An Innovative Business Case

An Innovative Business
Case(part1)An Innovative
Business Case(part2)

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Differentiation between invention and innovation.................................................................1
Importance and value of innovation to companies and how this could be embedded in
company’s leadership as well as culture at Essence Drinks..................................................3
Types of innovation and direction of change that company take along with 4 Ps of
innovation..................................................................................................................................4
Approaches that company takes to process innovative ideas consisting of funnel and
frugal innovation.......................................................................................................................6
Explain and recommend steps that Essence Drinks take for new product development...7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is referred as a method through which product along with service is renewed as
well as bring up to date by applying new processes, introducing new techniques or building
successful thoughts for creating new values. Innovation is simply defines as creation of values.
Whereas commercialization is referred as method of launching new products as well as facilities
to markets (Strong, Chandran and Hayter, 2018). It basically entails with production,
distribution, sales, marketing, consumer support along with other key role which are critical in
accomplishing commercial success of new product as well as service. This report is based on
innovation and commercialisation of Essence Drinks which is UK based company that deals in
healthy mango lassi. This report includes difference between innovation and invention,
importance and value of innovation to company along with how they are embedded in
company’s leadership and culture, types of innovation and direction of change along with 4 Ps of
innovation, approaches of innovation, new product development process along with its
conclusion.
MAIN BODY
TASK 1
Differentiation between invention and innovation.
Innovation:
It is generally referred as a process of creating value by applying different solutions to different
crucial problems. It is a concept of endowing resources through a new capacity for creating value
(Lee, Lee and Garrett, 2019). It is important for companies to use innovation at regular intervals
in order to increase their competitiveness in markets.
Importance of innovation:
 Innovation helps in maximising return on investment of company by enhancing
competitive advantage as well as continuous innovation.
 Innovation helps in increasing productivity of company.
 It creates and builds positive impact on culture of company.
 Innovation helps in building economic growth of company as well as country also.
Invention:
1

It is referred as an act of taking up ideas or objects equal in a novel manner to design
something new that did not exists prior. In this process in overall engineering as well as product
development process.
Differentiate between innovation and invention:
Basis Innovation Invention
Meaning It basically implies usage of idea for
product as well as process for very
starting time.
It is referred to occurrence of an
thought for a product and
process which has never been
made prior.
Motive Innovation refers to giving value to
something which is already present
in state.
It basically implies with creation
of a new product company’s ser-
vice.
Concept Innovation refers to the concept of
practical implementation of new
ideas.
Invention is a concept which is
related to original idea as well as
its working in theory.
Skills
required
Innovation needs a set of marketing,
technical as well as strategic skills
for running a business effectively.
Skills which are required to
carry invention is a need of sci-
entific skills.
Occurrence Innovation comes when there is a re-
quirement felt for a product or en-
hancement in its existing product of
company.
Invention occurs when there is a
need of new idea which strikes a
scientist.
Concerned It is basically associated with combi-
nation of different product as well as
process.
Invention is basically related
with single product and process.
Activities
undertaken
Different activities that are carried
through innovation is spread across
organization.
Invention is generally limited to
research and development de-
partment.
2