Part A: The submission is in the form of written report. The report 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 2,000–2,500 words, although you will not be penalised for exceeding the total word limit.
Part B: The submission is in the form of a 10-minute individual PowerPoint presentation and 5 minutes allocated for questions. The presentation slides and speaker notes should be submitted as one copy (Speaker notes must cover LO3 and LO4 contents in detail). 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 bibliography 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.
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 an innovation consultant that the company has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts.
Part A:You are required 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 case which you are required to present to Mr Kumar.
The business 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, Team work 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.You must provide relevant examples
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