Innovation and Commercialization Assignment : Essence Drink
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Added on 2021-01-02
Innovation and Commercialization Assignment : Essence Drink
Added on 2021-01-02
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Innovation andCommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 ...........................................................................................................................................1P2 ...........................................................................................................................................3TASK 2............................................................................................................................................4P3 ...........................................................................................................................................4P4 ...........................................................................................................................................6TASK 3............................................................................................................................................7P5 ...........................................................................................................................................7P6 ...........................................................................................................................................9TASK 4..........................................................................................................................................10P7 .........................................................................................................................................10CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12.......................................................................................................................................................13
INTRODUCTIONInnovation is the procedure by which organisation can translate something new in theoffering which valued for amount paid by customers (Boruah and Das, 2017). An innovative ideashould have to fulfil need and wants of customers.In the assignment Essence Drink is selectedwhich is serving Mango lassi in the market area of UK.This company was established two yearsago by its founder who is Akshay kumar. But after three years sale of Essence Drink get decreasewithin market of UK. Thus, founder of Essence Drink thinking to come up with some innovativeoffering within market place. This assignment will discuss several aspect of innovation which will be use for doinginnovation in lassi. Like innovation value for respective business firm as well as comparinginnovation and invention. In addition to this, it will going to highlight that how culture, vision,leadership as well as teamwork will help in shaping innovation of lassi. Most essential is 4P's ofinnovation as well as innovation funnel which will be explain for examining innovative ideas.Moreover, in last part of report development of frugal innovation as well as commercial funnelwill explain along with there implementation on new product development for innovation inmarket. Apart from this, business case of company and intellectual properties for protectinginnovative product. TASK 1P1 Innovation is the procedure which focus on bringing latest as well as innovative thing inthe marketplace with the motive of business long term success. Essence Drink is selling healthymango lassi and it is small scale organisation of UK. Due to no innovation and single rangeproduct after 3 years’ sale of mango lassi get decrease. Thus, Akshay Kumar who is the founderof Essence Drink some within preservative different flavour lassi (safforn, strawberry andbanana) in the market area. Bringing this innovation have several value for company which aremention below:- Innovation in lassi attract large number of customers as well as increase sales of essenceDrink. Along with this, it will satisfy need and wants of customers in better manner. Bringing something new in the market area assist in building good will of Essence Drinkit is important to gain there customer attention (Easter, 2019). Moreover, it will enhance1
sales as well as accomplishment of company goals and objectives within required timeduration. Moreover, innovation play crucial role for overall association along with employees alsobecause it act as an growth and development tool for Essence Drink. Thus, respectiveorganisation is introducing preservative flavour lassi (saffron, strawberry and Banana) withinmarketplace for making there customers satisfied as well as for enhancing sales. In addition tothis, innovation and invention there are two term which is totally different from each other.Forrespective organisation lassi is there USP this is the major reason that owner apply innovation inthere present offering rather then replacing it from other another invention.This is the mainreason that Essence drink is not using invention because if they leave there USP I.e, lassi theresales will automatically get decrease (Difference Between Invention and Innovation, 2019).Explanation of this are as follows:- BasisInnovationInventionMeaningInnovation is related to theimplementation of thoughts aswell as ideas within the presentproduct on first time (Ferasso,2018). Essence drink in doinginnovation by bringingpreservative flavour lassi. Invention is related to bringingsomething new in the marketwhich has been never before.Lassi is USP of Essence drinkthis is the main reason thatthey don't want to move from itand doing innovation within. What is itInnovation add value to thegoods that are already in themarket. By doing invention newproduct will be introduced inmarket. Skills requiredWithin Innovation there isneed of various skills likemarketing, technical andstrategic.Invention need only Scientificskills.Concern withIt is Combination of variousgoods and procedure.Invention is related to thespecific procedure or goods.ActivitiesInnovation Spread in theoverall organisation.Invention is limited withinresearch & development2
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