A Report on Innovation and Commercialisation for Essence Drinks

This report provides a detailed analysis of the innovation and commercialization strategies employed by Essence Drinks, founded by Akshay Kumar. It begins by defining innovation and its importance, contrasting it with invention, and then explores the significance of vision, teamwork, culture, and leadership in shaping innovation and commercialization within the company. The report delves into the 4Ps of innovation (product, position, process, and paradigm) and their application in the innovation funnel, illustrating how Essence Drinks can leverage these elements to enhance its market position. Furthermore, the report examines the concept of frugal innovation and its developments, along with a business case that considers fund considerations and tools for information retention. The report provides insights into how Essence Drinks can foster innovation, increase productivity, and effectively compete within the UK marketplace by focusing on the needs of its customers. The report concludes with a discussion of how Essence Drinks can effectively use innovation to ensure long-term sustainability in a Marketplace.

Innovation and
Commercialisation

INTRODUCTION
Innovation is a formatted procedure in which creation of different types of new and
innovative ideas and thoughts along with latest imaginations through the medium of methods and
strategies are conducted for the process of innovation. It includes different type of actions that
reveals new behaviour which is required to be undertaken. On the other side commercialization
is termed as a Process in which different types of financial viable values are framed for an
organisation by taking use of required information and then converting them into finished service
in order to fulfil customer’s desire. Present report has been conducted on Essence drinks that
were founded by Akshay Kumar. Before time organisations remarkably touched high end sales
because of Revolutionary innovative formation. Further, the project includes team work, culture,
innovation importance, vision along with leadership that will help organisation to effectively
outline Innovation and commercialization. In addition with this importance of innovation

accompanied with frugal innovations is cover in the present report. Along with this commercial
funnel concept and their formative applications are included in present report. The project
contains business case in which importance of funds considerations along with different range of
tools that will aid in the development retainment of information’s.
P1 Explain innovation and identify its importance within Essence Drinks by comparison with
invention
Innovation is a groundbreaking process with the help of which a company can further add
more value in their products and services with the help of which a company can gain more
competitive advantages within a Marketplace. This can be further achieved by considering the
whole result of invention and commercialization. Innovation is mainly a process that will help
entity to make modifications and alterations in their existing products and services that will help
them to add some great value in their product with the help of which they can increase their
sales. These alterations and modifications done by an organisation can be in the form of any
design or a size. By doing this company offers some extra and unique benefits to their customers
by proper evaluation of their recent needs and perception. Thus, with the help of innovation
concept essence drink can easily able to satisfy their consumer base that will take them towards
high and profitability along with productivity. In relation with essence drink it has been seen that
organisation regularly add some unique features and extra value in their process as with the
motive to increase the sales and further satisfied customers.
Importance of innovation in essence drinks
Innovation can turn out to be an imperative factor for in organisations as this function
help a company to achieve more success along with competitiveness in a market place. It is
important for Essence drinks to understand the overall concept of innovation as to give tough
competition in a Marketplace and ensure high and sustainability. It will further help them to
increase their overall return on investment along with customer base. Mentioned below there is a
significance of innovation:
Increases creativity among employees: With the help of penetrating and expeditious
techniques and methods in innovation employees can able to increase their overall base of
creativeness. This will further help them to gain more opportunities and take their job
performance towards high end growth. In context with essential drink company provide mango
Lassi within UK Marketplace with the help of different types of inventory techniques.

Increased productivity: Innovation can be seen as a one of the essential and required
function for any organisations as it provides numerous benefits to a business organisation. This
helps a company to increase their effectiveness and further build their reputation within a
Marketplace. It also helps an organisation to bring uniqueness in their existing products and
services which will simultaneously help them to increase their overall rate of profitability. In
context to with essence drinks with the help of incisors method in their production and
manufacturing process company can lead towards high efficiency. Company provide their
customers with different range of lassi such as, chocolate, orange, Pan Flavour and more.
Therefore innovation can help company to adjoin worth of their existing merchandises which
help them to attract attention of different base of customers from different locations which will
directly impact upon company overall rate of investments rate.
P2 Explain Vision, teamwork, culture, leadership which will shape innovation and
commercialisation
Innovation is act as a one of the most important factor which helps organisation to increase
their base of creativeness that will lead company towards more growth prospective. This process
includes construction of new facts. In relation with the concept of innovation company can offer
a wide range of uniqueness in their products within a Marketplace that will help them to ensure
their high end benefits. Company can offer a wide range of innovation in their process of
manufacturing and production such as expansion of merchandise that will help them to enhance
their overall base of creativity. Innovations are of different types that include process, technical
and administration. Thus with the help of these different innovation forms company can take
advantage such as they can offer their products on an online platform. In order to accomplish this
it is required by company to utilise uninterrupted enhancement within their working system.
Along with this company is required to take advantage of different type of tools of alteration on
their daily basis organisational practices. That will help them to formulate a remarkable
environment of creativity. Mentioned below there are some offering by essence drink within
their vision, leadership, teamwork and culture:
Innovation and vision
Vision holds one of the most significant importances within and organisations as a
company who have strong question can effectively able to utilise their funds along with time in a

perfect manner on Innovation and energy. Lack of appropriate vision lead a company towards
extreme failure. Thus it is important for leaders to take advantage of different type of method
along visualisations along with appropriate strategies with the help of which they can utilise
innovation concept within workforce. Further they are required to utilise communication process
within their working environment in order to ensure process of innovation has been effectively
implemented. In relation with this with having strong Essence drinks provide a healthy lassi to
their customers that combines high range of Nutrition along with exotic taste within UK
Marketplace. Company offer their services by having a strong vision as to satisfy their customers
by providing treasured and Finance services. By doing this company can effectively ensure their
high and profitability and productivity.
Leadership and innovation:
In order to conduct different type of activities it is required to take advantage of
numerous set of techniques in the innovation process. For these leaders are liable to effectively
direct and influence their workforce that will help them to conduct their day-to-day performance
in a highly impressive manner. This will help employees to ensure there high job performance
Thus, it become important for essence drinks leaders to encourage their employees in such a
way by providing them benefit in order to increase their overall rate of skill and bring their
innovative nature into the creativity wheel. It has been measured by leaders of Essence drinks
that by making employees busy on daily basis activities they are not able to bring innovativeness
in their nature. Thus, they provide flexible working schedules as to increase innovation within
company.
Innovation and culture:
Culture along with principles acts as a clear set of principles that are implemented by a
company or a person. Different range of culture that is presented in an organisation takes
company towards innovative culture. Thus, it becomes a basic responsibility for essence drink
leaders to form strong coordination with their workforce in order to provide supple working
environment. It is important for an organisation to formulate strong trust in their workforce in
company management. In order to accomplish this essence drink provides fewer restrictions to
their employees which can further help them to attain different innovative things.
Teamwork and innovation:

It is important for an organisation leader to conduct their day-to-day functions by
utilising different types of innovation techniques as to form strong team culture and further
encourage member’s present team to work in a collaborative and successful manner. Thus, it
become important for Essence drinks leaders to ensure that their workforce working towards
organisational vision. For this leaders are required to make their workers works in a team as to
effectively utilise their competencies and effectiveness. By making their individuals work in a
team company can able to achieve high and productivity which will help them to ensure long-
term sustainability in a Marketplace by giving tough competition.
P3 Explanation of 4P’s of innovation and it’s usage in innovation funnel
4 P’s of innovation act as a one of the most important tool of mix innovation which is
related to actual requirements and improvement in a business environment process. It includes
different types of elements such as process, position, product and freedom this help an
organisation to form new and effective ideas. Mentioned below there are some others that will
help companies fulfil their activities and effective manner:
Product innovation
Within this factor different types of ways are framed in order to improve efficiency of
existing products. For this company is require to take advantage of new technologies and method
as to improve and enhance their services this will help them to increase their overall base of
profitability.
Position innovation
This factor includes different types of New Market segments which provide product and
services. In this factor organisation find out different ways to classify a new market for their new
work. Thus, as to bring innovation with the help of this essence drinks can effectively able to
identify different range of market segments which help them to recognise their more potential
customer base which will help them to ensure their long-term sustainability.
Process innovation
In this element organisation discovered different types of innovative modes which will
help them to add more value in the process of Production and Manufacturing. In order to
increase cost effectiveness of the products essence drink by taking advantage of process
innovation can effectively able to boost their productivity.
Paradigm innovation

This factor includes different types of theories doctrines values and believes which helps
in organisation to perform their operations in a constituency. With the help of this essence drink
can improve quality of their services towards high-end efficiency of company.
Use of innovation funnel
With the help of innovation funnel organisation can diversify their range of products and
services which helps to boost their demand within a Marketplace. There are mainly 3 step
Ladders that are effectively required for an organisation to oblige. First step in this is true wealth
test and innovation pedestals that will help an organisation to check effective utilisation of
information’s which is related to prevailing trends in a Marketplace. In relation with Essence
drinks by taking utilise this step company can able to understand strategies of their competitors.
Further, next step is related to proper monitoring of Ideas as it is important for an organisation to
adopt different type of Ideas as to create format of services and produce same in a Marketplace.
By converting ideas into a remarkable strategy company can effectively able to increase their
rate of interest. Last step is related to attainment of organisational objectives; in this it is required
for an organisation to make proper evaluation after presented their product in a Marketplace. In
relation with this it is required for essence drink to take advantage of different type of strategies
with the help of which they can able to identify that consumer needs. With the help of innovation
process in string can effectively able to increase and improve their prosperity and efficiency.
P4 Describe developments within frugal innovation and how they are used in organisation.
Frugal innovation is defined as measure which assists organisation to avoid unwanted cost
associated with production. This modernisation leads to reduction in cost by eliminating
unnecessary elements from long-term goods. Frequently innovation creates strong influence on
different factors which comprises political, environmental and social elements which are present
in country where they are carrying out their operations. Organisation has executed frugal
innovation in their functioning structure by which they can minimise cost of services and render
the same within market at optimal prices.
It is essential for Essence Drinks to enhance their rate of return on investment. It is
further used by organisation where they have insufficient resources. It will hold them to
minimise the cost associated with invention process. With respect to, Essence Drinks they had
used lassi as their primary product which have less carbohydrates. This will further assist them to

effectually enhance their customer base within market. The reason behind this is that people are
more health conscious.
It is mandatory for Essence Drinks to execute concept of frugal innovation technique in
their working structure to carry their operations on everyday basis which will assist them to
enhance their ROI and profitability. They comprises of natural vitamins and high nutrients which
are very important with respect to health of customers. It will aid Essence Drinks to have strong
customer base and enhance the efficiency as well as quality of drinks which are provided by
organisation. Apart from this, it is responsibility of organisation to build affirmative relationship
with their employees who will assist them to gain loyalty and enhance development of
organisation.
P5 Describe importance of commercial funnel and its applications for new product development
within commercialisation.
Commercial funnel refers to revenue and sales funnel. On the whole, it is a graphical
representation of process of sales in which customers buy their products. Foremost step
encompasses of awareness stage whereas its last stage signifies the evaluation of purchase. It is a
effective process taking business while taking it from domestic level to international market.
With respect to Essence Drinks, for achieving additional growth opportunities through which
performance of sales can be maximised. They are about to launch their new product in market of
UK and purpose behind this is to render nutritious drinks to their customers who are health
conscious. This will lead to enhancement in performance of Essence Drinks to attain
competitive assets with respect to number of sales. As they are moving towards global market
they can enhance their functionalities in various countries for attaining more customers by which
they can bring their product fruitfully within the market. It is necessary for management of
Essence Drinks to formulate guidelines for employees by which they can render their
responsibilities in suitable way. Phases associated with this are provided below:
Idea generation: It is an initial process which is related with product development to
have innovative ideas by which they can maximise sales margin. Essence Drinks is providing
their customers with nutritious drinks which contains vitamins. They also need to ensure the
requirements of individuals are accomplished.
Idea Screening: Management of Essence Drinks will analyse likelihood of their products
which comprises of response from customers related with their drinks in market. This will assist

them to remain strong in market among probable competitors. This will aid them to distinguish
in areas where there products were unable to attain success and ways through which they can be
handled.
Testing Concepts: In this aspect, R&D department of organisation can effectually
analyse desires, requirements and demands of customers with assistance of loyalty of customers
and retaining them for longer duration of time frame. It will also aid them to ensure that their
invention is unbeatable with respect to market.
Analyse needs of product development: It is imperative action where strategies are
formulated to carry out launch of product within market successfully. Apart from this, health
drinks will assist them to attain recognition from marketplace which will lead to expansion in
their image in affirmative way.
Commercialization: It is the last step in which Essence Drinks can effectually initiate
creation within market with an attempt to fabricate large market share as well as enhance their
profitability. This will create surety with respect to launch of their invention by making effectual
use of techniques and strategies.

P6 Create innovative business case study which encompasses of access funding.
Business case refers to an organisation which integrates relevant and essential
components that are mandatory for attaining organisational goals and objectives. It is necessary
for an organisation to take into consideration all the items through which business operations and
functions can be carried out in effective and enhanced manner. Apart from this, business case
can be illustrated in both the forms i.e. verbal and written which includes all relevant data and
information which is associated with Essence Drinks and their working structure.
Executive summary: The business case with respect to Essence Drinks is to broadcast
their ......................................... as a product within a market of UK. For making it effective for
specific product, Essence Drinks need to formulate strategies which includes Porter’s five forces,
PESTLE and SWOT analysis to analyse their competition, external & internal factors. After the
implementation of modernisation, results are attained with respect to to enhanced success as well
as growth.
Mission statement: Their mission is to make their effectual contribution in providing
customers with health based drink i.e. ............................................. which do not have any
pessimistic impact on customers. The product will be healthy along with its taste and natural
ingredients will be used in this which will make people healthy. Their mission statement is
shown below:
 To attain customer satisfaction with enhanced results by which they can render the
products beyond what customer’s are expecting.
 To make sure that high quality products or raw materials are used for manufacturing or
development of their product. To formulate strategies by which they set up trademark as well as their image within
market.
Resources: There are various possessions which are required to be taken into account by
organisation in trenchant way by which they will be able to oversee performance of their product
in impelling manner. Along with this, it is essential for Essence Drinks to manage and make use
of appropriate resources through which they can acknowledge normal everyday activities.
Market analysis: This is mandatory for Essence Drinks to examine entire market so that
they evaluate their competition within market and also analyse viewpoint people with respect to
their product.