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Introduction

Innovation is a sales promotion tool which is used by most of the organisations in order to enhance their sale by modifying their existing products and services. Commercialisation is an introduction of a new and innovative manufacturing method in the market in order to grab attention of customers. Both the elements are mainly used by companies in situation of decreased market share, sales and number of customers and helps to revive them with a modified or innovative product or service. This assignment aims at the importance of innovation and commercialisation of an enterprise who is dealing with business issues like reduced profits and unsatisfied customers. Organisation taken for this report is Ragus Sugars which is established in UK and operating business activities. Various topics are discussed under this assignment like detailed explanation of innovation and its importance to an organisation as compare to invention, different types of innovations that may help an organisation to overcome all its challenges and process required for commercialise innovation. Evaluation of range of methods for protecting ideas and their advantages and disadvantaged are also discussed under this report (Abebe and et. al., 2013).

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TASK 1

P1 Explanation of innovation and its importance and comparison with invention

Overview of Ragus Sugars: The organisation is running its business effectively in Slough, England, UK and offering good quality sugar and syrups to the public there. It is also rendering sugar manufacturing services and providing sugar to food, brewing, baking and pharmaceutical industries all around the world.

Innovation: launching a new product with modification in the market so that the business can be expanded is called innovation. it is chosen by those companies who are willing to retain their existing customers and willing to acquire prospects. An innovation is very beneficial for an organisation as tastes and preferences of customers always changes with time and modifications can help to fulfil their needs. In Ragus Sugars innovations are used in the form of modification in their process of producing sugar with less artificial ingredients (Avimanyu, Reed and Jessup, 2012).

Invention: It refers to a new idea which has not been introduced in the market as yet and is going to be launched for the first time. It helps to attract higher number of customers by providing them such product or service which is new to market. In Ragus Sugars managers are using a machine which is not used by any other company and that provides such sugar syrups that are made with natural ingredients and not having any fatty acids.

Difference between innovation and invention:

Innovation

Invention

It is important for the company to provide innovative products to the customers so that their needs get satisfied.

It is essential for Ragus Sugars as it is tool that may help to attain organisational goals.

Professional skills of employees and other staff members can help the organisation to introduce an innovative product in the market.

It required technical skills as it is a new idea which have not yet been introduced in market.

It is essential while Ragus Sugars is willing to retain all its customers by offering them good quality products with innovation.

If Ragus Sugars want to expand the business in different location than invention is very important because it helps establish a good market image as an inventor organisation.

If organisation is thinking to invest less mount but want to increase sales than innovation is a good option as it is made in existing product.

When organisation is having sufficient money to invest and able to take risk than invention is a right option and it may help to grab attention of large number of individuals.

Innovation and invention both are very important for Ragus Sugars but if organisation is willing to invest less money and get good result than innovation is a good option because modification in existing products costs less and there is a possibility of getting positive results. It is an element that may help to attain all the individual and organisational goals because if all the organisational objectives achieve than workforce may attain their by getting good benefits in the form of monetary and non monetary resources (Batkovskiy and et. al., 2015). Innovations is very important for the employees of the organisation because it helps to attain all the organisational goals that may help to provide benefits to the workforce of the organisation according to their efforts. It also guides the employees to attain their personal goals with the help of their engagement in the work of the org


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