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Innovating to Regain Success: Essence Drinks' New Product Launch

   

Added on  2019-12-28

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INNOVATION ANDCOMMERCIALIZATION
Innovating to Regain Success: Essence Drinks' New Product Launch_1

Table of ContentsINTRODUCTION...........................................................................................................................11. Difference between invention and innovations............................................................................12. Value and Importance of Innovation to organizations and embedding it within organizationalleadership and culture of Essence Drinks........................................................................................23. Four P's of Innovation..................................................................................................................24. Innovation funnel and Frugal Information approach that can be undertaken by Essence Drinksfor innovation...................................................................................................................................35. Deriving new and innovative drink from Essence Drinks..........................................................4CONCLUSIONS..............................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONCommercialization is procedure of launching new product into commerce, making itavailable in market. Innovation is result of successful commercialization (Ansari and Krop,2012). The assessment has taken Essence Drinks into consideration which was launched byAkshay Kumar in UK and was successful for first year but not in coming years. So thecommercialization and innovation schemes need to be applied to improve the growth rate ofEssence Drinks.1. Difference between invention and innovationsInnovation is defined as the creation of a process or method that has not been intoexistence before. It leads to the introduction of more precise and up-to the mark solutions thatsatisfy the existing market requirements. It generally includes the method of identification ofneeds of the market, current popular trends , processing competencies and support in terms offinance. It causes expansion and renewal of products. It also leads to evolution of new ways ofproduction (Balachandra, Nathan and Reddy, 2010).Inventions are assumed since they provide security to the inventor in accordance withrights of property and to be known as a real invention. It is the creation of a product for the veryfirst time. It involves the transformation of brand-new thoughts or concepts into products that aretactual. It deals with overall procedure of development of product and engineering of same. Itmight be an improvement on a product or an outcome.Table 1: Difference between Invention and InnovationInventionInnovationA novel concept, process, device or product isconsidered as invention.Unveiling of a brand-new and more finersolution that meet new requirements or theexistent requirements of market is consideredas innovation.Financial aid, competency and knowledge isrequired in it.Technical information , competency,knowledge about needs of the market ,currently popular trends and financial supportis required in it (Gassmann, Enkel andChesbrough, 2010).1
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