Innovation and Commercialisation | My Assignment Tutor

  Higher Nationals   Assignment Brief – BTEC (RQF) Higher National Diploma in Business Management                                            Learner Name ID Programme Name Pearson BTEC Higher National Diploma in Business ManagementUnit Number and Title Unit 8 – Innovation and CommercialisationCredit Value 15 Unit Level   4  Academic Year 2020-21 Cohort June 2020Assessor  Kashif KhanAssignment Title An Innovative Business Case (Part 1)  An Innovative Business Case (Part 2)Issue Date 08/03/2021Submission Deadline 23/05/2021 11:59PMIV Name Mohammad IslamIV Date 04/03/2021Statement of Authenticity:   I certify that the work submitted for this unit is my own and the research sources are fully acknowledged.   Learner Name:                                                                          Date:       Guideline for Final SubmissionThe submission must be in the specific format(s) as specified in the assignment brief instructions.   The assignment should be submitted in a MS Word© format, or equivalent.   The assignment has TWO parts. Please read both parts carefully.   Ideally, you should complete Part 1 before Week 7 and make sure you get formative feedback from your Assessor during teaching week 7 and 8. It is also recommended, you complete Part 2 before Week 9 and get formative feedback from your lecturer during teaching week 9 and 10. There will be only one submission link in Turnitin. You are quired to compile Part 1 and Part 2 into one Microsoft Word file for submission. Please access HN Global for additional resources to support and reading for this unit. For further guidance and support on report writing please refer to the Study Skills Unit on HN Global www.highernationals.comSubmission Format: Part 1This is an individual business case report. This should be written in a concise, formal business style using 1.5 line 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 reference list 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.Unit Learning OutcomesLO1 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 commercialise innovation. LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.Assignment Brief and GuidanceScenario 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. This is the first part of your research and will support the development of a business pitch which you are to present to Mr Kumar. 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 organisations and how this can be embedded within the organisational leadership and culture at Essence Drinks. 3. The different forms of innovation and the four directions of change an organisation 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 organisations. 5. Explain and recommend the next steps Essence Drinks should go through to derive a new and innovative drink.Submission Format: Part 2The submission is in the form of a 10-minute individual innovation business case pitch presentation. 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 reference list 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. Unit Learning OutcomesLO1 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 commercialise innovation. LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.Assignment Brief and GuidanceScenario and activity: Case Study: Essence 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. You are required to prepare and present an innovation business case pitch for the type of product that Essence 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 Essence Drinks could use to protect the intellectual property rights of a new drink.Learning Outcomes and Assessment CriteriaPassMeritDistinctionLO1 Explain the context for innovation and determine the difference between invention and innovation    LO1 and LO2 D1 Critically analyse how innovation is developed, embedded and measured in an organisational context.P1 Explain innovation and determine its importance to organisations in comparison with invention. P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation and commercialisation.M1 Analyse different sources of innovation, and how organisations can foster and develop an environment and culture of innovation.LO2 Explain the different types of innovation  D2 Produce financial reports that accurately apply and interpret data for a range of business activities.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 organisational context.M2 Analyse and apply the innovation funnel in an organisational context.   M3 Appraise the role of frugal innovation in an organisational context.LO3 Discuss the process required to commercialise innovation    LO3 and LO4 D2 Critically evaluate the nature of innovation and the context in which it is developed, providing evidence-based judgements on how organisations can overcome challenges to develop successful innovations.    P5 Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation. P6 Build an Innovation Business Case for an organisation, including ways to access funding.M4 Build a detailed Innovation Business Case which includes how to measure its overall effectiveness using appropriate techniques available to test, iterate and improve.LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantagesP7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge and intellectual property.M5 Present supported evidence-based evaluation of these different tools in the context of the wider business environment. Academic Misconduct: Plagiarism is presenting someone else’s idea in your own name. Hence, it is important not to use information directly from any published sources such as books, journals or websites without paraphrasing and referencing the materials. It is also imperative for you not to copy anything from another student’s coursework and submit in your name (collusion). If similarity is found with another learner’s work or from other published sources, suspected work will be investigated in accordance with procedures set up by the college. Please read Academic Misconduct Student Guide in College website for further details: https://www.rcl.ac.uk/policy/academic-misconduct/academic-misconduct-student-guide.pdf      

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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