ASSIGNMENT BRIEF Part 2 of 2
ASSIGNMENT BRIEF Part 2 of 2
Programme: BTEC Higher National Diploma (HND) in Business (RQF).
Unit Number and Title: Unit 08 Innovation & Commercialisation
Unit Level: 04
Unit Lecturer: Lecturers Email Assignment Title Business Case of Parson Foods Vegetable Company
Programme Coordinator Mohammad M Haque
Email: mm.haque@lcc.ac.uk
Personal Tutor: Personal Tutors Email:
Key Dates
Academic Year 2023- 2024
Issue date: 20/05/2024
Submission date: 28/07/2024
Result Published Date: 15/08/2024
Submission Format
The assignment should be written concisely, in a formal business style, using single spacing and font size 12. It would help if you used 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 1,0001,500 words, although you will not be penalised for exceeding the total word limit.
Unit Learning Outcome
By the end of this unit, a student will be able to:
LO3 Apply the process required to commercialise innovation within an organisation.
LO4 Evaluate the range of methods for protecting innovation within organisations.
Transferable skills and competencies developed
This unit aims to give students:
Include a comprehensive understanding of innovation and commercialisation.
Cutting-edge knowledge and practical application of the critical ways organisations become more innovative while remaining commercially driven.
Students will have gained an understanding of how innovation is fostered, harnessed and managed in organisations.
They will learn the value of innovation and its importance in supporting commercial growth.
They will also acquire knowledge that will enable them to develop a creative and innovative approach that will benefit them throughout their career.
Vocational scenario
Parson Foods has established a vegetable company with the aim of enhancing customer experiences and boosting sales through innovative strategies. To commercialise these innovations, Parson Foods has initiated the necessary processes required for commercialisation. To protect this innovative approach, you are tasked with producing a detailed business case for innovation and commercialisation for PFVC Company or any organisation of your choice in introducing the product line. This case study showcases the effective commercialisation and protection of innovation in the dynamic Parson Foods Vegetable Company or any other organisation of your choice.
Assignment activity and guidance
Requirements:
Based on the relevant theories and literature, you are requested to produce a detailed business case based on your chosen organisation:
1. Produce a detailed business case for innovation in introducing a new product line (suggest which product line you think the company should introduce into the market) for your chosen organisation. Also, ensure that business case analysis is evidence-based.
The elements of an innovation business case include:
the executive summary
statement of the problem and the need
discussion of possible options
recommended idea and why it is innovative
market analysis
details of chosen option and need for development
expected benefits, e.g. financial, social, environmental
value and financial return on investment
investment requirements to move forward and next steps.
2. Produce an evidence-based business case analysis for innovation that emphasises the business value for potential investment.
3. Evaluate the different tools organisations can use to develop, retain, and protect knowledge and intellectual property.
4. Critically evaluate organisations' different tools to develop, retain, and protect knowledge and intellectual property in the broader business environment.
5. Apply an action plan and methods for development and its successful protection in the broader business environment.
Learning Outcomes and Assessment Criteria
Pass Merit Distinction
LO3 Apply the process required to commercialise innovation within an organisation LO3 and LO4
D2 Produces a commercially driven business case for innovation, including an action plan for development and methods for its successful protection on the broader business environment.
P3 Produce a detailed business case for innovation for an organisation, including risks, benefits, and ways to access funding. M3: Produce an evidence-based business case analysis for innovation that emphasises the business value for potential investment. LO4 Evaluate the range of methods for protecting innovation within organisations. P4 Evaluate the different tools that organisations can use to develop, retain, and protect knowledge and intellectual property. M4 Critically evaluate the different tools organisations can use to develop, retain, and protect knowledge and intellectual property in the broader business environment. Recommended resources
Textbooks
BESSANT, J. and TIDD, J. (2016) Innovation and Entrepreneurship. 3rd Ed. Oxford: Wiley.
MATTHEWS, C. and BRUEGGEMANN, R. (2015) Innovation and Entrepreneurship:
A Competency Framework. London: Routledge.
TROTT, P. (2017) Innovation Management and New Product Development. 6th Ed.
Harlow: Pearson.
VALIKANGAS, L. and GIBBERT, M. (2015) Strategic Innovation: The Definitive Guide to
Outlier Strategies. London: Pearson FT Press.
Websites
www.biginnovationcentre.com
Big Innovation Centre
Media and Press
(General reference)
www.innovationmanagment.se
Innovation Management Articles
(General reference)
www.thenextweb.com
Next Web News
(General reference)
www.trendhunter.comTrend Hunter Content Ideas Insights Trends
(Articles)
Links
This unit links to the following related units:
Unit 27: Identifying Entrepreneurial Opportunities
Unit 28: Launching a New Venture
Unit 52: Product and Service Development
Unit 53: Planning for Growth
ASSIGNMENT BRIEF
Programme: BTEC Higher National Diploma (HND) in Business ESBM (RQF)
Unit Number and Title Unit 9: Entrepreneurial Ventures
Unit Level: 04
Unit Lecturer: Shahin Reza
Lecturers Email s.reza@lcc.ac.uk
Assessment Title Entrepreneurial opportunities: A Report on Entrepreneurial Vision, Local Impact, and Intrapreneurial Growth
Programme Coordinator: Mohammad M Haque
Email m.haque@lcc.ac.uk
Personal Tutor: Personal Tutors Email: Key Dates
Academic Year 2023- 2024
Issue date: 20/05/2024
Submission date: 28/07/2024
Result Published Date: 15/08/2024
Submission Format
The submission format is in the form of a report. The report should be written in a concise style. You are required to use headings, paragraphs, and sub-sections as appropriate.
All work must be supported with research and referenced using the Harvard referencing system (or an alternative system). Inaccurate referencing use may lead to plagiarism issues if not applied correctly.
The recommended word limit is 2,5003,000 words, although you will not be penalised for going under or exceeding the total word limit.
Learning Outcomes
By the end of this unit, a student will be able to:
LO1 Examine what it takes to be an entrepreneur and the scope of entrepreneurial ventures
LO2 Explore the concept of the entrepreneurial mindset and its contribution to entrepreneurial ventures
LO3 Assess the impact of SMEs (small and medium enterprises) on the economy
LO4 Explain the importance of intrapreneurship in both public and corporate organisations.
Transferable skills and competencies developed:
Entrepreneurial endeavours allowing people to shape their professional direction.
Transformation of the world through entrepreneurial solutions. Addressing significant challenges, including social change and innovation.
Illustration of how an entrepreneurial mindset benefits businesses. Applicability to new ventures and existing public/corporate organisations.
Examination of skills, traits, and characteristics vital for entrepreneurs.
Identification of key elements fostering entrepreneurial success.
Understanding the importance of businesses of varying sizes on the economy.
Recognition of contributions that businesses make to society.
Introduction to the concept of intrapreneurs within organisations.
Awareness of the impact of disruptive entrepreneurship on industries..
Vocational scenario
In the near future, Sarah will embark on her entrepreneurial journey, driven by her vision to open a boutique shop. She will need determination, creativity, and a keen eye for market opportunities to turn her dream into reality. Bloom Boutique will cater to the growing demand for sustainable and locally-sourced fashion, reflecting Sarah's commitment to ethical and community-driven business practices. With her entrepreneurial mindset, Sarah will approach challenges with resilience, constantly seeking innovative solutions to meet customer needs. She will empower her employees to contribute to the boutique's success, fostering a culture of creativity and collaboration. As an SME, Bloom Boutique will play a significant role in stimulating economic growth within the community, creating jobs, and supporting local artisans. Through her dedication and vision, Sarah will transform her entrepreneurial aspirations into a thriving boutique shop that enriches the local retail landscape. Sarah also empowers her employees to take ownership of their roles, innovate, and contribute to the boutique's success. This fosters a culture of creativity and collaboration, driving continuous improvement. In conclusion, Bloom Boutique will exemplify the transformative power of entrepreneurship and intrapreneurship in driving economic growth and innovation within the retail sector.
Your Role:
As a Business Development Officer, You will write a report to Sarah covering the criteria for entrepreneurship, exploring the entrepreneurial mindset's impact and the significance of SMEs on the economy, and highlighting the importance of intrapreneurship in both public and corporate organizations.
Assignment activity and guidance
Explore the scope of serial, technology, and social entrepreneur ventures using various examples, defining entrepreneurship and its importance in society.
Examine entrepreneurship traits and characteristics, considering whether they are genetic or learned. Evaluate similarities and differences between entrepreneurial ventures and entrepreneurs' traits and characteristics
Explore the entrepreneurial mindset definition, relevant skills, and characteristics, focusing on entrepreneurship and its impact on success
Using various examples, examine the entrepreneurial mindset and its potential in new ventures by examining traits, characteristics, and mindset associated with entrepreneurship
Analyse data and statistics to understand the impact of micro and small business ventures on the economy. Compare the differences between micro, small, medium, and large businesses, and evaluate their effects on various levels (international, national, regional, local).
Explore public and corporate intrapreneurship, its benefits, and its contribution to competitive advantage in organisations
Evaluate the use of intrapreneurship and its benefits that can contribute to organisation
Learning Outcomes and Assessment Criterion
Pass Merit Distinction
LO1 Examine what it takes to be an entrepreneur and the scope of entrepreneurial ventures. LO1 and LO2
D1Criticallyexamine
entrepreneurial ventures the
traits,characteristicsand
mindsetassociatedwith
entrepreneurship,usinga
range of examples.
P1 Investigate the scope
ofentrepreneurial
ventures, using a variety
of examples.
P2 Examine the traits.
andcharacteristics
associatedwith
entrepreneurship
M1 Evaluate the similarities and
differencesbetween
entrepreneurial ventures and the
traitsandcharacteristicsof
entrepreneurs in those ventures.
LO2 Explore the concept of the entrepreneurial mindset and
its contribution to entrepreneurial ventures
P3 Explain what is meant
by an entrepreneurial
mindset.
P4 Examine skills and
characteristics
associatedwithan
entrepreneurial
mindset.
M2 Determine how
the entrepreneurial mindset can
be encouraged and what it can
bring to a new venture.
LO3 Assess the impact of SMEs (small and medium enterprises)
on the economy D2Appraisethe impactsof
differentbusinesseson
different levels (international,
national, regional, local) of the
economyusingappropriate
data and statistics.
P5Interpretrelevant
data and statistics to
relate how micro and
small business ventures
impact the economy at
different levels
M3Usingrelevantdataand
statistics, compare the differences
between micro-, small-, medium
andlargebusinessesandtheir
impact on the economy.
LO4 Explain the importance of intrapreneurship in both
public and corporate organisations. D3Evaluatetheuseof
intrapreneurshipandthe
benefitsitcanbringto
organisations
P6Discussthe
differencesand
similaritiesbetween
publicandcorporate
intrapreneurship.
M4Explorethebenefitsof
intrapreneurshipandits
contributiontocompetitive
advantage in organisations
Textbooks
BLUNDEL, R., LOCKETT, N. and WANG, C. (2017) Exploring Entrepreneurship 2nd Ed. London: Sage.
BURNS, P. (2016) Entrepreneurship and Small Business. 4th Ed. Basingstoke: Palgrave Macmillan.
SCARBOROUGH, N. and CORNWALL, R. (2018). Essentials of Entrepreneurship and Small Business Management. 9th Ed. London: Pearson.
Websites
www.entrepreneur.comEntrepreneur (General reference)
www.entrepreneurhandbook.co.ukEntrepreneur Handbook (General reference)
www.forbes.comLink
This unit links to the following related units: Unit 1: Business and the Business Environment
Unit 27: Identifying Entrepreneurial Opportunities Unit 28: Launching a New Venture
Unit 29: Managing and Running a Small Business
ASSIGNMENT BRIEF Part 1 of 2
Programme: BTEC Higher National Diploma (HND) in Business (RQF).
Unit Number and Title: Unit 08 Innovation & Commercialisation
Unit Level: 04
Unit Lecturer: Lecturers Email Assignment Title Innovative Strategies for Person Foods Vegetable Company.
Programme Coordinator: Mohammad M Haque
Email: mm.haque@lcc.ac.uk
Personal Tutor: Personal Tutors Email:
Key Dates
Academic Year 2023- 2024
Issue date: 20/05/2024
Submission date: 28/07/2024
Result Published Date: 15/08/2024
Submission Format
The assignment should be written concisely, in a formal business style, using single spacing and font size 12. It would help if you used 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 1,0001,500 words, although you will not be penalised for exceeding the total word limit.
Unit Learning Outcome
By the end of this unit a student will be able to:
LO1 Investigate how innovation is sourced and supported within different types of organisations.
LO2 Explore the processing of different types of innovation within organisations.
Transferable skills and competencies developed
This unit aims to give students:
Include a comprehensive understanding of innovation and commercialisation.
Cutting-edge knowledge and practical application of the critical ways organisations become more innovative while remaining commercially driven.
Students will have gained an understanding of how innovation is fostered, harnessed and managed in organisations.
They will learn the value of innovation and its importance in supporting commercial growth.
They will also acquire knowledge that will enable them to develop a creative and innovative approach that will benefit them throughout their career.
Vocational scenario
Parson Foods, a leading fluid milk processor, expanded into frozen and canned vegetables through acquisitions, but faced challenges due to competition among its vegetable processors. To address this, Parson created Parson Foods Vegetable Company (PFVC) to consolidate operations under a single entity. Richard Lawson was appointed as CEO of PFVC to improve profitability and introduce innovative new products.
The company must investigate how innovation is sourced and supported within different types of organisations, exploring the processing of different types of innovation within organisations to ensure successful development. Parson Foods needs to apply the process required to commercialise innovation within the organisation, including market research and product development strategies. Additionally, the company must evaluate a range of methods for protecting innovation within organisations to safeguard Chicken Sensations from competitors. By addressing these issues, Parson Foods can navigate the complexities of innovation and maximize the success of Chicken Sensations in the competitive market.
Assignment activity and guidance
You make a Report based on PFVC or any organisation of your choice and submit it to your line manager. This report discusses innovation and the process of innovation application. The information should answer the following questions;
Discuss and analyse how different organisations source, foster, and support innovation within their respective environments and cultures. Provide specific examples to illustrate your points
Differentiate between different types of innovation and analyse how they are successfully processed within various organisational settings
Critically analyse how innovation is successfully developed and embedded in organisational contexts
Learning Outcomes and Assessment Criteria
Pass Merit Distinction
LO1 Investigate how innovation is sourced and supported within different types of organisations LO1 and LO2
D1 Critically analyse how innovation is successfully developed and embedded in organisational contexts.
P1 Discuss how different organisations source and foster innovation, using specific examples. M1: Analyse how innovation is sourced and supported within different organisation environments and cultures. LO2 Explore the processing of different types of innovation within organisations P2 Differentiate between different types of innovation and how they are processed within organisations. M2 Analyse how different types of innovation are successfully processed within different organisation settings. Recommended resources
Textbooks
BESSANT, J. and TIDD, J. (2016) Innovation and Entrepreneurship. 3rd Ed. Oxford: Wiley.
MATTHEWS, C. and BRUEGGEMANN, R. (2015) Innovation and Entrepreneurship:
A Competency Framework. London: Routledge.
TROTT, P. (2017) Innovation Management and New Product Development. 6th Ed.
Harlow: Pearson.
VALIKANGAS, L. and GIBBERT, M. (2015) Strategic Innovation: The Definitive Guide to
Outlier Strategies. London: Pearson FT Press.
Websites
www.biginnovationcentre.com
Big Innovation Centre
Media and Press
(General reference)
www.innovationmanagment.se
Innovation Management Articles
(General reference)
www.thenextweb.com
Next Web News
(General reference)
www.trendhunter.comTrend Hunter Content Ideas Insights Trends
(Articles)
Links
This unit links to the following related units:
Unit 27: Identifying Entrepreneurial Opportunities
Unit 28: Launching a New Venture
Unit 52: Product and Service Development
Unit 53: Planning for Growth
