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P5 Importance of commercial funnel and application of new product development

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Added on  2021-01-02

P5 Importance of commercial funnel and application of new product development

   Added on 2021-01-02

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Innovation andcommercialisation
P5 Importance of commercial funnel and application of new product development_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 3............................................................................................................................................3P5 Importance of commercial funnel and application of new product development ofinnovation ..............................................................................................................................3P6 Innovation Business Case for organisation.......................................................................5TASK 4 ...........................................................................................................................................5P7 Different tools use to develop, retain and protect knowledge and intellectual property...5CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONInnovation has become necessary for every organisation to enhance their marketoperation & profitability at the larger context. Along with innovation, commercialization ofproduct is also significant through marketing, promotion etc. This report will be carried onEssence drink, which is the leading drink beverage company, which deals in sector of drinkssuch as Healthy mango Lassi. Apart from this, they are looking for new innovative product tocounter their slow down of business operations. This assessment will cover importance ofcommercial funnel along with summary of new product idea. Also, assessment will coverdifferent intellectual property tools to protect identity of the product. Problem identified: In the initial period, Essence drink has resulted into dramatic sales of theirhealthy mango Lassi, but after entering into the third year, Essence business has shown slowdown, because of single product into the market. TASK 3P5 Importance of commercial funnel and application of new product development of innovation Commercial funnel is the functional funnel that takes matter the innovation to achieve thedesired outcomes of the business. Basically, it is designed to reflect the journey that buyers goon. In this case, where Essence drinks are suffering with an slow-down of the business, might bebecause of similar taste or flavour of Lassi. Hence, in that case, developing of new flavourdrinks are required along with existing product processing. Here, commercial funnel is necessaryto make buyers pre-informed about product and enables to make search about product, which isunder-development stage. This enables company to get traffic of the buyers at the websites, whoare looking for buying this product just after the launch. The importance of a commercial funnelare as follows: Adoption of advance technology: Herein, a respective company are adopting advancetools and techniques in innovating their product that is Kiwi Kofe in competitive marketplace.As they are coming up with mixture of fruit and Lassi both are good for health.Implement investigation program: For an investigation process it is essential for acompany to conduct proper research so that they can gather information of their customers needand requirement as well as market place condition.
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