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Concepts of Innovation - Essence Drinks

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Added on  2020-10-04

Concepts of Innovation - Essence Drinks

   Added on 2020-10-04

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INTRODUCTIONInnovation is the process of converting ideas and thoughts into action by providingproducts that add value to the customer and gain competitive edge in rivalry market. It helps inthe growth and development of the organisation by targeting larger customer base and improvingprofit margins (Scaringella, 2018). Therefore, innovation is necessary in order to remaincompetitive in the global business environment. The present assignment report is based onEssence Drinks which was established by Akshay Kumar and provides healthy mango lassi inthe UK market, but due to decline in its sales, owner thinks to innovate a new provide, i.e., RoseCheery lassi in order to capture larger market share by attracting customers from all age groups. This report covers all concepts of innovation and determines the differentiation betweeninnovation and invention. It also discusses 4 p's of innovation and describes the process requiredto commercialise innovation. At last, it evaluates range of methods to protect knowledge andIntellectual property of the respective company. TASK 1 Innovation is not only concerned with transforming of ideas and thoughts to manufacturedifferent products it is concerned with bringing modifications in the existing product. . It is theapplication of better solutions and the practices to meet new requirements of the existing market.Essence Drink which is a small scale business provide healthy mango Lassi in the UK market,but due to entry of various competitors in market, it leads to decline in sales of company'sproduct. In order to maintain its sustainability, Essence Drinks thinks to bring innovation in Lassiby bringing preservative rose Lassi in the market in order to capture larger market share andattains maximum profitability. The importance of bringing innovation in the organisation are discussed as follows- Bringing innovation in the Lassi product will allow the company to attract larger numberof customers by providing them products according to their requirements. It will alsohelp the firm in maintaining its sustainability in market for a long time period. It will assist Essence Drinks to gain competitive advantage as well as enhances its brandimage in the market and allows respective company to achieve its goals and objectives ina proper manner (Ab Rashid and et.al., 2017). 3
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These are the various advantages that organisation receives while innovating its product,but innovation is different from invention as it is concerned with the development of newproduct which has never been available in the market and is completely new for the customers. Itis the procedure of creating something new whereas innovation is determined as the process ofadding new features in the existing products so as to create their demand in the competitivemarket.Difference between innovation and invention is described as follows- BasisInnovation InventionMeaningInnovation is concerned withdeveloping or innovating anexisting products byconverting ideas and thoughtsinto action. Essence Drink hasbrought innovation in its Lassiproduct by adding rose cheeryflavours to it.Invention is totally differentfrom innovation as it isconcerned with developmentof new product that has neverbeen made before and iscompletely a new product forthe customer. Knowledge- As a way to capture largermarket share, it requireseffective mind-set and properknowledge of changing trendsin the market, thereby assistcompany in bringingsuccessful innovation(Mukherjee and Chawla,2018).For inventing a new product, itrequires proper research anddevelopment skills so as toanalyse and information aboutthe customer behaviour in themarket. 4
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