.

REFERENCES

  • Dutta, D. K. and Hora, M., 2017. From Invention Success to Commercialization Success: Technology Ventures and the Benefits of Upstream and Downstream Supply‐Chain Alliances. Journal of Small Business Management. 55(2). pp.216-235.
  • Clayton, P., Feldman, M. and Lowe, N., 2017. Behind the Scenes: Intermediary organizations that facilitate science commercialization through entrepreneurship. The Academy of Management Perspectives. pp.amp-2016.
  • Goble, L., Bercovitz, J. and Feldman, M., 2017. Organizing for Innovation—Do TLO Characteristics Correlate with Technology Transfer Outcomes?. In THE WORLD SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 4: Process Approach to Academic Entrepreneurship—Evidence from the Globe. pp. 105-135.
  • Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy innovation. Energy Policy. 102. pp.385-395.
  • Henttonen, K. and et. al., 2017. Open innovation in SMEs: Collaboration modes and strategies for commercialization in technology-intensive companies in forestry industry. European Journal of Innovation Management.20(2). pp.329-347.
  • Khan, S. and et. al., 2017. Ultrathin Colloidal PbS/CdS Core/Shell Nanosheets. MRS Advances. pp.1-6.
  • Perry, S. J. and et. al., 2017. Developing Engineering Leaders: An Organized Innovation Approach to Engineering Education. Engineering Management Journal. 29(2). pp.99-107.
  • Lim, J. S. and et. al., 2017. Market orientation, innovation commercialization capability and firm performance relationships: the moderating role of supply chain influence. Journal of Business & Industrial Marketing. 32(7). pp.913-924.
  • Mamo, T. and et. al., 2017. Analysis of wheat commercialization in Ethiopia: The case of SARD-SC wheat project innovation platform sites. African Journal of Agricultural Research. 12(10). pp.841-849.
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