INNOVATION AND COMMERCIALISATION- SECTION 1

STUDENT NAME: SHEREEN

ID: 2002040

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Section 1

Introduction
This report will evaluate the invention, innovation, and commercialisation phase for the foods
in the context of Oven Fresh Bakery, the baked food supplier. The invention is the process of
marketing a new concept of a separate product; innovation is the process of revitalising the
same product with the incorporation of certain principles and commercialisation is the
approach of getting the product to the audience. This task, therefore, discusses the
philosophy, coordination, mission, and leadership of the company to invent and sell a good or
service (Whitbread, 2013). It would help to discuss the 4Ps of innovation, innovation funnel,
and product commercialisation and their effect on innovation and commercialisation and
frugal innovation (Piperopoulos, 2016). It will also effectively address invention and
commercialisation, and the innovator's expertise, and how much they affect the company's
innovation, invention and commercialisation process, relating to the context of Oven Fresh
Bakery.

Company Background

The decreasing turnover of Oven Fresh Bakery has been a great concern for the employees
and the owner of this bakery chain, Mr. Wilbur. This company started their journey with their
traditional white bread but it failed to fulfil the desires of the consumers as people started to
consume healthier food products. They have been focusing on purchasing foods that would
help them to remain fit and healthy (Nindiani, Hamsal, and Purba, 2018). So, Oven Fresh
Bakery needs to consider these significant aspects and introduce new products to get the
attraction of potential consumers.

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The differences between invention and innovation and their importance to
organisations such as Oven-fresh Bakery

Figure 1: Difference between invention and innovation (Whitbread, 2013).

Innovation

The consumer processes innovation to turn innovations, technologies, and resources into high
demand. Innovation also takes place as businesses use ideas to satisfy consumers' demands
and aspirations (Piperopoulos, 2016). This is how innovative thoughts for goods are brought
about. Several drivers guide innovation processes within the framework of an enterprise. The
driving force of the innovation process may be bravery, intellect, thought, and distinction.

Invention

A modern scientific, technological, and realistic or scholarly approach may be defined as an

invention in a business operation. The invention must be chamfered, functional, and not
evident to secure a patent. The theory could only be shown to be recognised as an invention
(Nindiani, Hamsal, and Purba, 2018). Innovation must, however, be replicable to satisfy basic
demands at an economical rate. Therefore, such innovations are not commercially viable and
contribute to innovation. An intermediate stage is the realisation of the new product or
service, creative thought, and action of the new process. This current aim is to provide an

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analysis of and provide a demand for emerging technologies by introducing methods,
proposals, or models for existing products and new developments.

The scientific-technical invention, socio-political invention, and humanistic invention are

three fields of the invention (Whitbread, 2013). Scientific technology is a system for the
production of products and general engineering which is developed on a product or computer.
In trains, buses, trucks, barges, lawnmowers, and many other uses, for example, internal
combustion engines are used. The social-political invention is political as well as a social one.
An example of this is the problem of ecological management affected by politics and the two
societal attitudes towards 'going green.'

Invention and innovation differences

The invention is the process of marketing a new concept of a separate product. When a
company introduces a new product or service to the consumer base, according to the desires,
preferences and choice of the consumers by proving their creativity making a sustainable
position in the market, then it is called Invention. On the other hand, when a company
introduce its previous product range with a new approach, then it is called innovation.
Revitalising the quality of the product, meeting the market demand and utilising modern
technology are significant aspects of the innovation process. Someone has already been
improved or first conceived and the concept of a product or method by case basis is
incorporated in something that relates significantly to innovation in experience
(Piperopoulos, 2016). The original process innovation in a product or process description
refers to the definition of producing or what happens to the prior product. Innovative goods,
with a new concept or another approach to salt production, the first step would carry the
business. These creative products will cover the entire method of consumer distribution.
Oven Fresh Bakery will finally be a success as it attempts to figure out a new product design
or characteristic fast-food products. In a very short period, Oven Fresh Bakery could succeed
one of its customers.

Importance of Innovation in the context of Oven Fresh Bakery’s operation

Innovation is about designing systems, products and concepts that are more effective for a
business organisation. For any organisation, innovative strategies could be applied, programs
could be enhanced and dynamical products can be developed if they desire to make a

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sustainable position in the market. It will serve as a catalyst to help the company expand and
respond to the marketplace.

In the case of Oven Fresh Bakery, they just have to bring their creativity into the business
scenario so that they can quickly discover better ways of creating products and
communicating with clients in the most effective way. Also, imagination will help this
economically declining business to discover the best marketing strategies to help their
organisation expand to potential consumers.

Innovation will make the company stand out from the crowd by using different new concepts
and inventions regarding the reformation of their existing products. To solve these
challenges, Oven Fresh Bakery has to come up with imaginative responses. They might be
faced with challenges several times that do not seem to go. To find an effective solution,
Oven Fresh Bakery must think outside the box. Oven Fresh Bakery can thus manufacture
new products, manage their inventory and find an innovative solution to boost their market.

How organisational vision and leadership can promote teamwork to

develop an innovative culture in Oven Fresh Bakery for its commercial
success

Innovation &
strategic
culture Vision Leadership Teamwork commercializ
Impact
ation

Figure 2: Impact of vision, leadership, culture & teamwork

(Nindiani, Hamsal and Purba, 2018).

Vision

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A definition of the vision is an entity or a medium or long term for what they want to do in
the future. This is specifically meant as a reference for selecting present and future action
plans. The belief that a fresh concept would be inventive is for the best consumers of this
food service; the current view is that they have developed the idea and ultimately sell the
product by joining commercial & manufacturing and introducing new products (Meshalkin
and Katerishchuk, 2014). The vision of Oven Fresh Bakery is to provide the consumer with
the best fast-food service and introduce unique and creative innovations, focus on existing
goods, and invent the concept, because every company's perspective has a huge influence on
its invention and innovation method.

Teamwork

To accomplish the target by working together with a community of people may be defined as
teamwork. Other generations are also required, and often as an integral part of the business,
they try to work well together. And they will continue to cooperate for constructive feedback.
To solve a problem and to prepare a particular mission in conjunction with a dynamic
concept, Oven Fresh Bakery has a team that works out the whole task of innovation and
promotion of the product (Nindiani, Hamsal, and Purba, 2018). By offering fresh innovation
and the best services to consumers, Oven Fresh Bakery can effectively and reliably
accomplish its targets if it behaves according to its corporate priorities and goals. Teamwork
aims to formulate the company innovation and commercialisation process.

Leadership

Figure 3: Democratic Leadership (Martin and Abbott, 2013).

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A collective of individuals or groups that undertake an action or leadership and carry on the
act of taking out a load and enabling it to fulfil its objectives may be defined as leadership in
a company. Leadership and corporate objectives and goals were effective then and the
company's conduct is a means of organising organisations in compliance with the
predetermined principles (Meshalkin and Katerishchuk, 2014). There are various kinds of
systems of leadership: autocratic, participatory, and laissez-faire, those are ideally suited for
Oven Fresh Bakery. The leaders of the organisations are agile and competitive in achieving
their qualities and they must therefore be effective in utilising this leadership mechanism.
Oven Fresh Bakery has been practising democratic leadership style in its operation.
Democratic leadership is a kind of form of leadership in which group members play a larger
part in decision-making. Many researchers have found that this leadership style is also one of
the most productive styles. Successful leaders with improved efficiency, the stronger
contribution from members of the community and increased moral values have always used
this leadership style. This leadership style will enable the employees of Oven Fresh Bakery to
address and solve questions by encouraging everyone to take part in decisions.

The connection between the organisational culture of Oven Fresh Bakery and relation
with the innovation culture

Figure 4: Significant aspects of organisational culture (Drucker, 2015).

Organisational culture is one of the most important criteria to find out the process of
operation for any business organisation. For instance, Oven Fresh Bakery has an
organisational culture of operating in the traditional approach. This factor has impacted on
the declining business growth of this organisation very notably. Organisational culture is the
relationships between members or the issues produced by the trends that arise in the historical

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past of a collective input, which is known and learned and therefore is considered as the best
way of thought and behaving by the intense and training of new members; it is an intrinsic
group of the general social heritage (community or societies). Oven fresh bakery must
develop an innovation-friendly organisational culture. It will enable both the employees and
employers of this business organisation to improve the productivity of their business (Ács
and Audretsch, 2014). Developing an innovative culture will impact the manufacturing
process to the distribution and commercialisation of this company. Commercialisation in the
general market is the method of launching a new product or service and, to be able to reach
commercial viability, is expected to involve the manufacture, distribution, promotion,
pricing, and the new product or service which is accepted by the consumer.

The 4Ps of innovation and how this supports capability and management of
innovation

Figure 5: 4Ps of Innovation (Meshalkin and Katerishchuk, 2014).

Product

Product innovation of the companies includes the fundamental changes and introduction of
new attributes in the goods and services offered. For example, the majority of innovation

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consumers, including the design of the service, do not appreciate product or service
innovation better. It can also build new technologies cutters electric vehicles in different
forms of public. The proposal is understood to be incremental improvements include how the
product will be improved (Ács and Audretsch, 2014). Future innovation is another type of
extreme or modifying your product is entirely different. It is where the chest, they will add
this benefit to consumers of the company is the key thing that supports the organisation
(Martin and Abbott, 2013). In the case of Oven Fresh Bakery, if it introduces a new product
to offer the best offerings to the consumer then it will be able to bring value to the company
by adding competitive advantages, so the product is the key things of 4Ps, by which
innovation and commercialisation are achieved.

Process

The method of goods and services, innovation, and consists of a transition in how to
manufacture or supply (Drucker, 2015). It is an integral part of the organisation of every
organisation. The emphasis on the most relevant market clients is focused on. It is how a
product is provided to the consumer, this is a significant question, since if the distribution
process is long then the probability of success is decreased and if the delivery process is short
the possibility of success is improved because for Oven Fresh Bakery process of delivery of
food is the criterion of becoming a success.

Positioning

Positioning in the process of innovation refers to the transformation in the context where the
product is introduced. Market segmentation and identifying the target market is also two
significant dimensions of innovation positioning. Product innovation particular mechanism or
product and how the product/service relies on the appreciation related to the shift in place of
the system, innovation, and coordination would rely on the product/service (Martin and
Abbott, 2013). The organisation's goal is to obtain the role of the optimal system to provide
Oven Fresh Bakery customers with the best service.

Paradigm

The other word that can be used for paradigm in innovation is the “business model” that is
introduced. Innovation requires management and efficiency in various factors. The paradigm
of innovation outlines the scope of innovation for any business company. The innovation

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paradigm of Oven Fresh Bakery will discuss where the innovation will take place and how
much money will be invested for this purpose of innovation.

 Innovation and what are the changes in the mental framework of businesses.
 The shift in financial sector public opinion
 Learn how to keep people financially accountable

It is a preparation process for an organisation that tackles ideas and creativity changes, as
well as new challenges and threats as organisations, do what they can (Ács and Audretsch,
2014). Oven Fresh Bakery is planned to operate in this manner to changing situations and
market conditions.

Oven fresh bakery will need to bring innovation in the product and positioning of this
company. These two aspects will give this company a fresh start and increase their
profitability. Later Oven fresh Bakery will bring innovation in their paradigm and process
too.

Approaches that Oven-fresh Bakery can take to develop innovative ideas

Innovation Funnel

Funnel of innovation describes as tools used to identify and choose from a large number an
innovation concept surrounding a single product or service. The development and collection
of new ideas determine business performance (Drucker, 2015). Innovation funnel is the step-
by-step mechanism for identifying more customer satisfaction than a select concept. There
are different types of ideas across a product or a service that discuss particular innovation
where selection criteria are necessary. Unique recipes and innovative platters may improve
the authenticity and success of the innovation funnel of Oven Fresh Bakery.

Assessment Gate: This Company is facing a huge range of problems as food products’
innovation to set unique requirements for its development. The first step is to gather customer
knowledge and their level of satisfaction.

Development Gate: The data collected should be chosen for the right alternative after the
information is collected. The most suitable idea is displayed to calculate the customer's
desire. Innovation is not necessarily helpful (lahindah and Manurung, 2016). Therefore, by
choosing the concept of innovation, value maximisation should be more concerned.

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Test Gate: The new design creation (NCD) process is a collaborative network that Oven
Fresh Bakery connects to. It translates between the customer and business philosophy, theory,
information, innovation & design. In this phase, Oven fresh Bakery will filter the less
efficient approaches and select the most effective one for the business context of this
company.

Launch: Finally, the innovation funnel selects the right innovative criterion, offering
together with the company's success and customer loyalty as well as innovation.

Here is a mathematical graph around the funnel of innovation.

Figure 6: Innovation funnel (Martin and Abbott, 2013).

Frugal Innovation

Frugal innovation describes an affordable mechanism for new goods and services to be
launched. Several forces drive frugal innovation, including financial, political, cultural,
social, and environmental innovation (Easton, 2013). In the context of an innovation phase,
these components profit. It can be characterised by lowering manufacturing prices at a lower
level, often politically, to minimise the cost of revenue, by bringing in a 'win-win' scenario to
the enterprise to alleviate poverty both in the business and in society.

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 Figure 7: Frugal innovation (lahindah and Manurung, 2016).

Usage of Frugal Innovation: Frugal innovation is also essential in providing a low-

consumer retail delivery and in reducing the expense and complexity of the product to meet
the final destination. Complex and unsatisfactory commercialisation methods are not
acceptable to sophisticated customers (Drucker, 2015). Developing frugal innovation is
necessary to achieve consumer loyalty. These problems are particularly successful in the case
of Oven Fresh Bakery. For instance, Oven Fresh Bakery refers to its regional market in
various directions. This means frugal innovation because the satisfaction of the consumer is
not the same geographic region in level two. Consumer standards differ from person to
person for desire, taste, choice, value, and satisfaction (Easton, 2013). Adult buyers are
affluent and fashion-conscious and know-how more than the teenagers and college-student
buyers, which is why Oven Fresh Bakery incorporates different features and consistency for
two different groups. Oven Fresh Bakery helps lower manufacturing costs and increase
production in remote areas by reducing production sophistication and easy-to-access
customer market requirements.

The process of innovation the Oven-fresh Bakery should go through

Oven Fresh Bakery may follow a mixed approach to increase the brand recognition of their
business. Innovation funnel would help them to analyse and select the different phases of
consumer satisfaction of their service and make the necessary steps to meet their demands.

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Again, frugal innovation alone may help this company to improve the efficiency of their
business if they select a specific consumer base and promote a specific product to them, it
may help them as a long-term plan to gain a substantive advantage of that innovation
(lahindah and Manurung, 2016).

For instance, Oven Fresh Bakery may introduce a new flavour or a new dish for the young
consumers and the health-conscious people with low carbohydrate and reduced sugar level,
which will simultaneously attract the elderly people due to the innovative approach, lowered
cost and fitness-concerned of the recipe.

Figure 8: New Product Development (Jadhav and Chavan, 2019).

The new product creation system, known as the new product development (NPD) process,
was not equivalent to technical innovation. A document that turns the business opportunity
into a sales product and is observable or invisible (i.e. the actual thing that can be affected)
(Service, knowledge, and faith), is known as the new product creation. A consumer-oriented
product, the product targeting emerging markets and expansion markets means the superior
value is routinely and well designed. The product is NPD can lead to the production of
generation innovations, ideas like sampling, in a more efficient way and marketing
campaigns (Jadhav and Chavan, 2019). The technologies that Oven Fresh Bakery makes use
of to produce goods on the market, generating new business cases, by making investments in
and delivery opportunities. Market testing and repeat routes to the market are necessary
because of the successful market launch.

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Conclusion
This task is targeted at innovating and innovation goods and services in the case of Oven
Fresh Bakery, a food business with a positive reputation and goodwill to provide consumers
with nutritious food. This activity aims to discuss innovation and invention cycles and their
variations and the promotion of a new product. Innovation and commercialisation cycles are
influenced by tradition, vision, leadership, and coordination. Moreover, for creativity, there is
the value of innovation. Funnel innovation and 4Ps of innovation and frugal innovation of a
product and the frugal innovation approach are also discussed how it leads towards achieving
corporate targets.

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Section 2

Executive Summary
Innovation is central to any company and industry's lengthy duration of growth. There is no
other way without innovation to gain more customer loyalty and maintain current customers.
In the creative world, customers are more conscious and consider product and service
upgrading. The main aim of any corporation is to make a profit by pleasing its customer. Any
organisation has carried out all the activities required to fulfil consumer needs and profitably.
More creative goods and services are welcomed by the innovative community (Drucker,
2015). This report looks into the innovation and commercialisation aspects of Oven Fresh
Bakery.

Mission Statement
Oven Fresh Bakery is going to introduce a new platter for as a part of their innovation
process named “Organic Breakfast”. This new product is expected to meet the contemporary
demands of the market and increase profitability for this organisation.

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New ideas for new product development
The new product promotion for Oven Fresh Bakery will include the following stages.

Figure 9: New Product Development (Drucker, 2015).

Design / concept

This is the definition and the stage in which the practical and output specifications of a
product can be identified along with customers or the customer's voice. Client demands and
creative design ideas of functionality will be floated and openly exchanged to find convincing
possible solutions that satisfy defined business requirements of Oven Fresh Bakery.

Study and preparation of feasibility

The feasibility process helps management to determine the possible success of a project and
to analyse and refine the business case from multiple points of view. The Oven Fresh Bakery
team explores product design principles during this process (Piperopoulos, 2016). They then
choose the design that best fits the user criteria described above. The detailed, systematic
project demands that drive the design and construction process are now assembled.

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Growth

Formal engineering criteria are established in this process. In the future, proposals are drafted
for verification and confirmation. These are the final consistency tests that consistently assess
the existence and functioning of all negotiated deliverables in the finished product
(Piperopoulos, 2016). The prototype is then designed against the prototypes, and the end
customer and the contractor itself are periodically examined to evaluate and minimize the
possibility of failure. Oven Fresh Bakery will continuously evaluate the pros and cons of
introducing a new product in this phase.

Testing & reviewing

The final product will be carefully tested to ascertain its robustness and the potential to
satisfy consumer and performance demands (Whitbread, 2013). The design criteria defined in
stage 2 are checked by Oven Fresh Bakery in this phase.

Announcement

The consumer specifications defined at the point of the conception are confirmed. The
collateral is finalized and ready for processing and initiation. Customers shall be notified of
schedules, requirements, and other appropriate documents for development or software items
and upgrades (Drucker, 2015). Marketing and launch preparations have been finalized and
implemented. As for upgrades or downloads, digital items are electronically published to
consumers.

Enhancement of the product

Oven Fresh Bakery will focus on the consistency of the product and the gradual development
of it. The company's inventory contains the latest offering. Continued quality management
means that the product is continually developed and updated (Easton, 2013). To feed into
these acts, CAPA processes are in operation.

Intellectual Property for Oven Fresh Bakery

Defence of civil rights is not an idea or definition for Intellectual property (IP). They are the
true product or service, corporations are important for Oven Fresh Bakery’s growth and
industry profits preserve company properties. Intellectual property rights are the basis for
corporate growth (Jadhav and Chavan, 2019). IP adds to the competitiveness of Intellectual
property. Copyright security, for example, has not yet addressed the biggest competitive
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challenges, goods, or innovations. The innovation patent law may be used to avoid or hinder
competition through patents which are to be withheld from any applications that have their
technology. The same competition benefits patents, copyrights, and trade secrets. Intellectual
property is an intelligent enterprise (Martin and Abbott, 2013). The whole intellectual
property definition is not new. But companies worldwide are going for the so-called
economic data. Changes of what is thought to be important have already started in personal
exchanges.

Figure 10: Aspects of Intellectual Property Rights (Martin and Abbott, 2013).

Copyright

Copyrights shall preserve creative literary works including music, performance and graphics,
audio recording, art working, computer programming, and architecture. With patented,
published, edited, shown, and exclusive protection for copying (lahindah and Manurung,
2016). Corrections on physical media should be made to be certified under the rules of
copyright such as placing words on paper or musical notes in a sheet of paper such as
sentences. The job now created by copyright is a voluntary registration.

Design’s Rights

Unregistered internal or exterior features defensive characteristics from the right foot.
Subscribe to the work of the eye and draw the required decision (Martin and Abbott, 2013). If
new characters are present and people can register as a product description for already aware
consumers, unlike anything previously widely accessible, the public was made available to
claim that it varies from "Every character" prototypes when creating "new." Build for five
years and can be registered over the last 25 years.
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Patent

The technology is to provide proprietary access to anyone without the inventor's consent to
stop using the invention in a short period. An invention will be patented if: In the 20 years,
complete patents are registered (Jadhav and Chavan, 2019). In the short term, a patent may
also be registered. The same innovation, complete and long-term copyright, but it is not
feasible if all copyrights allow, so copyrights in the short-term would be invalid.

Trademark

They are classified as goods or services where a brand or a supplier of a particular individual
or company has been created. The Non-Disclosure Agreement (NDA) is confidential. The
second party offers to provide sensitive details on the second part of a client or company
product (lahindah and Manurung, 2016). For the stated time in the other, the rightful party is
not bound by the deal.

It would be helpful for Oven Fresh Bakery to recall the entire instrument. Oven Fresh Bakery
will be renowned for its revolutionary innovations and the risk of unnecessary participation.
The patent for the results of Oven Fresh Bakery is not valuable for fiction, painting, music,
and works that are not yet active. For name and symbol determination, Oven Fresh Bakery
will become a copyright or trademark invention, which is truly a good start when searching
for their patent and mark databases.

Commercial funnel in the new product development process for its

commercial success
Commercialisation and getting success in this dimension is an innovation process for
research, ideas, or prototypes of viable products and production systems which maintain the
required specifications while developing them at minimal price and in high-quality
construction (Nindiani, Hamsal, and Purba, 2018). The sales funnel is the purchasing
mechanism by which consumers are motivated by firms through the purchasing of goods,
through which the prospect of the good is illustrated through analysis.

An organised, consistent mechanism that allows community tasks to be handled is developed

for the NPD funnel. Price, ability, and capability are the main elements. The innovation team
chooses initiatives that produce the best strategic result for the fund spent to achieve
consistency. The method aims to control the performance of the management and success of

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a particular project (Easton, 2013). Capacity is how Oven Fresh Bakery will handle and
prioritise services to sustain the portfolio of competent programs.

The commercial funnel reveals the path of the customer to purchase a product or service. It
comprises five steps: perception, viewpoint, consideration, desire, and acquisition. To accept
the commodity within its desired list and buy it, the firm guarantees that it is aware of the
type of goods sold correctly (Jadhav and Chavan, 2019). Again, before it is launched to the
market, Oven Fresh Bakery must evaluate the value of the commodity. Both needless product
attributes must be eliminated to reduce the expense of the product and increase the benefit.

Figure 2: Commercial funnel (Meshalkin and Katerishchuk, 2014).

To approach, the idea of commercial funnel as used in industry must be grasped Any business
that would like to sell a new product still has several choices when they aim to fill a niche in
the market (Whitbread, 2013). There may be small or multiple competition holes. After the
person or the organisation chooses which void it wants to fill, let us assume that it needs to
focus on some questions which the funnel is now looking to address (Meshalkin and
Katerishchuk, 2014). The funnel aids Oven Fresh Bakery in deciding the commodity from
multiple choices. The trick is the notion of getting all the proposals together and then
diminishing as the decision-making process is successful.

There is a range of topics under consideration: what to manufacture, how to produce, what to
make, how to use the product in the marketplace, regulatory enforcement, product sensitivity,
what the problem solves and what needs to be solved, and, inter alia, consumer input. To

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commercialise an innovation, the promoter of Oven Fresh Bakery would have too many
suggestions in the above fields (Meshalkin and Katerishchuk, 2014). Therefore, the
commercial funnel can help to incorporate manufacturing plans, promotion processes,
pricing, sales networks and input, and market entry and survival capabilities in the decision-
making process. It also recognises challenges that can be anticipated in entry and stages of
development.

Competitor analysis
Bakery business is one of the most competitive businesses in the United Kingdom. Bakers
Oven, British Bakery and Brace’s Bakery can be named as the closest competitors for the
Oven Fresh Bakery. This company will get advantage of their new product to remain ahead
of these competitor companies.

SWOT Analysis
Oven Fresh Bakery is going to introduce a new product in its service range named “Organic
Breakfast”. A SWOT analysis has been performed below.

Strengths: Oven Fresh Bakery does not require any additional human resources for this
upgradation. The existing manufacturers will handle this new operation. But they will need to
collect gourmet products and fresh raw materials to carry on this project which will require
more investment than before (Nindiani, Hamsal, and Purba, 2018).

Weaknesses: Imitability is one of the most notable weaknesses of this innovation of Oven
Fresh Bakery.

Opportunities: To bring notable profitability to the business and to get rid of the continuing
downfall of the current business of Oven Fresh Bakery, such innovative approaches can be
very efficient (Easton, 2013). But feasible planning of each step is also required to mitigate
the weakness and threats of the whole innovation plan.

Threats: This new approach of Oven Fresh Bakery is undoubtedly a praiseworthy strategy
for this company, but there is a probability of not getting enough consumers for this service
as there are already similar (not fully same) offerings by rival companies.

Financial Analysis
Support for external market outlets is known as external finance. External financing also
cannot and cannot be the most lucrative. This is why companies look for and abandon the

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corporation for external funding. The financing is profitable from many sources of foreign
funding (Nindiani, Hamsal, and Purba, 2018). This is all split into two periods, short-term
and long-term, such as term loans, risk capital, equity capital, lending, preferred stock,
factoring, renting, etc. The bank loan is the particular amount that a bank borrows in
consideration of the payment of such sums of interest. Share capital is the set of share prices
sold by external buyers. It is the main source of financing for any organisation. Venture
funding is raised from outside the company through very limited sums of money
(Piperopoulos, 2016). All innovation must quickly be sold to retain a market presence and
insufficient funds are the biggest barrier to commercialization and innovation. There is no
other direction without the implementation of innovation for a long time business positioning.

Operations Overview
Nature: The nature of the proposed innovation plan in the business case of Oven Fresh
Bakery is quite budget-friendly as it would not require any extra infrastructural improvement
within the company.

Threat: There are several threats and challenges in the whole plan. It includes the long term
investment for this innovative approach, adequate training and development of the staff
members of Oven Fresh Bakery and not being able to draw the admiration of the anticipated
consumer base (lahindah and Manurung, 2016).

Recommendations
a) Oven Fresh Bakery will have to check the feasibility of its innovative strategy
utilising the commercial funnel.
b) They must be aware of the existing obstacles of the market while continuing new
product development.
c) Oven Fresh Bakery will need to arrange workshops and learning activities to make its
employees aware of the new approach.
d) They will have to try to make an efficient plan of their budget and financing to make
this approach more consistent in the market.
e) Oven Fresh Bakery has to attract investors by proving the feasibility of its plan and
adding more innovative criteria to the overall strategy.

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Conclusion
Innovation and commercialization cycles have a significant influence on different aspects of
the business. Each company is dealing with emerging technologies and innovation from the
perspective of the global environment. There is no other direction without the implementation
of innovation for a long time business positioning. To retain a business position, any
innovation must be commercialised promptly, and the biggest barrier to commercialization
and innovation is insufficient funds.

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References

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