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Unit 8 Innovation and Commercialisation Assignment Help

Unit 8 Innovation and Commercialisation 

You are required to submit the following: Unit 8 Innovation and Commercialisation 

Business Report- 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 2000-2500 words, although you will not be penalised for exceeding the total word limit. Please use the following main headings to structure your report.

® Explanation of the difference between invention and innovation.

® The value and importance of innovation to organizations focusing on the vision, leadership, culture, and teamwork[SR3]  and how this can be embedded within the organizational leadership and culture at various Dairy products.

  • Analysis

® Critically analyse 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.

® Appraise the development of frugal innovation in response to necessity vs market driven innovation.

  • Conclusion and Recommendation[SR4] 

® Your recommendation should be an overall assessment of the advantages and disadvantages of innovation[SR5]  where you have Critically analysed how innovation is developed, embedded, and measured[SR6]  in an organizational context.

® Based on your critical analysis, you should now give your professional advice to the management team.

® In your recommendation you must give a critical analysis to Delamere Dairy on the nature of innovation and the context in which it is developed. You must use evidence[SR7] -based judgments on how Delamere Dairy can overcome these challenges.

Written Pitch and PowerPoint Slides. Unit 8 Innovation and Commercialisation 

  • Pitch- Your pitch should be written out on a word document so that you can submit this with your report, this needs to be a working document so your thoughts and ideas of how you will carry about the pitch.

® Your pitch is a detailed Innovation Business Case which includes how to

measure the overall effectiveness of Delamere Dairy and[SR8]  the appropriate techniques available to test, iterate and improve.

  • PowerPoint- Your PowerPoint is the Pitch presentation to the management team. When doing the PowerPoint keep in mind and focus the main changes that will benefit Delamere Dairy Drinks.

® Background to the company and the problem.

® Analyse and apply the importance of using the commercial/innovation funnel[SR9]  to provide a solution to this problem highlight the strategic capability for the solution that your proposing:

® Matching goals to resources and capability. Unit 8 Innovation and Commercialisation 

® Assessment of risk[SR10] .

® Appraise value analysis applying frugal innovation.[SR11] 

® Explain to management by summarizing the importance of a commercial funnel and application of your new idea for a new drinks product and how it would meet stakeholder needs.

® Techniques for testing the effectiveness[SR12]  of the new drinks produced and where this will fit into the process.

® Resources required for[SR13]  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[SR14]  property rights of a new drink.

® You will now need to consider the wider business environment[SR15]  and present an evidence-based evaluation of what tools Delamere can use.

Unit 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.

Transferable skills and competencies developed

® Business report writing

® Presentation

® Writing a business pitch

® Team Working

® Innovation business knowledge Unit 8 Innovation and Commercialisation 

Vocational scenario

Case Study:

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 several 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. Unit 8 Innovation and Commercialisation 

You are working as a trainee with 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.

 Assignment activity and guidance

For this assignment you will need to submit three documents:

  1. The Business report as stated above.
  2. The Presentation
  3. The Pitch written on a word document

Please make sure you sign the cover declaration and you have added all the relevant information.

Please keep in mind the Turnitin Policy and that your similarity should NOT be higher than 20%.

Make sure you submit your assignment before the deadline or as per policy you will be capped at a Pass for late submission,

Recommended Resources

Please note that the resources listed are examples for you to use as a starting point in your research – the list is not definitive.

® BESSANT, J, and TIDD, J. (2015) Innovation and Entrepreneurship. 3rd Ed. Oxford: Wiley.

® DRUCKER, P. (2006) Innovation and Entrepreneurship. London: Harper Business.

® https://www.ineteconomics.org/perspectives/videos/invention-vs-innovation

® https://youtu.be/kg8WjcC2KTw Unit 8 Innovation and Commercialisation 

 [SR1]This Business Case will highlight the importance of innovation on a new product range to Delamere Dairy. The business case will discuss, explain and critically analyse the reasons for DD not meeting the required sales targets and how they will be able to rectify this immediately by implementing an innovative strategy.

 [SR2]To start it is submitted that there is a significant difference between Innovation and Invention  which is…………….

 [SR3]You need to discuss Leadership, culture and teamwork but focus on vision.

 [SR4]Recommendation 1st

Conclusion 2nd

 [SR5]Some of what you have said in the main body of your business case can now be used as part of the recommendation.

 [SR6]When we critically analysed how innovation is developed, embedded and measured we also aligned this to the current innovation strategy of DD. Therefore it is now recommended that DD will need to implement the following ………… in order to develop , embed and measure the new product line.

 [SR7]Conclude by speaking about the current nature of DD and how innovation can be developed, use examples to give your conclusion strength. Then give solid judgments on how DD can overcome the challenges.

 [SR8]Start with how effective DD has been and then mention how competition has led to a fall in sales.

 [SR9]Mention your product then you will say how your product fits into innovation funnel.

 [SR10]Mention some areas of (or maybe 1 area) risk. How will you avoid it?

 [SR11]How will you apply frugal innovation?

 [SR12]Mention how you will achieve this so for example in food store testing. Innocent Smoothie.

 [SR13]If you agree that the product is worthy of your organization then we will need the following resources which have also been highlighted in the business case.

-       Funding for market research

-       Design and production

-       Materials for the ingredients

 [SR14]Talk about the copyright or Patent etc,

 [SR15]PESTLE analysis of the wider business environment which will be evidence based.

Unit 8 Innovation and Commercialisation 

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