Unit 3 Business and Business Environment BTEC Level 5 HND Diploma Business Regent College Higher Education

LO 1

P1 Explaining the importance of innovation process and comparison between innovation and invention.

Innovation: Innovation is the process of generating new product and services in the market in order to enhance the better opportunity and growth. (Ke, W. and et.al., 2016). Innovation give the value of good products or services in the purest sense. In the market it will better introduced when something new create and get attached by customer to fulfills their demand. Whatever is going in a market we have to considered and introduced or developed a new product to show our product. That process helping in the generation of the creative idea and changes into demand of customer are covered under innovative ideas. (Yu, Y. and et.al., 2016).

Importance of innovation: Succeed in the business. Now a time a more competition created so take a knowledge of our business whichever it is small but it will be succeed. Various important part of is to create business that foster and more likely our creativity . It will use innovation as a important, general, human centered & technological business management processes and global industry eco-systems.

Differences Between Invention and Innovation:

Invention is defined as idea for a product or process it has never been used before. (Rasmussen, T. E. and Eliason, J. L., 2017). Innovation is transformation of an idea into reality. Invention always related to the new product . Invention is the most essential process to rerain potential customers with the company in long term goals. Along with that, without invention innovation has not been done. (Yin, W. J., Shi, T. and Yan, Y., 2014).

P2 Explaining the role of organisation vision, mission, leadership, culture and teamwork and how they shape innovation and commercialisation.

Vision: take nutrition today to keep our health well tomorrow Healthy drink shares honesty and healthy body environment with customers. Apart from that, it also encourages living healthy and protective life growth. The vision of the company to live healthy, energetic, fulfilling lives. Creativity and innovation are the lifeblood of society and business especially in today's competitive global economy. Healthy drinks products are scientifically developed to provide the nutritious good quality and necessary nutrition many of us are missing in our modern lives (Wang, C. and et.al.,, 2017).

Leadership: Quantitative analysis having a huge data to examines the relationship between organizational culture, leadership behaviors, and innovativeness. The most valuable asset to a company is its human capital and healthy companies start with healthy leadership. When an executive is not getting adequate sleep, has a hormone imbalance, or nutritional deficiencies, the decisions they make will be less than optimal. When the very people in charge of the health of the company are avoiding their own health, it's a gamble with unfavorable odds (Song, Z., and et.al., 2016).

Everyone needs to start somewhere, so here's a list of the top five things you can doing today to become a healthier leader:

1-Take control of your sleep

2-Hydrate effectively

3-Have an executive physical exam

4-Eat clean

5-Exercise effectively

Teamwork: To be succeed in our life a tesam is very necessary to help us. (Song, Z., and et.al., 2016). This idea is seen within the greater framework of a team, which is a group of interdependent single who work together towards a common goal. Behind every good company a great role is played is called team. Teamwork at the workplace has been demonstrated to increase ratio, improve act, expedite idea generation, distribute workload and establish a culture in which each employee feels a sense of belonging and empowerment (Wang, C. and et.al.,, 2017). As Daniel green once noted teamwork”is the drinks that allows common people to attain uncommon results”.

M1

Different sources of innovation will help company to make new product and services for healthy drinks. Innovation sources such as technology, ideas, new thoughts, new concept and method of processing. Process need, industry and market structure etc. these are the sources of innovation will help to innovate new challenges and innovation ideas.

LO 2

P3 Explaining the 4P's innovation

Innovation can take many forms but they can be reduced to four directions of change:

• Product innovation: product innovation refers to the system through company can enhance better or new product and services to customers.
• Process innovation: it is the another P of innovation which defines the way in which they are created and pass to the end consumers.
• Position innovation: it is the another process under which product place has been decided in the market where product has been placed or position among others.
• Paradigm innovation: it is the overall changes in the model of the company.

'Product Innovation': Different types of suggestions can help us to make a new product better to other product is known as incremental change. Another form of recommended design is making your product completely different or new change (Chun, D., and et.al., 2015). Additionally, developing current product to meet customer's needs. Healthy drinks is one of the leading based drinks in the world. This can be understood by its product strategy in its marketing mix. In terms of the width of the product mix.

'Process Innovation': It includes the manufacturing process and the distribution process. . Its only available at chemist's shop and grocery store. It can also be used in to booth presence in large retail , with a bright and attractive product displays. Improved fixed line telephone services. Extended range of stock broking services. Improved auction house operations (Ge, J. and et.al., 2017).

'Position Innovation': It does not include the preparation process o0f your services or product. This steps we always to think whenever we start the process, such as activity, progress, hiring people. How can this all be enhanced to increase your profit. Which are the latest trends to carry out those activity. Traditional higher education courses support on line processes. (Ge, J. and et.al., 2017). Banking services offering to target at key segments students, retired, people etc.

'Paradigm Innovation': To do business use a innovative ideas. The changes must be new, but bear in mind that not all changes are always positive. Let your imagination take you to all the possible changes that can leverage your profit. That includes changes in your business model, like, for example, changing your published products from print to online platforms (Aryal, P. and et.al., 2016).

P4 Explaining the process or development of frugal innovation which provide better enviornment in the company. And how it is used in an organisation.

Frugal innovation discovers new business models, reconfigure value chains, and redesigns products to serve users who highly suffered from challenges and competition level. Basically frugal innovation helps to provide the better solution making task which helps to regain the better opportunity and growth. Frugal innovation is the process of developing the company functional activities in terms of getting more customer satisfaction. Health drinks needs to be developed innovation frugal in order to sustain customer attraction towards the company sales. It will also explain the better growth and opportunity growth in more productive manner.

Frugal development aims to bring new product or services in order to fulfill the basic needs and organization objectives (Walt, D.R., 2014). In order to entrance of new competitors in the market healthy drinks needs to be taken new product and services in order to get the better opportunity and growth. Besides, frugal innovation provides an opportunity through company fulfill their new opportunity growth in order to meet the needs of company structure. Frugal innovation has been given innovation process such as lo fluster growth and cutting funds to reduce debt, new technological platforms, the fastest growing markets, market constraints etc.

Frugal development stable the market position of the company which enhance the better opportunity and growth apart from that it will also help to recover the better opportunity from the market in order to make the better marketing growth. Frugal development process makes better opportunity for grabbing (Kolychev, V. D. and Prokhorov, I.V., 2015).

M2

In order to adopt the innovation funnel in the organization is the more influencing and more target market share through company helps to make better target market help. Innovation funnel is used to describe the steps that take place in developing a process or product. Innovation funnel includes three steps first step involves the focusing on the wide mouth of the funnel, narrowing segments and narrow segment of a funnel (Ge, J. and et.al., 2017).

M3

Frugal innovation has been play a very important role through healthy drinks can adopt or regain its value from the market. It also helps to protect the market formation process which helps to provide better opportunity and growth. Frugal innovation process is just to make innovation in the organization context.

LO 3

P5 Explaining the importance of the commercial funnel and explain the process of new product development.

Commercial funnel gives new face or image of company in the market, it helps to gain customer attraction and better quality of services. It helps to generate new advancing and better opportunity and growth (Wang, C. and et.al.,, 2017). Apart from that, It will also help to protect the better opportunity and growth. Commercial funnel also lead sales of the product which makes better sustainability level in the long term market. Overall process also helps to recover the new advancing growth market level. This generate or given new opportunity and market growth. Apart from that, there are giving some process or steps of new product development market approach.

New product development is the process of making good task oriented goods which makes better growth oriented performance. Application of new product development has been introduced new process of goal oriented and providing better opportunity and growth. In order to make new market oriented goals and target market position. Moreover, it will be the new task oriented goals (Kolychev, V. D. and Prokhorov, I.V., 2015). Along with that, new product development gives better responsive and goal oriented task. Along with that, it will more promising and challenging process growth. Moreover, new product development is the process of making good task oriented goals Which helps to take new better performance level.

P6 Produce a business case for an organisation including the overall process to access funding.

Business innovation case is the overall process to implement the new process of product and services in order to built the new advancement and growth. The business case for innovation, for us at inventium (Aryal, P. and et.al., 2016). Basically it relates the difference between invention and innovation. It gives new better opportunity to take the business into new level of manner. Besides, it also helps to bring new better innovation services for Healthy drinks. It is the creative process or target market growth which enhance the better services and target market growth.

Introducing new business case will help business:

• improve productivity
• reduce costs
• Build the value of Health Drinks.
• Increase company turnover

M4

Innovation helps to make better quality and services for the customer. Health Drinks can make better opportunity growth and business image in the market. It helps to enhance the better opportunity and growth for the company development. It also helps to get the better opportunity growth in the target market goals (Kolychev, V. D. and Prokhorov, I.V., 2015).

LO 4

P7 Explaining different tools that Mr green use to develop or to protect the intellectual property.

Trademark: A UK based company was successful in registering trademark. placeable mark is a trademark, design or look which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks (Ge, J. and et.al., 2017). The trademark owner must be an individual, business system or any legal entity. The trademark may be located on a collection, a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are often displayed on company buildings. A trademark serves to exclusively identify a product or service with a specific company, and is a recognition of that company's ownership of the brand.

Copyright: is a legal right that grants the creator of an original work exclusive rights for its use and distribution. This is usually only for a limited time. The copyright law have limitations or expectations have no right to exclusively to include n fairy use. A major limitation on copyright is that copyright protects only the original expression of ideas, and not the underlying ideas themselves (Yin, W. J., Shi, T. and Yan, Y., 2014). territorial rights are also known as copyright., which means that they do not extend beyond the territory of a specific jurisdiction.

Patent: Small business sometimes create creativity that can be protected from violation by others. (Ge, J. and et.al., 2017). Patent is the tool to protect the better enlarging and protect the overall business activities. Drinks are usually proprietary under utility plain. Under this category, the drink must be useful, Patent protect company intangible assets in order to protect the better environmental growth. Small business does not require any long process of patent they only just need to make registered. Along with that, it also protects the better environmental growth.

M5 Present supported evidence-based evaluation of these different tools.

The proper using of trademark, copyright and patent process will help in suitable rise in the operational capability of the organization that will create the better rise in operational capability of firm. This will support the organization and Mr. Green to safeguard their intellectual property and thus will help in suitable improvement in the efficiency and effectiveness of the firm that will help in suitable management of activities and growth activities that are been followed by the firm. Besides this, it will help in maintaining the quality and effectiveness of operations in a much better way (Yu and et.al., 2016).

CONCLUSION

Thus, this can be concluded that innovation lay a very deep impact on the operation of the organization. The report laid an emphasis on the innovation process and why is it important for the growth and development of the company. Factors impacting the leadership and teamwork and importance of frugal innovation is discussed with respect to NPD process and building of a innovative business case. Other than this the measure to safeguard the intellectual property is been analyzed.

REFERENCES

• Ke, W. and et.al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost the fill factor of planar perovskite solar cells.Advanced materials,28(26), pp.5214-5221.
• Yu, Y. and et.al., 2016. Improving the performance of formamidinium and cesium lead triiodide perovskite solar cells using lead thiocyanate additives.ChemSusChem.9(23). pp.3288-3297.
• Rasmussen, T. E. and Eliason, J. L., 2017. Military-civilian partnership in device innovation: Development, commercialization and application of resuscitative endovascular balloon occlusion of the aorta.Journal of Trauma and Acute Care Surgery.83(4). pp.732-735.
• 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.
• Song, Z., Abate, A., Watthage, S.C., Liyanage, G.K., Phillips, A.B., Steiner, U., Graetzel, M. and Heben, M.J., 2016. Perovskite Solar Cell Stability in Humid Air: Partially Reversible Phase Transitions in the PbI2CH3NH3IH2O System.Advanced Energy Materials,6(19).
• Wang, C. and et.al.,, 2017. Understanding and eliminating hysteresis for highly efficient planar perovskite solar cells.Advanced Energy Materials,7(17).
• Chun, D., and et.al., 2015. Labor union effects on innovation and commercialization productivity: An integrated propensity score matching and two-stage data envelopment analysis.Sustainability.7(5). pp.5120-5138.
• Ge, J. and et.al., 2017. Oxygenated CdS Buffer Layers Enabling High OpenCircuit Voltages in EarthAbundant Cu2BaSnS4 ThinFilm Solar Cells.Advanced Energy Materials.7(6).
• Aryal, P. and et.al., 2016. Parameterized complex dielectric functions of CuIn1− xGaxSe2: applications in optical characterization of compositional nonuniformities and depth profiles in materials and solar cells.Progress in Photovoltaics: Research and Applications.24(9). pp.1200-1213.

UPTO51%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit