Innovation & Commercialization Assignment Help

Are you Looking for Innovation & Commercialization Assignment Help & Units Solutions?

Previous || Next

Qualification :- Pearson BTEC Level 4 Higher National Certificate and Level 5 Higher National Diploma in Business Management

Unit 8 M/508/0494     Innovation & Commercialization

Part A: This is a group business case report which must be submitted as one report, but it should clearly highlight which section was completed by each individual member.

This should be written in a concise, formal business style using single spacing and font size 12. You are required to make use of headings, paragraphs, subsections and illustrations as appropriate and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 2,000-2,500 words, although you will not be penalised for exceeding the total word limit.

Part B: The submission is in the form of a 10-minute group innovation business case pitch and 5 minutes allocated for questions. The presentation slides and speaker notes should be submitted as one copy. You are required to make effective use of PowerPoint headings, paragraphs and subsections as appropriate. Your research should be referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,000-1,500 words, including speaker notes, although you will not be penalised for exceeding the total word limit.

Each member of the group must submit a copy of the presentation and a reflective statement must also be included by each group member to identify the work undertaken and to evaluate the effectiveness of the group work for both parts of the assignment.

Unit 8 M/508/0494 Innovation & Commercialization - Learning Outcomes

(See previous EAB for Part A)

Learning Outcomes

  • LO1 Explain the context for innovation and determine the difference between invention and innovation.
  • LO2 Explain the different types of innovation.
  • LO3 Discuss the process required to commercialize innovation.
  • LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages

Case Study: Delamere Dairy Drinks

When the founder of Delamere Dairy, started the company few years ago he could not have foreseen the rapid early stage growth that took place. He launched the company and achieved a dramatic rise in sales in his first few years due to the innovative formula and distribution capability.

However, as the company enters its next phase of trading there has been a significant competitor in sales as a number of competitors have entered the market. Delamere thinks the answer is to create an innovative new range of drinks but does not want to move away from his theme.

You are working as a brand strategy innovation consultant for the company that Delamere Drinks has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts.

Part A: Working in small groups (3-4 per group) you are to produce a business report to present to the CEO of Delamere by providing background information about innovation and the processes of innovation development. This is the first part of your research and will support the development of a business pitch which you are to present to the CEO.

The business case report will address the following:

  • Explanation of the difference between invention and innovation.
  • The value and importance of innovation to organizations focusing o the vision, leadership , culture and team work and how this can be embedded within the organizational leadership and culture at various Dairy products.
  • The different forms of innovation and the four directions of change an organization can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Delamere Drinks which form of innovation they should engage in.
  • Discuss the approaches that Delamere Drinks can take to process innovative ideas, including the innovation of lactose resistant innovation, providing examples of different approaches used by other organisations.
  • Explain and recommend the next steps Delamere Drinks should go through to derive a new and innovative drink and ways to access funding.

Second Section

LO1 Explain the context for innovation and determine the difference between invention and innovation.

Answer: Innovation arises within a specific context, influenced by factors like market needs, technological advancements, and societal trends, which create opportunities or pressures for change. While invention refers to the creation of a new product, process, or idea, innovation is the implementation of an invention or a novel idea to create value, often through commercialization or widespread adoption. Essentially, invention is about conceiving something new, whereas innovation is about making something new or existing better and more useful in practice.

LO2 Explain the different types of innovation.

Answer: Innovation can be categorized in various ways, often based on the degree of change and the target. Incremental innovation involves making small, gradual improvements to existing products, services, or processes. Disruptive innovation introduces new technologies or business models that unexpectedly displace established players. Radical innovation creates entirely new industries or significantly alters existing ones with novel solutions. Other classifications include product innovation (new or improved offerings), process innovation (new methods of production or delivery), and business model innovation (new ways to create, deliver, and capture value).

LO3 Discuss the process required to commercialize innovation.

Answer: Commercializing innovation is a multi-stage process that begins with identifying a promising invention or novel idea and assessing its market potential. This is followed by developing a viable business model, which includes defining the target market, value proposition, and revenue streams. Securing intellectual property protection, such as patents, is often crucial. Next, a go-to-market strategy is formulated, encompassing production, marketing, sales, and distribution. This stage may involve securing funding and building partnerships. Finally, the innovation is launched into the market, with ongoing monitoring and adaptation based on customer feedback and market dynamics to ensure its sustained success and profitability.

LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages

Answer: Protecting ideas involves a range of methods, each with its own set of advantages and disadvantages. Patents, primarily for inventions, offer exclusive rights to use, sell, and manufacture the invention for a set period, providing strong legal protection but can be costly and time-consuming to obtain and maintain, with the details becoming public. Copyright protects original works of authorship, such as literary and artistic works, offering automatic protection upon creation and being relatively inexpensive, but it only covers the expression of an idea, not the idea itself. Trademarks protect brands through names, logos, and symbols, helping to build recognition and prevent consumer confusion, and can last indefinitely with renewal, but they require registration and don't protect the underlying innovation. Trade secrets involve keeping valuable information confidential, offering potentially perpetual protection without formal registration, but they are vulnerable to reverse engineering or independent discovery. Choosing the right method depends on the nature of the idea, business goals, and available resources.

Scenario and activity:

Case Study: Delamere Dairy Drinks

You are an innovation consultant that the company has hired to evaluate the situation and present recommendations on how the company should move forward. This is the second part of the assignment (see above part of the AB for details of part A)

Part B: In your groups prepare and present an innovation business case pitch for the type of product that Delamere Drinks can take to market. The pitch should be 10 minutes long and slides should cover the following:

• Background to the company and the problem.

  • Explain the importance of using the commercial funnel to provide a solution to this problem highlight the strategic capability for the solution that your proposing:
  • Matching goals to resources and capability.
  • Assessment of risk.
  • Value analysis applying frugal innovation.
  • A summary of the new idea for a new drinks product and how it would meet stakeholder needs.
  • Techniques for testing the effectiveness of the new drinks produce and where this will fit into the process.
  • Resources required for proceeding with the innovation business case e.g. funding for market research, desk based research, product development
  • Evaluate the different tools Delamere Drinks could use to protect the intellectual property rights of a new drink.

General guidance

For higher grading you are required to consider developing your answers further based on the given learning outcomes and assessment criteria given at the end of the assessment brief.

Across the report you are required to provide various examples to enhance the credibility, currency and depth of the answer. You are also required to support your answer by academic and professional sources as well as statistics when relevant. Harvard referencing to be followed in this task (Citations and reference list) should be provided.

The work should be prepared in a report format as guided by your tutor. Clear headings and subheadings should be included.

 RELATED COURSES & ASSIGNMENT SERVICE!!

COMMENTS(0)

LEAVE A COMMENT


Captcha

 

 

Are You Looking for Innovation & Commercialization Assignment Help?

This Solution Contains

  • Introduction 3
  • Part A 4
  • Difference between invention and innovation 4
  • Value and importance of innovation to Delamere dairy focusing on the vision, leadership, culture, and teamwork 5
  • Different forms of innovation and the four directions of change Delamere Dairy can take 6
  • Approaches Delamere Drinks can take to process innovative ideas 7
  • Recommendation for Delamere Dairy to derive a new and innovative drink 9
  • Part B 11
  • Conclusion 22
  • References 23

Introduction

The following report is on the basis of Delamere Dairy and the case study shows how the organisation achieved a rapid growth in a short time with innovative products. As the organisation is growing they need to produce more innovative products so that they can ensure growth of their organisation in future. The report contains recommendation on how the organisation can derive a new innovative drink and also how they can get funds to research on innovative products. The report also has a discussion about the four P's of innovation and how that supports the management of innovation.

Part A

Difference between invention and innovation

Delamere Dairy Drinks founder invented that in the UK people in the different region is fond of drinks related to milk. But there are not many organisations that can provide authentic natural milk drinks and modified milk drinks. So the founder of Delamere Dairythought of an idea to sell authentic milk products in the UK. But people do not just like simple milk so the founder of Delamere Dairy came up with innovative ideas to make milk products including fresh whole goat’s milk, cheese, yogurts, and other products. Delamere Dairy’s founder invented to sell innovative milk products and there are some differences between invention and innovation.

Invention means an occurrence of a concept for a product or process that has never been done before. The concept of the invention is to create a new product or process(osborn, 2019). To invent something a person must have the quality to think scientifically or do various researches on different subjects. And by going through researches when a concept strikes a person or scientist then new productsare being invented. An invention is a single individual process or product but sometimes a scientist can invent two or more things at a time. Inventions are limited as just inventing a thing does not matter rather it have to scientifically proven and it also has to ensure that the invention can be used in good purpose in organisation and research sectors. Inventions can be patented as it provides indemnity to the inventor, for rational property rights, and also defines it is an appropriate invention.

On the other hand, innovation refers to the execution of a concept for a product or process for the very first time. Innovation is the concept to add value to something that already invented or to modify products to meet with the need of customers or peoples(Carayannis, Samara and Bakouros, 2016). The idea of innovation is to practically implement a new concept. To become innovative one need the skill of a market researcher, technical or strategic skills. As innovation comes when people get bored with old things and they need new things for enjoyment or to maintain performance with the advancement of the world and time. So when customers or peoples feel the need for new products and processed then innovation knocks. Innovation can be a combination of various process or products or it can also come out from the individual invention. Innovation transforms an idea to reality.

Value and importance of innovation to Delamere dairy focusing on the vision, leadership, culture, and teamwork

Innovation is must needed for an organisation to grow because the organisation that produces the best innovative products customers get more attracted towards them and it is highly valued. Innovation is important as it enables organisation like Delamere Dairy to create creative development, continuous improvement, reinforce the organisation brand, and respond to trends and competition and so on. Leaders of Delamere Dairy ensures the employees of the organisation works creatively so that through their innovative service the organisation can ensure sustainable performance and work as per their vision to become number one food processing organisation in the UK(Aycan, 2017). The organisation also ensures a good culture that includes values, beliefs, and a good environment so that the workforce can work effectively. As Delamere Daily is a food processing organisation its success depends on the teamwork of its workforce as it improves relations among them and helps them to work innovatively with each other.

Delamere Dairy mainly produces products based on the goat’s milk and cow milk and with the milk the organisation also produces cheese, Butter, yogurts and other innovative products. The leaders of Delamere Dairy sets the vision and also motivates and guide the employees to work innovatively to produces goods that meet with the customers need and as they have beliefs and acts like that the culture of the organisation also attracts customer to use the organisation products. To embed innovation the leader’s works with their employees and by bringing together different viewpoints it widens the pool of concepts. As the Delamere Daily’s culture is open it allows the employees to give their opinions about products innovation and allows various viewpoints to be expressed, and the employee’s teamwork can turn their viewpoints and ideas into innovative products and services. The cooperative working culture helps the workforce to work effectively as per the organisation vision. And all of this depends on the Delamere Dairy’s leadership as the leaders create a vision and operate the employees to work as per it to achieve the organisation goals(Fischer, 2011). The leaders of Delamere Dairy is looking forward and working with the organisation workforce to create innovative dairy products so that the organisation can continuously improve and can ensure to produce customer attractive products. The leadership of Delamere Dairy can research on the market to know about customers demand and can motivate the organisations employees and it will help the employees to understand the customers need and the organisation can embed innovation products through their leadership and employees.

Different forms of innovation and the four directions of change Delamere Dairy can take

Innovation is modifying a product by not changing the origin of the product. There are different forms of innovation an organisation use to make innovation in their products and services which includes Process innovation, Service innovation, Business model innovation, Frugal innovation and so on(Favre-Bonte, Elodie and Thevenard-Puthod, 2016). All forms of innovation affect the business differently but the reason for innovation is always the same and it is to make customer attracted and ensure the growth of an organisation. There is four P's of innovation that influences the business of Delamere Daily sustainability. The 4p’s are –

Figure 1: Four direction of change Delamere Dairy can take

(Rossouw, 2016)

The product innovation relates to change in the origin product feature includes addingan extra item in the product so that the customer can be attracted to the product and they can be satisfied also.Delamere Dairy can change their milk product in cheese, butter, yogurt and also add a different flavor to their milk as the founder of Delamere do not want to move from the theme of his organisation which is services relates to milk.

The process innovation is to bring change in the manufacturing process in the organisation. Delamere Dairy can adopt the process innovation because it will reduce their labor costs. As Delamere Dairy is based on milk product they need employees to take out the milk from their goats, sheep, and cows. But they can use technology to take out the milk from the goats and cows(Tillinghast, 2017). They can also use machines to package their milk item.

The position innovation is to bring change in products of an organisation to satisfy all kind of customers. As an example,Delamere Dairy can give services to not only children and elders they can also produce drinks for pet animals like cats. It will help them to attract all kinds of customers around the UK and also in other countries.

The paradigm innovation greatly influences business as it changes the underlying mental models which build what an organisation does. As an example,Delamere Dairy first produced milk but now with innovative ideas they make cheese, butter from milk that is literally an update of milk. 

The Delamere Dairy can engage in mostly with the process of innovation as it will help them to reduce their labor cost. An organisation needs a lot of resources to operate workforce but with innovative process concept, an organisation can reduce itslabor costs(Carter, 2017). Delamere Daily can adapt technology that will help them to take out milk from their animals without employees; they can also save resources if they use technology to package their produced milk items and can launch small delivery motor cars to deliver their products in a different zone for the package, binding and so on.

Approaches Delamere Drinks can take to process innovative ideas

Innovation in products is the key theme for an organisation and to process innovative ideas organisations need to take different approaches that will help to implement the innovation(Tatnall, 2016). Delamere Drinks can take different approaches to process innovative ideas for their organisation. These approaches are – 

Figure 2: Approaches to process innovation ideas

(Cubukcu and Tolon, 2018)

Delamere Dairy can involve their employees to generate innovative ideas because the employees know better how a product can be modified as they produce the products. The organisation also can involve their customer to know about what they need from the organisation. For this purpose, the organisation can do a customer review campaign. Delamere Dairy can research the market to know about the need customers. If the organisation can produce customer satisfaction products more customers will take their service. The organisation can also involve the suppliers to process innovative ideas as the supplier knows about the demand of the customers. Benchmark idea-creation methods is a good approach for the organisation as it enables the organisation to compare with other organisation about how they are processing innovation in their organisation.

Delamere Daily can take an approach to process innovative idea like the innovation of lactose resistant innovation. The organisation can take a biotechnological approach to produce lactose-reduced slim milk. Customers in the UK want milk drinks that contain less fat so Delamere Daily can produce milk drinks that are lactose resistant. It is a great innovation approach for Delamere Daily.

In the UK there is different food processing organisation includes Mars, Associated British Foods PLC, Noble Food and these organisation take different approaches to process innovative ideas in their organisation to achieve a good profit(Earle and Earle, 2017). The other organisation ensures to give freedom to their employees to take part in the decision making period. It enables these organisations to have several opinions and they can take the appropriate one and work in that way. The organisations also provide many resources for their leaders so that they can research more on the market and can convert their ideas into reality. Organisations like Mars, British Associated Foods ensure that they invest their time to motivate their employees and can create nourishment from their employees. The organisations also ensure a big budget for their innovative ideas as a concept can fail and they accept the failures as through failing they can turn innovative ideas into real products that will ensure to recover the damage and good profit for their organisation.

Need complete Solution? Request an Order - Click here  >>>