Unit 5 Importance Of Innovation Level 5 Regent College

The present report is based on the situation of Mr. Green, who is planning to offer healthy milkshakes into the UK market. In this, it will provide deeper insight about how vision, leadership, culture, and teamwork contribute 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 the 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.

LO1

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 an 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.

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Similarly, innovations belongs to various changes into actions such as making an effective product, designing them as to meet consumers requirements, as well as those that 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 responses from the market as if the produced goods will have various product line and levels of tastes (Berry and Berry, 2018). Therefore, it will be attractive to buyers as they will go to have the new product, which will be examined by them as per their desired satisfaction. Moreover, if the product brings them the appropriate experiences, they will become brand loyal and will appropriate the new innovations made by the professionals.

P2: Organisational Leadership, Vision Culture and Team Efforts to Shape Conversationalist and Innovative

It has been analysed that the business will have 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 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 generation, which in turn will be effective and helpful as to reach the growth level.

Leadership: The operational leadership will be effective and helpful so 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 for the 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 to making effective changes to operations, there will be a satisfactory rise in the efficiency level of the business (West and Bogers, 2017). The motive of serving healthy milkshakes among the market is that 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 time (Von Krogh, Netland, and Wörter, 2018). Moreover, it can be said that Mr. Green will make effective efforts in the team to analyse their requirements as well as motivate them to make productive efforts in business.

LO2

P3: 4Ps of Innovation and Use of Innovation Funnel in Shaping Innovative Ideas

In the context of a healthy milkshake, Mr. Green can undertake 4 p's of innovation, which mainly include 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 milkshakes 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 offerings such as healthy milkshakes will be offered through the 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 to analyze 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 innovative changes to the operations of products. Thus, it can be said that the regular changes in the product line will be effective as it will continue to be identified among consumers as well as fetching their attention in 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 plan 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 place a high level of emphasis on using healthier products. Thus, by offering healthy milkshake, Mr Green can attract more customers. It places emphasis over the costs incurred in producing the product as well as the value that will be added by the firm to the business. However, it can be said that there is a 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 emphasizes bringing 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 to 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 et al., 2017).

. Hence, focus will be placed on using standardized process to attain goals and increase profitability aspects.

• Position: By positioning the milkshake product on the basis of price, quality, and healthiness, Mr. Green becomes able to build a distinct image in the mind of the 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 the 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 that provides assistance in reducing the 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 milkshakes to customers, competitive advantage can be gained (Kolls, 2017). Moreover, quality is one of the main factors that helps in attracting customers. Further, by using budgeting tools and techniques, he can control over expenses and thereby be able to offer shakes to customers at affordable prices. Along with undertaking research and development activity, he can come up with innovative ideas (Davoudi et al., 2018). Further, by distributing milkshake products or services through Healthy Drinks, Mr. Green can achieve success.

LO3

P5: Importance of Commercial Funnel and Application of New Product Development (Npd) Processing for Commercialisation of Innovation

In respect to considering effective functioning, it can be stated that the product development process is very effective and assists in making expansion strategies. In this way, a new product and company expansion increase market share, which gives an effective process for 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 ascertaining actual position and market share as well (Song et al., 2016). With the help of the new product development process, the brand image of the business is increasing, which assists in making systematic results at the workplace. New product individual also develop that help to make new product in increasing rate. In order to consider a new product, a company needs to adopt effective technology that attains more systematic work performances at the workplace. There are several benefits that commercial funnels attain to produce new and creative goods (Ge et al., 2016). In the present case, Mr. Daniel needs to make company growth that considers more time-consuming processes 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. The 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 requirements that make an effective process through working with new services and an effective process. Advance activities and outcomes assist in fulfilling customer demand in a systematic manner. Therefore, an organisation enhancement assists in creating commercialisation to fulfil customer's needs and requirements (Eberhardt, Tillman, Kirkland, and Sherrod, 2017). In the new product development, the following points are covered that assist in performing different functions and operations:

• Idea generation: Idea generation is an important aspect that involves searching towards product development. In this way, Mr. Daniel needs to consider internal sources that surround them to consider proper study.
• Idea screening: Furthermore, the second step also develops to screening ideas that come to mind. In this regard, innovation is considered with different methods' assessment for development of product review in formal market research.
• Concept development and testing: It is a third step in the 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 the new product development process considers strategy, which describes in three parts such as target market, positioning, and marketing mix. Hence, in the present case of Mr. Daniel, a proper finding must be considered, which involved a review of projected sales, costs, and benefits.
• Product development: In this aspect, for innovation, the manager needs to consider a research and development program. Therefore, they are able to develop systematic results at workplace. With the help of a full-fledged, workable product, prototypes help to satisfy and excite customers. Furthermore, it also assists in considering functional tests that develop in laboratories (Eberhardt, Tillman, Kirkland, and Sherrod, 2017).
• Test marketing: In this step, product must be tested with test marketing. Therefore, stage consider marketing programs that introduce more realistic market settings at the workplace. In this regard, marketers have opportunities to spend more expenses to launch the product. With the consideration of effective results, it can be stated that outcomes must be carried with systematic work performances (Kolychev and Prokhorov, 2015).
• Commercialisation: In this step, the new product development process considers introducing the product to the market. It considered ability to perform several and effective operations to maintain speed to market. There are different businesses that are closer to each other and have overlapping product development processes.

P6 Build Innovation Process

In respect to looking towards the present case, Mr. Daniel needs to consider important innovations and clear aims and objectives that assist in considering inventions 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 implementing business processes and increases efficiency level for productivity. It enables attaining customer satisfaction to extend the quality of existing products and services.
• With the help of developed entire products and services, rapid changes could be implemented that assist in making creative work performances in business.
• Along with this, innovation and commercialisation also assist in adding value to existing products and services that help to meet the creative process.

Innovation business could be introduced in the following manner:

• Increases in productivity among employees help to maintain more creative work performances in a systematic manner (Eberhardt, Tillman, Kirkland, and Sherrod, 2017).
• With the help of reducing operational costs, highly advanced services could be implemented at the workplace. As results, Mr. Daniel ascertains their results with creative work performances.
• Become a more competitive and challenging environment. You also need to focus so that effectiveness develops through maintaining creativity at the workplace.
• Become competitive and challenging services help to attain desired results and add more creativity (Kolychev and Prokhorov, 2015).
• Along with this, by adding value to services, the company is able to maintain their outcomes in creative consideration.
• Increases in turnover and profitability in the market help to determine success with undertaking more benefits at the workplace.
• It assists in adopting the best services in the process to increase development results and outcomes.

Funding invention: In respect to arranging funds, there is an effective process developed to meet organizational objectives. In this regard, innovation strategies assist in meeting desired goals and targets in a creative manner. On the basis of tapping its own funds, the company is able to increase their significant advantages at the workplace. Furthermore, external funding is also taken with loans and equity finance. Therefore, it gives new direction and productive services, making the company able to maintain their significant advantages at the workplace. In order to take external funds, a plan must be considered, which helps 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 it easy to perform several tasks. In respect to monitoring the business activities, it is essential to give the best and most effective process to analyze systematic results at the workplace. Mr. Daniel needs to assess their staff performances so that task would be assigned 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 carried out to reduce negative impact.

LO4

P7 Tools to Protect Knowledge and Intellectual Property

There are several ways, through the intellectual property of the company, to 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 to consider that assist in maintaining 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 in maintaining significant results at the workplace. In this way, anyone is not able to use the 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 the benefit of maintaining their innovation and commercialisation with ascertainable effective consideration (Eberhardt, Tillman, Kirkland, and Sherrod, 2017).
• Patent: A patent is another important tool that assists legal rights and protects unique and tangible things at the workplace. In this way, the best possible outcomes must be developed with ascertaining some actions. It assists to take proper support in organizations that consider innovations and commercialisation.

In respect to focusing on intellectual property security, it can be stated that effective results and performances must be developed to focus on desired results and effective consideration as well (Kolychev and Prokhorov, 2015). On the basis of these elements, Mr. Daniel was able to introduce their new product to the market without any fear. Furthermore, these tools also help to maintain systematic results at the workplace. 

Conclusion

By summing up this report, it has been concluded that a significant difference takes place between innovation and invention. Hence, by laying emphasis on innovative aspects, Mr. Green would be able to enhance the customer base and financial aspects. Besides this, it can be inferred that by taking into account the 4 p's of innovation, Mr. Green would be able to come up with a high-quality and healthy milkshake.

Further, it has been articulated that by following specific steps as per the innovation funnel, Mr. Green can offer milkshakes 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 effectively and thereby maximize profit margin. Along with this, it can be summarized from the evaluation that by taking a loan and using his 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.

References

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• 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.
• Eberhardt, A.W., Tillman, S., Kirkland, B., and Sherrod, B., 2017. A Project Course Sequence in Innovation and Commercialization of Medical Devices. Journal of Biomechanical Engineering, 139(7), p. 071003.
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• Giudici, G., and Rossi-Lamastra, C., 2018. Crowdfunding of SMEs and startups: when open investing follows open innovation. World Scientific Book Chapters, pp. 377-396.
• Kolls, H. B., 2017. Community-Led Open Innovation. U.S. Patent Application 15/067,220.
• Kolychev, V. D., and Prokhorov, I. V., 2015. Conception, technology, and methods of development of university systems of innovation projects commercialization based on effectuation. Asian Social Science. 11(8). p. 44.
• Randhawa, K., and et al., 2017. Knowledge collaboration between organizations and online communities: the role of open innovation intermediaries. Journal of Knowledge Management. 21(6). pp. 1293-1318.
• Saguy, S., and Taoukis, P. S., 2017. From open innovation to engineering: paradigm shifts. Trends in Food Science & Technology. 60. pp. 64-70.
• Song, Z. and et al., 2016. Perovskite Solar Cell Stability in Humid Air: Partially Reversible Phase Transitions in the PbI2 CH3NH3I H2O System. Advanced Energy Materials. 6(19).
• Venturini, K., and Verbano, C., 2017. Open innovation in the public sector: resources and performance of research-based spin-offs. Business Process Management Journal. 23(6). pp. 1337-1358.
• Von Krogh, G., Netland, T., and Wörter, M., 2018. Winning With Open Process Innovation. MIT Sloan Management Review. 59(2). pp. 53-56.
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• Yin, W. J., Shi, T., and Yan, Y. (2014). Unique properties of halide perovskites as possible origins of the superior solar cell performance. Advanced Materials, 26(27), pp. 4653-4658.

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