In present times, innovation is the key which provides high level of assistance in gaining competitive edge over others. Currently, business units are placing emphasis on offering innovative products or services to the customers. Innovation enables firm to create or build distinct identity in the mind of customers and enhance sales as well as profit margin.
The present report is based on the situation of Mr. Green who is planning to offer healthy milkshake into UK market. In this, it will provide deeper insight about vision, leadership, culture and teamwork contributes in the aspect of innovation & commercialization. Further, it also depicts how innovation funnel helps in shaping innovative ideas. It will also shed light on the way in which frugal innovation can be used within the business unit. Report also provides deeper insight about commercial funnel and applicability of new product development processing while commercializing innovation. It also entails different tools which Mr Green can use for developing, retaining and protecting intellectual property aspects.
P1 Ascertaining importance of innovation in business
Innovative variation plays a main role in attracting the large number of consumers which will be beneficial for an effective increment Moreover; there have been required changes in the operational practices of the firm which in turn will be effective and helpful as to have innovative changes in the product line. Mr. Daniel Green planned to have an appropriate revenue generation as well as wanted to make a suitable increase in the operating profit which in turn requires appropriate changes in the business activities. He planned to launch a health milkshake which is said to be and innovative idea of Mr. Green. Moreover, it will be attractive and effective concept as it will generate consumers which will be effective and helpful as to have risen in the income level of the firm.
Similarly, innovations belongs to various changes into actions such as making an effective product, designing them as to meet consumers requirements as well as which are needed to be cost efficient (The Difference Between ‘Invention’ and ‘Innovation’, 2018). Therefore, costs of operational expenses will be controlled as per having appropriate revenue.
Moreover, it can be said that launching a healthy milkshake will be effective to fetch the attention of consumers which in turn will be effective and helpful as to have risen in the revenue, consumers power as well as revenue generation of firm. Mr. Green will have effective responds from the market as if the produced goods will have various product line and level of tastes (Berry and Berry, 2018). Therefore, it will be attractive to buyers as they will go to have the new product and which will be examined by them as per their desired satisfaction. Moreover, if the product brings them the appropriate experiences than they will become a brand loyal and will appropriate the new innovations made by the professionals.
P2 organisational leadership, vision culture and team efforts to shape conversationalist and innovation
It has been analysed that the business will have an effective revenue generation in the coming period which in turn will be effective and helpful as internal control and management will enhance the efficiency of the firm (Randhawa and et.al., 2017).
Vision: The vision is to make appropriate healthy changes into operations. However, it can be said that there will be gains and losses of the firm in relation with meeting operational advantages and effectiveness (Venturini and Verbano, 2017). Moreover, there will be adequate revenue generations which in turn will be effective and helpful as to reach the growth level.
Leadership: The operational leadership will be effective and helpful as to have as to motivate the staff in terms of making effective changes into operations (Berry and Berry, 2018). The leader in a business will have effective administration over production and revenue generation of firm.
Culture: The industrial culture will be more effective and helpful as to motivate workforce as to make productive efforts in attaining the targets of the firm. Moreover, in relation with making effective changes into operations there will be a satisfactory rise in the efficiency level of the business (West and Bogers, 2017). The motive of serving healthy milkshake among the market there will be effective gains and revenue generations in the market.
Teamwork: the team commitment will be effective and helpful to businesses as to have effective approaches in meeting the targets on right time (Von Krogh, Netland and Wörter, 2018). Moreover, it can be said that Mr. Green will make effective efforts in team to analyse their requirements as well as motivating them to make productive efforts in business.
P3 4Ps of innovation and use of innovation funnel in shaping innovative ideas
In context of healthy milkshake, Mr Green can undertake 4 p’s of innovation which mainly includes paradigm, product, process and position. Hence, by keeping all innovative aspects, Mr Green can contribute in the attainment of organizational goals and objectives in the following manner:
- Paradigm: In this regard, new or innovative milkshake will be offered by Mr Green through its unit such as ‘Healthy Drinks’. Currently, via Healthy Drinks firm Mr Green is offering shakes and smoothies to UK customers. Hence, new offering such as healthy milk shake will be offered through existing unit. It comprises with the strategies which are needed to be planned by the business professionals as to have risen in the income level of the business (West and Bogers, 2017). It allows the professional in analysing the external market as well as the performance made by competitors. It brings the effective generation of information which bounds them in terms of making the innovative changes into operations of products. Thus, it can be said that the regular changes in te product line will be effective as it will continue to be identified among consumers as well as fetching their attention on a prominent manner. Therefore, it will be effective and appropriate for the business as to have risen in the income level of entity. In addition, Mr. Green will have effective gains of revenue over their planned as to bring the healthy milkshake.
- Product: From assessment, it has found that product pertaining to healthy milkshake will contribute in the value of Mr Green’s business operations. Moreover, now UK customers lay high level of emphasis on using healthier products. Thus, by offering healthy milkshake, Mr Green can attract more customers. It emphasis over the costs incurred in producing the product as well as the value which will be added by the firm in the business. However, it can be said that there is need to have plans for adequate innovation in the product line which in turn will be effective and helpful as to make rise in revenue of the firm (Von Krogh, Netland and Wörter, 2018). Mr. Green has planned to make effective changes in the product line which in turn emphasis over bring them the appropriate gains over the business revenue.
- Process: On the basis of such element, emphasis will be placed on using high quality milk and other ingredients (Giudici and Rossi-Lamastra, 2018) It has been determined here that Mr. Green is making the plans for manufacturing the healthy milkshake. Similarly, it also states here that the business make effective changes into product line as well as analysing the supplying channel in the market. The product are meant to manufactured as to meet the consumers' satisfaction and thus, it will be helpful to them as to reach to the end users (Bogers and et.al., 2017).
. Hence, focus will be placed on using standardized process to attain goals and increase profitability aspects.
- Position: By positioning milk shake product on the basis of price, quality and healthiness Mr Green becomes able to build distinct image in the mind of target market. Moreover, customers give a priority to those business units which offer quality products at suitable prices (Saguy and Taoukis, 2017) There is need to have analysis over the brand position in the market. Therefore, it can be said that before launching the product in market Mr. Green needed to have proper observation over the market (Freel and Robson, 2017). Moreover, it will be helpful to the business as to raise the income level of the firm which in turn will be effective and helpful to meet the business requirements.
Hence, by undertaking all the above depicted 4 p’s, Mr Green can shape and commercialize its innovative ideas prominently.
P4. Developments in Frugal Innovation
Frugal innovation implies a process which provides assistance in reducing high complexity level and cost of goods or services. Process of frugal innovation helps in discovering new business models, value chains and redesigning products. Aspects of frugal innovation contain several aspects such as quality, output, adaptability, performance, servicing and input cost (R&D). In the context of Mr Green, by offering quality milkshake to customers competitive advantage can be gained (Kolls, 2017). Moreover, quality is one of the main factors which help in attracting customers. Further, by using budgeting tools and techniques, he can control over expenses and thereby able to offer shakes to customers at affordable prices. Along with by undertaking research and development activity, he can come up with innovative ideas (Davoudi and et.al., 2018). Further, by distributing milkshake products or services through Healthy Drinks Mr Green can achieve success.
P5 Importance of commercial funnel and application of new product development (NPD) processing for commercialisation of innovation
In respect to consider effective functioning, it can be stated that product development process is very effective and assists to make expansion strategies. In this way, a new product and company expansion increase market share which give effective process in working. With the help of new product development process, customer needs and demands could be fulfilled successfully. It also helps to grow outcomes and results with ascertain actual position and market share as well (Song and et.al., 2016). With the help of new product development process, brand image of business increasing which assists to make systematic results at workplace. New product individual also develop that help to make new product in increasing rate. In order to consider new product, a company need to adopt effective technology that attain more systematic work performances at workplace. There are several importance with commercial funnel attain to produce new and creative goods (Ge and et.al., 2016). In the present case, Mr Daniel need to make company growth that consider more time consuming process that need huge time to make innovative products. However, it helps them to compete with other business in tough market competition. Furthermore, it focuses on market rival firm. New product development process considers innovation which requires rapid changes and growth in business (Yin, Shi and Yan, 2014).
An innovation also includes fulfilling customer demand and requirement that make effective process through working with new services and effective process. Advance activities and outcomes assist to fulfil customer demand in systematic manner. Therefore, an organisation enhancement assists to create commercialisation to fulfil customer’s needs and requirements (Eberhardt, Tillman Kirkland and Sherrod, 2017). In the new product development, following points are covered that assists to perform different functions and operations:
- Idea generation: Idea generation is an important aspect that involve search towards product development. In this way, Mr Daniel needs to consider internal source which surrounding them to consider proper study.
- Idea screening: Furthermore, second step also develop to screening ideas which comes in mind. In this regard, innovation consider with different methods' assessment for development of product review in formal market research.
- Concept development and testing: It is third step in which new product development process consider testing with attractive ideas. Therefore, product concept has been developing with systematic work performances (Eberhardt, Tillman Kirkland and Sherrod, 2017). It is different from product image.
- Market strategy development: It is another important stage in which new product development process considers strategy which describes in three part such as target market, positioning and marketing mix. Hence, in the present case of Mr Daniel proper finding must be consider which involved review of projected sales, cost and benefits.
- Product developing: In this aspect, for innovation, manager needs to consider research and development program. Therefore, they are able to develop systematic results at workplace. With the help of full fledge workable product, prototypes which help to satisfy and excite customers. Furthermore, it also assists to consider functional test that develop in laboratory (Eberhardt, Tillman Kirkland and Sherrod, 2017).
- Test marketing: In this step, product must be tested with test marketing. Therefore, stage consider marketing program which introduce for more realistic market setting at workplace. In this regard, marketer has opportunities to spend more expenses to launch the product. With the consideration of effective results, it can be stated that outcomes must be carry with systematic work performances (Kolychev and Prokhorov, 2015).
- Commercialisation: In this step, new product development process considers to introduce product in the market. It considered ability to perform several and effective operations to maintain speed to market. There are different businesses, which are closer to each other and overlapping product development process.
P6 Build innovation process
In respect to look towards the present case, Mr Daniel needs to consider important innovations and clear aims and objectives that assist to consider invention and innovations. Innovation for a new process helps to introduce several activities in business environment. In respect to make effective services, it could be said that systematic work performances implemented at workplace. Hence, it considers the following advantages at workplace:
- It assists to accomplish desired results with implement business process and increases efficiency level for productivity. It enables to attain customer satisfaction to extend quality of existing products and services.
- With the help of developed entire products and services, rapid changes could be implemented that assists to make creative work performances in business.
- Along with this, innovation and commercialisation also assists to add values for existing products and services that help to meet with creative process.
Innovation business could be introduced in the following manner:
- Increases productivity among employees help to maintain more creative work performances in systematic manner (Eberhardt, Tillman Kirkland and Sherrod, 2017).
- With the help of reduce operational cost, high advanced services could be implemented at workplace. As results, Mr. Daniel ascertains their results with creative work performances.
- Become more competitive and challenging environment also need to focus so that effectiveness develop through maintain creativity at workplace.
- Become competitive and challenging services help to attain desire results and adding more creativity (Kolychev and Prokhorov, 2015).
- Along with this, adding value of services, the company able to maintain their outcomes in creative consideration.
- Increases turnover and profitability in the market help to determine success with undertake more benefits at workplace.
- It assists to adopt best services in the process to increases development results and outcomes.
Funding invention: In respect to arrange funds, there is effective process develop to meet with organisational objectives. In this regard, innovation strategies assist to meet with desired goals and targets in creative manner. On the basis of tapping own fund, the company able to increase their significant advantages at workplace. Furthermore, external funding also taken with loans and equity finance. Therefore, it gives new direction and productive services, the company able to maintain their significant advantages at workplace. In order to take external funds, plan must be considered which help to describe business operations.
In order to measure effectiveness of innovations, it is important to determine actual performances at workplace. It will help to monitor business activities that make easy way to perform several tasks. In respect to monitor the business activities, it is essential to give best and effective process to analysis systematic results at workplace. Mr Daniel needs to assess their staff performances so that task would be assign as per their basis. In this way, effectiveness will be developing to maintain creative consideration at workplace (Kolychev and Prokhorov, 2015).
Moreover, company needs to focus on the corrective actions that are considered in subjective plans to overcome risk and challenges. Market uncertainties and changing demand also give several challenges to the enterprise. Therefore, rescue plans must be carrying to reduce negative impact.
P7 Tools to protect knowledge and intellectual property
There are several ways through intellectual property of the company consider techniques and plans that make safety and precautions. In order to fulfil needs of business, it is important to focus on tools and techniques that require for Mr Daniel. Furthermore, it also helps to keep security in innovations and commercialisation at workplace. Hence, effectiveness will be developing successfully to focus on desired level effectiveness (Kolychev and Prokhorov, 2015).
With the help of following tools, it increases systematic work performances in the business:
- Trademark: In trademark, there are different elements consider that assists to maintain systematic work performances in the business environment. With the help of name, phrases, sound, symbol, etc. Mr Daniel maintains security in their business easily. It is the best way to attain more significant advantages and create more focus on results. Trademark help to protect from another company so that they can take legal actions when other businesses copy it (Dutta and Folta, 2016). It helps to maintain proper security and effectiveness at innovations and commercialisation.
- Copyright: It is another important tool that assists to maintain significant results at workplace. In this way, anyone not able to use intellectual property of another person. It becomes void and illegal in consideration of law. Copyright protects expression of business instead of ideas. Every business needs to take their registration with copyright infringement. Hence, Mr. Daniel also has benefit to maintain their innovation and commercialisation with ascertain effective consideration (Eberhardt, Tillman Kirkland and Sherrod, 2017).
- Patent: Patent is another important tool that assists legal rights which protects unique and tangible things at workplace. In this way, best possible outcomes must be developed with ascertain some actions. It assists to take proper support in organisation which considers innovations and commercialisation.
In respect to focus on intellectual property security, it can be stated that effective results and performances must be develop to focus on desired results and effective consideration as well (Kolychev and Prokhorov, 2015). On the basis of these elements, Mr Daniel able to introduce their new product in market without any fear. Furthermore, these tools also help to maintain systematic results at workplace.
By summing up this report, it has been concluded that significant difference takes place between innovation and invention. Hence, by laying emphasis on innovative aspects Mr Green would become able to enhance customer base and financial aspects. Besides this, it can be inferred that by taking into account 4 p’s of innovation Mr Green would become able to come-up with high quality and healthy milkshake.
Further, it has been articulated that by following specific steps as per innovation funnel, Mr Green can offer milkshake to customers within a specific time frame. It can be seen in the report by undertaking all aspects of frugal innovation. Mr Green can reduce or exert control on cost more effectually and thereby maximizes profit margin. Along with this, it can be summarized from the evaluation that by taking loan and using own funds Mr Green can commercialize offerings. It can be stated from the evaluation that using intellectual property rights such as copyright, patent etc Mr Green can secure the aspects of innovation.
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