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Innovation is very important aspect of any business organisation, without it a company cannot sustain an a competitive environment for a long run, thus, it is quite essential that business shall be done keeping mind thee need of innovation at every stage of its operations. The management of a company shall implement various innovation strategies from time to time which will enable it to compete effectively within the market place. Innovating necessary products or services is not enough from the business point of view their commercialisation within the market is also essential (Kolch and et.al., 2015). Healthy juice is a fairly new company of UK which is growing fast and is expected to grow in the same manner because of the quality it offers through its products. The company has been in this business for around three years and it is making necessary strategies to overcome the pressure faced from a continuous increase in the overall competition.
P1 Innovation and its importance to organizations in comparison with invention
Innovation is a very important tool that an organisation can use to persuade its customers and buyers. It is human tendency that they get bored of particular things very quickly and they would want certain changes within those to satisfy their needs (Guan and Chen, 2012). It is also very important that those innovative products or services are marketed properly among people to make them aware of the changes composition of product or service and that its consumption will be unique for individuals. A comparison between the two can be drawn as follows:
BasisInventionInnovation MeaningIt can be referred to as an idea which has occurred for the first time and has never occurred before. It can relate to anything in a business like product, process etc.Innovation would mean that an idea is being implemented for the very first time, for eg. Apple iphone brought in by Steve jobs in 2007, which was very first time in the telecommunication industry.ConceptIt can be referred to as an original idea of something.It is basically the implementation of new idea within the business.Skills RequisitionUnder invention, the kind of skills required is scientific skills.Under this, marketing, technical as well as strategic skills are required.Concerned withIt is basically concerned with invention of a single products or process.It is a combination of various products as well as processes. It is a bit lengthier process then invention. Hence, from the above chart it is quite clear that there is a real distinction between invention and innovation, and both have certain different characteristics and nature. Therefore, business shall strategize in the same way for the purpose of increasing their business activities.
P2 Role of organisational vision, leadership, culture and teamwork in shaping innovation and commercialisation
Most of the organisations that do actively invent or innovate rely on their team members, cultural background for the purpose of a proper understanding of their customers’ needs as well as demands. The effect can scarcely be exaggerated, as on bounty illustrations we see, that those individuals, who frame the system, including showcasing, are under the weight of their own experience so profoundly, that they cannot be totally free from the standards of administrative conduct , which is given to them by their business circle standards and guidelines (Varghese and Hudlicky, 2014).
Particularly the procedure of intercommunication among the staff individuals ought to be under the nearby control due to its tricky stream regarding diverse vision by the sides of the procedure, those ways which prompt the agreement.
Assessing the after-effects of out examination we should state that points, objectives and methodologies of those colleagues, who consented to give us their sentiment, demonstrated the essential part of their social foundation and social generalizations having had impact to the innovations` implementation (Keohane, 2013).
Absolutely, the gathering and distribution of any development for around ninety percent relies upon the vision of those market creators, who have a goal to lead the lithe arrangement and are prepared to enhance the item frequently receiving it to the present patterns and requests through correspondence with the clients and server farms in the meantime planning an inside generation line. Therefore, employees and individuals who work within Healthy drink and their vision, leadership will directly shape the overall growth as well as development of new and innovative ideas within company (Engel, 2015). Mr. Green, personally will be responsible for making contribution in those ideas by making efforts to motivate and giving overall directions to company and its employees. It is necessary that culture and environment of company is embedded in such a way that it will lead to an effective innovative environment at the marketplace.
P3 4P’s of innovation, Use of Innovation Funnel for the purpose of shaping innovative ideas
In order to understand the concept of innovation more clearly, it is quite important to understand the level in which innovation is involved in an enterprise. The most important for a company like healthy juice which is having a production line is to implement innovation in position, process, product and paradigm.
It implies that the main stage should be evaluated like a check point for every single new thought which can be utilized for a present minute in a mechanical procedure and those which are expected to the future advancement. It creates a new kind of position for company and its products within the market; it gives a distinctive image to company then what it has before.
The process itself incorporates the phase of assessing of the conceivable dangers and speculations on the development, ad and dispersion. The company would like to transform its process in order to make it more innovation friendly. Healthy Juice can make necessary changes in its processes under the leadership of Mr. Green, this will reduce the overall cost for company and will lead to enhancement in the quality of its products (Maine, 2013).
Product phase of the execution way implies that the organization tests the item on the restricted markets and gauges the activities expected to correct the last outcome. This would mean making necessary changes within the products of company to make it more innovative and creative in order to meet consumers’ needs as well as demands.
Paradigm stage sets that origination in which a development or innovation would be given to the market.
There are two key models for making a purported development funnel. The first incorporates those outcomes which were brought by innovative work bureaus of the huge company to create the thoughts for the advances, items and procedures. The second one construes the start-up that builds up the single undertaking and advances the main variation and don't scale the task. Both develop the funnel with the primary plan, for example, :
On the principal position we have agents, at that point the phase of advancement goes and last stage is for the shopping items. Amid the season of advancement usage, we fill the funnel with origination which are, for example, Thoughts, Opportunities, Technology, and Products.
P4 Developments in frugal innovation and how it is used in an organisational context
This means innovating with existing resources and least possible expenditure on innovation. This can be achieved by companies if they are focused and oriented too much towards their research as well as development department.
Here we think about a term of thrifty advancement. It investigates new business plans and techniques, updates generation lines, changes to better the earth for those clients who prior were prohibited from cooperation as a result of their difficulty to reach, now and again even physically, the consequences of the company`s action.
Along these lines, essentially, Frugal innovation brings advance and gives new conceivable outcomes to those gatherings of individuals, who are generally barred frame the enormous ventures and have less chances to take an interest in gainful action (Sotarauta and Mustikkamäki, 2015).
It distinct from standard development because of making new business plans basing on the greatest level of those customers who are for the most part thought to be sufficiently poor and that`s for what reason not fascinating for genuine proposition, while economical advancement approach assumes to be usable for new individuals and assets.
Condition assumes a genuine part for Frugal innovation usage concerning case very technologies zone of Silicon Valley gives better conditions to software engineers with fundamental instruction as far Punjab area is the best place for philanthropic advancements in view of an indistinguishable high mechanical stages from for instance Facebook for distributing news about the social task or new mission.
Along these lines, Frugal innovation can be named as a powerful combination of social ventures and gainful business and have thus better life nature of those regions and for those gatherings of individuals who are included into new movement both straightforwardly or in a roundabout way giving the two items and administrations like those in pharmaceutical, correspondence, development business, training, construction business, banking etc.
In frugal innovations outside organizations and nearby firms can be effective in various models in view of their diverse touch point with neighbourhood groups, and this gives assortment of approaches to enhance the correct case or circumstance by means of the best arrangement (Hemmelskamp, Rennings and Leone eds., 2013).
Absolutely we should state that approach of economical advancements will be increasingly prevalent because of its customizability to current needs and requests of nearby group particularly in the poorest districts.
P5 Importance of the commercial funnel and the application of new product development (NPD)
Processing for commercialisation of innovation
Commercial funnel refers to the process through which a customer have to go through while making a purchase of any product, this includes various stages and are discussed as follows:
Awareness phase: Under this a company would make people aware of the product which is existing in the market.
Interest Phase: The consumer will then show interest in the product or services of the company, in this case its juices that are being sold by healthy juice.
Evaluation phase: A proper evaluation of products and services of all the competitors are made.
Decision Phase: The decision regarding the purchase is made.
Re-Evaluation Phase: Under this, a re-evaluation is done of whether to make a repurchase or not.
Repurchase phase: A customer makes a repurchase.
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Innovation usually starts from a new idea of product development, but for an idea to become a reality it has to go through various procedures and same is the case with Healthy Juice, the procedure is often referred to as the new product development process, it is described as follows:
Idea Generation: First of all a idea is generated from the mind of entrepreneur, this idea is further nurtured going ahead.
Idea screening: The idea is then screened by the decision makers, whether it is viable or not (Abou-Ras, Kirchartz and Rau eds., 2016).
Concept Development and testing: The concept is further developed and tested by the company. Healthy Juice first has tested the concept of Healthy juices within a sample of people, which was a positive for company and company decided to further go with product development.
Marketing strategy: A right kind of marketing strategy is framed for the product or the idea as to how it will be shown in the market.
Business analysis: It takes care of the business aspect of the commercial feasibility of the idea, whether the investment done on the product will be recovered or the profits will be made or not.
Product development: Under this, the product is manufactured and brought to existence.
Test Marketing: The product is then Test marketed before introducing in the commercial market.
Commercialisation: The product is introduced in the market through distribution channels, and results of the idea can be seen.
Figure 1:New Product Development Process
P6 Innovation business case, access to funding
A business case is needs to be framed before making any launch of new and innovative product within the market. It is highly essential that the business case shall be productive for the concerned organisation. There are various aspects of a proper business case, which shall be considered by Healthy Juice before launching any new fresh juices within the market, these includes Product Value, Timing of market, Success rate, Through put etc.
There are various ways through which funds can be accessed by a company for the purpose of making innovation or implementing innovative ideas, these ways are discussed as follows:
- Executive Summary: Healthy juice was strted as a new venture with a fairly new concpet of selling healthy juices to consumers, the company has seen rapid growth in the recent pas and is expect to grow further as well.
- Target: The company's Target has been consumers who drinks soft drinks on a continuous basis and and thus company can capture them by offereing healthy juices to these consumers in an effective as well as efficient way.
- Solution: The company is trying to provide solution to customers by providing healthy juice drinks and that too at a very competitive as well as effective prices. Company is trying to approach customers by opening new retail stores at various destinations within the city of UK.
- Cause of product Innovation: The main cause of product innovation has been the changes in preference and tastes of consumers, they are moving towards more healthier options in terms of beverages then Soft drinks etc.
- Customer research: Company makes plan and do necessary surveys for the purpose of doing a continuous customer research that will allow them to make plans and procedures in an effective as well as efficient manner.
- Funding: The company is growing fast, and thus it have to open new and innovative products and at the same time wants to open up new branches within various cities of the country, and it is only possible when there is proper funding which are there to do the necessary task in an effective as well as efficient manner.
- Expected Benefits: It incorporates the desire for organization from the embraced new changes. The chief may estimate in the case of executing changes will convey productive results to organization or not in not so distant future.
P7 Evaluation of various tools to develop, retain and protect knowledge and intellectual property
The various tools that are available with a company or a person to protect their knowledge as well their intellectual property are as follows:
Patents: It is done by the company, if it is having a claim on a utility, design or plant etc. It protects their inventions.
Trademarks: It refers to the name through which a company operates within a market; company can register its claim on that name so that it can’t be used by any other party. Hence Healthy Juice does have the right to register its trademark (Muller, Hutchins and Cardoso Pinto, 2012).
Copyrights: It is the right which is enjoyed by a person or a corporation who has expressed an idea in the field of music, art or literary works.
Industrial design: It is yet another right that companies or individuals do have, it gives right on certain designs which are made, and in order to make sure that these are not copied by anyone else, it is necessary to register it.
Therefore, from the above discussion it would be right to conclude that innovation is a very crucial part of any company and its business and it becomes extremely difficult for companies to sustain in the market. The needs as well as demands of consumers are continuously changing and it is essential that those needs as well as demands are fulfilled; if a company is unable to do so then it will have to face serious consequences with regards to its business. It is very important that those innovations are commercialised to make necessary profits out of the same. The innovation in a business can take place in its products, services, processes etc. A lot of objectives of a company are fulfilled through right kind of innovation in the business. Hence, it is highly essential that companies shall focus on their research and development department for effectively carrying out their business operations at the market place.
- Abou-Ras, D., Kirchartz, T. and Rau, U. eds., 2016. Advanced characterization techniques for thin film solar cells. John Wiley & Sons.
- Engel, J.S., 2015. Global clusters of innovation: Lessons from Silicon Valley. California Management Review. 57(2). pp.36-65.
- Guan, J. and Chen, K., 2012. Modeling the relative efficiency of national innovation systems. Research policy. 41(1). pp.102-115.
- Hemmelskamp, J., Rennings, K. and Leone, F. eds., 2013. Innovation-oriented environmental regulation: theoretical approaches and empirical analysis (Vol. 10). Springer Science & Business Media.
- Keohane, G.L., 2013. Social entrepreneurship for the 21st century: Innovation across the nonprofit, private, and public sectors. New York: McGraw-Hill.
- Kolch, W., and et.al., 2015. The dynamic control of signal transduction networks in cancer cells. Nature Reviews Cancer. 15(9). p.515.