Innovating for Value: 4Ps Insights Assignment Sample

Innovation And Commercialisation

Introduction-Innovation And Commercialisation

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If a corporation want to provide the most possible value to its clients, it must be innovative and creative. As a result, companies are always looking for ways to enhance the overall experience of their customers. A company’s ability to innovate is essential if it wants to differentiate itself from the competition.

When people use the term “Innovations” in this context, they are referring to new items, processes, formulations, and operating procedures. It takes enormous resources to carry out engineering and product development procedures that follow this method. It is always possible to devise a new technique of producing or doing anything. A new breakthrough may be described as the introduction of a completely new function or consequence into an existing system or process. Depending on their decisions, an entrepreneur’s career may travel in either way, forward or backward, at any point. The report will go into great detail on the discoveries and inventions of a certain firm. In this course, there will be a strong emphasis on the 4Ps of innovation and how these processes might be used (Reyes et al., 2021).

Company Overview

In 2011, CAFEPOD Coffee Co., an independent coffee company, was established in Portland, Oregon. Because of their commitment to innovation and vibrancy, London’s coffee shops serve as a source of inspiration for its customers. Caffepod.com was formed by two entrepreneurs with the goal of giving clients with the tools they need to live more successful lives. Caffepod.com is a coffee and tea delivery service (CAFEPOD Coffee Co., 2021). Because of the growing demand in the United Kingdom for specialty coffee, Peter began creating his own blends to meet the needs of his customers

LO 1: Innovation Context

1.1 Explain innovation and its importance

Firms such as CAFEPOD.com, for example, may use price leadership or differentiation tactics to get an advantage in a range of scenarios. It is necessary to have a strong willingness to try new things in order to be successful in both situations. In order to maintain long-term competition in the price leadership business, it is necessary to use innovative and highly efficient approaches (Carraher-Wolverton and Zhu, 2021). It is essential that efficiency and cost-cutting projects be carried out effectively in order to be successful. Businesses such as CAFEPOD.com who wish to differentiate themselves from the competition must use cutting-edge methods. This is often the most significant step in the process of forming a new corporation. It is impossible to overestimate the significance of continuous innovation. The most notable distinction between the two organisations is their attitudes to innovation, which vary significantly from one another (Mahto et al., 2020).

The following factors may be used to differentiate between invention and innovation: When it comes to innovation, invention is the process of improving upon an existing idea. Products and methods are both examples of an innovation.

1. Innovation occurs when a brand-new idea for a product or method is developed. In the context of a previously unimagined product or method, this expression is used. If a product or approach is new under the dictionary’s meaning of innovation, then it is considered innovative (Bag et al., 2018).
2. At the core of innovation is the development of a new product. The process of invention is one example (Johnsson, 2018). When looking at a product, the process of adding value or making a modification to it is critical.
3. “Innovation” refers to the act of creating a new idea and demonstrating its viability in a theoretical setting (Meissner et al., 2017). On the other hand, instead of focusing on innovation, this activity is focused on the actual application of a unique idea that has been produced.
4. Science and engineering skills are important for a new innovation to be successful. A wide range of commercial, technological, and strategic attributes are required for innovation to be successful in the business sector.
5. When a well-known thinker in the field makes a scientific discovery, it is regarded to be an innovation. Innovation is the process of discovering and responding to market demand for a new product or service, or an improvement to an existing one (Etriya et al., 2018).

For example, a particular product or method of operation may be developed using the invention’s subject matter as the basis. This article focuses on the merging of various products and services in order to create something new and unique.

1. When it comes to generating new ideas, the research and development section of the company is completely accountable. Within a company, it is possible to track the diffusion of innovation.

1.2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

A lot of organisations have trouble implementing their ideas since people are the biggest challenge to overcome when it comes to bringing about change or transformation (Srisathan et al., 2020). Employees may learn about creativity while using new ideas to come up with solutions to real-world issues. In order to come up with a fresh idea, one must engage in creative thinking.

Anything new that is made opens the door to fresh ideas and approaches to problem solving. It is the product or service launch that drives these discoveries and breakthroughs to the forefront. All of these efforts, such as creation and innovation, as well as marketing and communication with customers, go into commercialising a product. CAFEPOD.com is no exception to the norm when it comes to launching a new product. Long-term objectives, particular goals, and core values are all part of an organization’s corporate culture. Using CAFEPOD.com, for example, they will be able to have the best meal imaginable. In order to do this, new ideas and methods of thinking about present and future goods must be generated, as well as the development and introduction of new items to the marketplace (Modranský et al., 2020). Introducing a new product to a new market is done this way. One of the most important influences on innovation and creativity is an organization’s vision.

A company’s success may be aided by using leadership strategies that adhere to established corporate standards and behaviours.

There are a number of various leadership styles, including autocratic, democratic, participative, and laissez-faire. Caffepod.com has so built an authoritarian leadership style for the company (Al-Husseini et al., 2021). The organisation may benefit from this kind of leadership. Employees’ beliefs and attitudes are reflected in the company’s culture. Depending on a nation’s ideals and views, its culture may change. In certain nations, a particular kind of organisational culture may be tolerated. When cultural differences are evident, they have a negative impact on product development and marketing. Innovation and commercialization may be influenced by CAFEPOD.com’s drive and agility to succeed. When it comes to solving difficulties or completing projects on time, teamwork is dynamic. Caffepod.com employs a significant number of people to develop and market the product (Carvalho et al., 2019). CAFEPOD.com may achieve its goals more quickly and effectively if it adheres to the organization’s objectives and goals. Collaboration is critical to the success of a company’s creation and commercialization.

“1.3 analyse different sources of innovation, and how the organisation can foster and develop an environment and culture of innovation.”

It has become the mantra of today’s business world to be “innovative.” New technology and methods have proved that success may be achieved by businesses. All of these companies have shown this. There is a tendency to use the terms “innovation” and “improvement” interchangeably when discussing these concepts (Yang et al., 2018). There are seven sources of innovation identified by Peter F. Drucker. The first four hints point to something that has already occurred or may be promptly put into action in the case of fresh ideas. Consequently, we may conclude that there is a great deal of room for growth. There is a greater chance of failure with the latter three innovation sources, but there is also a greater reward.

LO 2: different types of innovation

“2.1 explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas”

A company’s innovation is defined by the method it uses to come up with new ideas and concepts. There is a new product or service. While developing new products and services, many organisations use the 4Ps innovation mix. The film is being produced by John Bessant and Joe Tidd. Those are the 4 Ps:

Product

Some businesses might profit from providing their customers with extra products or services. Products that are improved over time are called “incremental changes”. For the second time, a new project must be started from scratch (Akgun et al., 2017). A “dramatic shift” is also known as a “big transformation.”

Position

How we see ourselves has a tremendous impact on how we will behave in the future. This characteristic may be impacted in a variety of ways, one of which is the promotion system used by a company (Pinto and Sampaio, 2020).

Paradigm

A process aimed to assist an organisation in dealing with new difficulties and threats by embracing creative ideas while continuing to carry out the organization’s day-to-day responsibilities (Pinto and Sampaio, 2020). Despite the fact that the transition may be dramatic, bear in mind that not all shifts are favourable. In your company’s business plan, for example, the shift from print to online publishing is an example of a business transition.

Process

A product is being offered to prospective buyers in this manner. It’s not only about your product or service while making this decision; there are a number of other factors to consider. Purchasing raw supplies, manufacturing products, and employing and training personnel are all managed by a single process (Pinto and Sampaio, 2020). Processes include all we can do to improve the efficiency, clarity, and cost-effectiveness of our business’s operations. You may increase your profit margins by putting a concept into action. This strategy includes the creation of new procedures to enhance or replace current ones.

Innovation Funnel

Idea development and evaluation are carried out in this manner to determine whether they can be implemented in the future. Fluent Management Procedure is used as a name for the whole process. Corporations are increasingly using the Innovation Funnel as a framework for developing action plans (Anzola-Román et al., 2019). Before releasing new products or services, companies must do thorough market research to ensure their feasibility and success. The Innovation Funnel focuses on the creation and implementation of innovative ideas. For the first time, Henry Chesbrough invented a permeable funnel. For him, the phrase “open innovation” was an expression of his belief that both internal and external stakeholders should have the opportunity to share their ideas with the organisation.

“2.2 explain developments in frugal innovation and provide examples of how it is used in an organisational context.”

A thrifty innovation process that can be replicated and expanded up and down the supply chain over time may lead to new business models, value chains, and products. In order to create more inclusive markets, existing institutional resources must be bridged or used in new ways. The following necessitates low-cost innovation: There are several new chances for frugal inventors since new technological platforms substantially cut the costs of many concepts (Ananthram and Chan, 2021). Slow growth and budget cutbacks to alleviate debt will lead to a rise in the popularity of low-cost innovation in industrialised nations. There is a high demand for low-cost items in developing and rising countries.

There are a range of coffees available in the United Kingdom via CAFEPOD.com. Because these countries have a broad variety of preferences for customers, expectations, and chances to work with, it is a cost-effective approach to innovate. They can afford to spend more money on the best coffee since they can afford it in the United Kingdom.

 LO 3: process required to commercialise innovation.

“3.1 explain the importance of the commercial funnel and the application of new product development”

Using the term “funnel” while discussing sales funnels is commonplace. Businesses might use a commercial funnel to demonstrate how a client progresses toward completing a purchase. The five stages of the commercial funnel are: awareness, opinion, deliberation, preference, and purchase.

This diagram shows the customer’s journey from being aware of the product to making a decision to buy. The purpose of commercial funnels is to make customers aware and understand the issues they face (Ferreras-Méndez et al., 2021). With email and social media marketing operations, these questions may be answered and kept engaged. In order to ensure that sales will continue to climb even if customer prospects decrease, efforts are taken to increase client interest. The corporation acquired an advantage over its rivals after learning about the product development process.

There are now a large selection of multimedia platforms to choose from because of effective marketing and distribution tactics. Money and resources made commercialization of the whole process possible. Concept creation and idea screening are two of the most important steps in new product development. Before any item may be sold, it is put through a rigorous quality control process by the company’s employees (Ferreras-Méndez et al., 2021). It is possible to construct an innovative business case that enables a company to bring new items to market by using NPD and commercialization funnels. A successful market launch requires both market testing and iterative approaches.

“3.2 innovation business case”

An innovation’s business case is one of the most challenging parts of the process. Unknown unknowns in business cases for unique concepts must be quantified and defined as best you can use all the information at your disposal, rather than “brushing them over.” To ensure that the ‘thought or concept’ may stand tall and strong and be evaluated on its true merits, emotional aspects of the thinking or notion must be excluded from the results. In order to create a compelling business case for this project, it is necessary to address the following concerns of the company: By tracking their own development, workers will be able to see how the system affects their future (Santa-Maria et al., 2021). This includes the pricing strategy, product development process and the firm’s customer awareness campaign as part of a compelling business case for the company.

Create a product line for your firm as the initial stage. Because of this, future batches of the product may be improved upon. It’s feasible to do this. The organisation must charge its target customers a reasonable price in order to create a substantial quantity of revenue. Spending on marketing is substantial (Lüdeke?Freund, 2020). With their own brand identity, companies may function as role models for younger employees.

 LO 4: range of methods for protecting ideas and understand their advantages and disadvantages

“4.1 evaluate the different tools that it can use to develop, retain and protect knowledge and intellectual property”

Innovation is all about bringing a new product or service to market. It is essential for corporations to think beyond the box in order to compete in today’s economy. Customers will recall a firm as a well-known and trustworthy industry participant if its innovators are competent enough to meet their wants. An example of a critical resource in the business sector is this one. Consequently, client happiness has a huge impact on a company’s performance. Intellectual property and know-how may be developed, stored, and protected through the following instruments: The most essential objectives are the creation of new knowledge and intellectual property (Gast et al., 2019). Clearly, “expanding knowledge” refers to an organisational attempt to improve knowledge.

As a means to stay in the game and keep one’s market share. Small and big businesses alike need this in order to function effectively and regularly. Another way to assist the CAFEPOD.com team expand their current skills and knowledge is to attend seminars and training events on a regular basis. Information, as well as intellectual property, should remain in your own hands. In the absence of the ability to recall and apply a notion or piece of information, there is no use in possessing it. As the company grows, it may be necessary for them to rely on their prior experience. One example of this technique is the use of patents to protect the company’s innovative products and services from competitors. Managers that want to protect their intellectual property should use patents to establish new services (Kah et al., 2019). The company creates logos to set itself apart from the competitors.

As a result, trademark and copyright restrictions must be implemented to safeguard the rights of the organisation concerned if it is to be successful. Whether you want to find out if a given idea, name, or symbol has already been patented or registered, a good place to start is the patent and trademark databases (Davoudi et al., 2018). A patent and trademark attorney may help the company raise knowledge of legal issues in the industry by reviewing and analysing the information it has gathered.

“4.2 present supported evidence-based evaluation of these different tools in the context of the wider business environment”

A variety of options exist for firms to enhance their knowledge while yet protecting the privacy of their customers and employees. It’s possible to store the things in a variety of ways, including:

Trademark

Trademark trademarks are used to protect the rights of names, symbols, and pictures that are used by company owners to distinguish their goods and companies from the competition and to develop a distinctive image that aids customers in recognising their products and services quickly (Castaldi, 2018). As an example, CAFEPOD.com and its healthy food offers might benefit from this.

Patents

In order to achieve this goal, a corporation needs use patents to protect its product’s inventions and improvements (Daliu et al., 2018). Because of this, CAFEPOD.com will be able to keep its market share while also preserving the quality of its product.

Copyright

As a copyright owner, you may protect the expression of ideas in works of literature and art, and in other musical works, like other musical works. In this scenario, CAFEPOD.com may take action to prohibit the ad created for the firm from being used elsewhere. Before adopting any of the services or technologies listed above, an organisation must meet a variety of legal requirements and formalities (Li et al., 2018). All legal and administrative procedures must be satisfied in order for a company to take advantage of trademark, patent, and copyright opportunities.

 Conclusion

CAFEPOD.com’s creative and inventive activities are shown in great depth in the research. Developing new variations of coffee and other culinary products is a natural fit for them. Having the ability to expand their business by generating revenue from their retail locations is another benefit. Assuming the organisation can come up with new concepts or technologies, this may be a wonderful undertaking.

References

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