Innovation and Commercialisation
Assignment 1
Submission Format
Part A:
This is a business case report which must be submitted as one report.
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.
Assignment Brief and Guidance
Scenario and activity:
Case Study: Essence Drinks
When Akshay Kumar, the founder of Essence Drinks, started the company two years ago he could not have foreseen the rapid early-stage growth that took place. He launched the company with one drink (a healthy mango lassi) into the UK market and achieved a dramatic rise in sales in his first year due to the innovative formula and distribution capability.
However, as the company enters its third year of trading there has been a significant decrease in sales as a number of competitors have entered the market. Akshay thinks the answer is to create an innovative new range of drinks but does not want to move away from lassis.
You are working as a brand strategy innovation consultant for the company that Essence Drinks has hired to evaluate the situation and present recommendations on how the company should move forward.
You are to produce a business report to present to Mr Kumar to provide background information about innovation and the processes of innovation development.
The business case report will address the following:
1. Explanation of the difference between invention and innovation.
2. The value and importance of innovation to organizations and how this can be embedded within the organizational leadership and culture at Essence Drinks.
3. 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 Essence Drinks which form of innovation they should engage in.
4. Discuss the approaches that Essence Drinks can take to process innovative ideas, including the innovation funnel and frugal innovation, providing examples of different approaches used by other organizations.
5. Explain and recommend the next steps Essence Drinks should go through to derive a new and innovative drink.
Learning Outcomes and Assessment Criteria
Pass Merit Distinction
LO1 Explain the context for innovation and determine the difference between invention and innovation
P1 Explain innovation and determine its importance to organizations in comparison with invention.
P2 Explain how organizational vision, leadership, culture and teamwork can shape innovation and commercialization. M1 Analyze different sources of innovation, and how organizations can foster and develop an environment and culture of innovation. LO1 and LO2
D1 Critically analyze how innovation is developed, embedded and measured in an organizational context.
LO2 Explain the different types of innovation
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas.
P4 Explain developments in frugal innovation and provide examples of how it is used in an organizational context. M2 Analyze and apply the innovation funnel in an organizational context.
M3 Appraise the role of frugal innovation in an organizational context.
