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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.
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.
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.
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:
. Hence, focus will be placed on using standardized process to attain goals and increase profitability aspects.
Hence, by undertaking all the above depicted 4 p’s, Mr Green can shape and commercialize its innovative ideas prominently.
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.
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:
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:
Innovation business could be introduced in the following manner:
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.
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:
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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