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Unit 17 Innovation and Commercialization Level 5

Answer :

INTRODUCTION

Innovation and commercialization is process to innovating goods and services to and present into the market. Is the process to research about the organization products and developed to the market. In this report included the founder of healthy juice organization Mr. denial green want to create innovation in their drinks to present different type of juice according to their competitor. It in report also included the importance of innovation in the products and organization vision, culture, leadership and teamwork shaping innovation and commercialization. It report also define the frugal innovation and process for new product's development.

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TASK 1

P1 Innovation and determine its importance to organizations in comparison with invention:

Innovation

Invention

Importance of innovation is helps to implements new things in their juicy products. Innovation is defines exploring new ideas leading to the creation of new products and process or service. It also defines to examine the previous products and try to developed new things new experiment in products. Innovation is very important in any business because market is changes every time and many competitors present new products in the market. And every organisation try to increase their business growth so they doing innovation in their products to present innovation products in the market. Innovation is means to exploiting new technology and generate new value and to bring about significant changes in society. In the healthy juice organizations innovation helps to introduced with new techniques products and also developed new implementation in products to present new test for the customers. Importance of innovation healthy juice organization it helps to increase their company popularity and gives new test to their customers. In healthy juice organization innovation helps in every department like manufacturing, marketing etc., in the marketing after innovation in the products healthy juice try to increase their marketing so people knowing about their new innovating products and service and they try to increase their innovation products marketing,

Invention is process to create new products with new ideas and new techniques. Invention is also defines the products experiments to test their quality and their cost. Its process refers to imagination of any products. In a healthy juice invention helps to discover their products process and its reflects extraordinary creative ability or skill and that makes a distinct and recognized contribution to and advancement of science. Invention process help to create new things in healthy juice organization they experiment on their juice like milkshake other drinks and try to develop new test in drinks so people attract with their products.

P2 Organisational vision, leadership, culture and teamwork can shape innovation and commercialisation:

Vision- Vision for heath juice is to serve healthy juice to every people and make innovation them to people having new test of drinks.

Leadership- Manager of healthy juice they present their customer to different kinds of juice and also serve the new test of the customer.

Culture- Healthy juice define a culture about they having friendly environments to their customer and also present timely different test according to their demands.

Team work- Team work define the healthy juice they work on team and present different kind of innovation in their drinks. Like they change the test of the drinks and also examine customers test.

In innovation and commercialisation vision, leadership, culture can shaping their organization activities like vision helps to increase what organizations want to achieve in their business. It's also helps to motivate their employees to work hard and also determine the new things to increase their business growth. The leadership determines the to manage each and every process in business. Manager manage all the employees work an also motive to do work hard and identify the things which is increase organizations growth. Culture shaping the organization environment where people can work and communicate to each other and share their ideas. Culture is also shaping the organisation organisational vision, leadership, culture and teamwork can shape organizations activities like to invention, innovation, delivering, creating, processing etc. teamwork in any organizations defines the process of working collaborating with group if people to achieve goals in business. Teamwork is crucial part of any business. Working in team people shared their ideas and important information to each other and also share their business problems and solved them. In healthy juice organisation vision, leadership, culture and teamwork shaping their business growth because in healthy juice try to innovation in their products and also try to developed new test and increase their organisation. In organization manager examine the all market drinks and they try to implement new test in their products. The employees inventing drinks and test new changes in drinks. All the employees in healthy juice worked in team they discuss about the new test in their drinks but according to customers demands because in the market customers always want new test. So organization group try to change their drinks test which is like to customers also according to customers satisfaction.

P3 4Ps of innovation and innovation funnel:

Innovations 4ps defines the process which is improved business in any field. It helps to understand how can innovate to improve product, process, position and paradigm. It helps to give direction of what need to innovation in products and it also supports to generate process can incubate a new idea. 4Ps innovation is defines the process in ovation on the products, place, price. Healthy juice organisation 4ps helps to developed new things and innovation in their products. All the 4ps elements helps to innovating things in their juicy products. There are following 4ps which defies innovation in each department.

  • Product- Products is organizations asset which they provide to customers and supping and them. Product is also defined the organizations main elements which they supply to their customer. The In healthy juice 4ps of helps to understand innovation process in product. The organizations examine the market changes of the products and also examine the customers needs and their demands which helps to understand what type of innovation need a product. In healthy juice they first changes a test of their juice then add more ingredients in juice like fruit etc.
  • Process- Process is what the company provide the procedure here organizations supply their product to the customers through online of offline. In this healthy juice decide to final process of the products they implement their products according to precess. Process us define final innovation of products. It helps to understand the what more products and ingredients helps to make testy drink for the customers.
  • People- people are who they played main role in organization like customer, employees, supplier etc. which played main role in every organizations. For the innovation in healthy juice organization employees are played most important role they try to implement new idea in their products. Their employees worked in team and they do major discussion of the innovation. Because organization want try to developed new test their customers to increase their business growth.
  • Place- Place where organisation do their business like store, company etc. After the innovation in the products. Healthy juice to open their store which place their people mostly come and enjoy their time. Its benefits because they definitely purchase their drinks.

Frugal Innovation- frugal innovation refers to leads to innovation that are faster, cheaper and better. It mostly defines the reverse innovation of the products. It describes a type of innovation in technology products are customized at low prices and high volumes in emerging markets.

P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context.

Frugal innovation is the approach to reduce the complexity and cost of an innovation and develop a product or service that is developed by the firm. It is the approach of developing the high quality product that will fulfil the basic requirements of the customer or stake holder. Such innovations and products will help in better rise in the satisfaction level of the users. The motive behind developing a frugal innovation is to perform basic necessity or functioning. It will support a good rise in the effectiveness (Drucker, 2014). On the major level, they give out the very finite profit margin, but if the product went successful and is been liked by the customers, it can turn out to be the big commodity for the company to get commercialized and generate huge revenues. Other than this, the products of frugal innovation have higher chances to meet the requirements of an individual as they are tailor made and can be modified as per the requirements of the user. The frugal innovation has the major plus point of being affordable and easily accessible to its customers, which make them more satisfied and attracted towards its usage. The frugal innovation will involve the usage of the better quality of the technology, concepts and idea to have a good meeting of the targeted goals.

The approach of frugal innovation will be beneficial for Mr. Green to develop or modify its current products to cater the needs of customers in a very effective way. This will help him to regain a good market share and provide its customers with new and innovative product in healthy drinks. As the resources required for it are less and manufacturing cost is also low, the frugal innovation will help in better rise in the satisfaction of the customers. As the production cost will be minimum, the selling price will be low making the innovation cheap and affordable for the customers of Healthy Juice (Berry and Berry, 2018). He can launch the combination of his juice with other products like ice creams, candies, chocolates etc. which will not only improve and increase the portfolio of the organisation and enable the firm to develop a good and low-cost juice based product for its clients. It will help Mr. Green to develop high quality products for its customers.

P6 Explain the importance of the commercial funnel and the application of new product development (NPD) processing for commercialisation of innovation.

Commercial funnel is the structure that involves that better placing of the various products and services in a structured manner that it will support a good rise in the customer satisfaction level and gain a good rise in the profitability of the operations that are been followed by the organisation (Wolin, 2016). It involves the various operations and actions that will support a good rise in the satisfaction level of the customer and will help in getting the appropriate satisfaction level. The commercial or sales funnel involves the following elements:

Awareness: This stage includes the biggest number of customers where the firm will take the steps to develop the better awareness among the customers about the benefits and features of the product. For instance, Mr. Green promoting his products and services to its customers. This will involve the usage of different tools and techniques like direct marketing, social media approach etc.

Interaction: inspired by the awareness, the customer will interact with the vendor about the further more details of the product to gain a better knowledge or insight about the product or service. The conversation leads to the increase in the interest of the customer towards the product.

Interest: the development of the interest is dependent of the effectiveness of the marketing campaign, price of the product and usage or requirement of the item. This phase involves the minimal number of customers and thus Mr. Green has to look after the better management of this customer base.

Action: this phase involve the purchasing of the goods and products from the vendor that will help in developing a good rise in the satisfaction level of the customer and will help the firm to generate a good amount of revenue and have a sustainable market position (Hatch, 2014).

Mr. Green will use this approach to apply a better commercialisation of his products and services in order to improve the commercialisation process.

Other than this, the new product development cycle will help in the better rise in the operations and meeting of the targeted goals and operations which will support an improvement in the customer satisfaction level. This will help in gaining a good idea and developing it to make an effective product and market it in a better way to generate a good amount of revenue and thus will support a meeting of the targeted goals and operations by the firm. The product is been launched and the feedback of the customers are been taken to test its feasibility.

Build an innovation business case for an organisation, including ways to access funding.

The innovation business case will help in the proper handling of the wide range of operations that will support a good management of the business activities and development of the business case. This will help in the better development of the business model within the firm and will help the organisation to give a suitable rise in the operations that will supports good management of business activities and the innovation development process. The innovation business case for Healthy juice is as follows:

Stage 0: this involve the discovery of the idea and or opportunities that will help in better management of the operations that will support a good development of the high quality product and services. This will help the firm to get access to the better funding and thus will help in suitable rise in the operations of the company. It also includes the proper research measures that to turn a business idea into an effective and high quality product and services (Union, 2014).

Stage 1: This stage will involve the better testing of the feasibility of the idea that is been identified in order to make the suitable decision making process. It will help in suitable determination of the measures that the company will take to develop and innovative product and service for its customers and thus will support a good rise in the customer's satisfaction level.

Stage 2: This stage involves the proper development of a strategic plan that will help the management of the organisation to effectively identify the sources of funding that will help in the better execution of the business operations of the company.

Stage 3: this stage will cover the development of innovative product and services that are been developed and is been produced to get promoted and sold to generate a good revenue and get return of interest.

Stage 4: this is the most crucial level in the product development as this stage involves the development of the high quality products and services with their testing and trials to judge their feasibility. It will help in proper estimation of the valuation of the product or service, that will support a good rise in the revenue generation of the company (Johnston and Marshall, 2016).

Stage 5: after the product is been tested and the necessary changes or modifications are been made, the innovative product or service is been launched in the market. Here the product or service is been sold to gain the better revenue generation and satisfaction level of their customers.

After these steps are followed, Mr. Green will convince investors who will be convinced who look after the proper funding and financial support to the cited firm.

P7. Different tools to develop, retrain and protect the knowledge and intellectual property of an organisation.

The intellectual property is the main asset and resource for an organisation that will facilitate a good growth and development of the firm and will support the rise in revenue generation and potential customer base of the organisation. The safe guarding of intellectual property and potential customer base of the firm, which will help in the suitable achieving of the sustainability of the firm. The information and data that is been possessed by the firm will help the organisation to improve its performance and met the satisfaction level of its customers. Some major steps to develop, retain and protecting the intellectual property of the firms are:

  • Patents: it is the process of legal registration of the design, idea or formula that is been developed by the firm. This will be implemented for that gaining of innovation in a better way.
  • Trade mark: it is the acquiring of the certain symbols or names to promote their product or services and provide the cited firm with an unique identity.
  • Copyright: it is the legal right over the development of the operations or usage of the product or services developed by firm (Hatch, 2014).

Besides this various technological and legal measures like copyright protection act and using of anti malware software can be used to safeguard the intellectual property of firm.

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CONCLUSION

Thus, this can be concluded that the proper adoption of innovation measures that will help in suitable rise in the compatibility that will support a good rise in the customer satisfaction and producing high quality product and services. The innovation business plan and implementation of frugal innovation will help the organisation to gain a good market share and contentment level of their clients.

REFERENCES

  • Baudry, M. and Hervouet, A., 2016. Innovation in the seed market: the role of IPRs and commercialization rules. Journal of Agricultural & Food Industrial Organization.14(1). pp.51-68.
  • Berry, F.S. and Berry, W.D., 2018. Innovation and Diusion Models in Policy Research. InTheories of the policy process(pp. 263-308). Routledge.
  • Cuthbertson, R., Furseth, P.I. and Ezell, S.J., 2015. Innovation Commercialization and Value Formation. In Innovating in a Service-Driven Economy (pp. 96-102). Palgrave Macmillan, London.
  • Drucker, P., 2014.Innovation and entrepreneurship. Routledge.
  • Dutta, S. and Folta, T.B., 2016. A comparison of the effect of angels and venture capitalists on innovation and value creation. Journal of business venturing.31(1). pp.39-54.
  • Hatch, M., 2014.The maker movement manifesto: rules for innovation in the new world of crafters, hackers, and tinkerers. New York: McGraw-Hill Education.
  • Johnston, M.W. and Marshall, G.W., 2016.Sales force management: Leadership, innovation, technology. Routledge.
  • Kuratko, D.F. and Hoskinson, S., 2016. Technological innovation: Generating economic results. Emerald Group Publishing.
  • Rubera, G., Chandrasekaran, D. and Ordanini, A., 2016. Open innovation, product portfolio innovativeness and firm performance: the dual role of new product development capabilities. Journal of the Academy of Marketing Science.44(2). pp.166-184.
  • Shatokha, V.I. and Polushenko, V.А., 2014. MANAGEMENT OF INNOVATION COMMERCIALIZATION PROCESSES: EXPERIENCE OF SWEDEN UNIVERSITIES AND POSSIBLE WAYS OF ITS USE IN UKRAINE. Science.10(3). pp.55-60.
  • Union, I., 2014.Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. Brussels.
  • Veselovsky, M.Y., Pogodina, T.V., Idilov, I.I., Askhabov, R.Y. and Abdulkadyrova, M.A., 2015. Development of financial and economic instruments for the formation and management of innovation clusters in the region. Mediterranean Journal of Social Sciences. 6(3). p.116.
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