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Innovation and Commercialisation : Essence Drinks

Added on - 08 Dec 2020

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INTRODUCTIONInnovation is the cumulative creation, development and implementation of the creativeidea regarding the product, process or service with the purpose to accomplishes market strengthfor rising profitability(Mortara, 2017).Moreover, to implement innovation ethically, it isrequired to identify needs or wants of the innovation & strategic plan to optimises its objectivesor results. This report will cover reputed Essence drink which is the leading drink offerer to itscustomer’s. Firm is specialised to selling, which is its core product. Moreover, firm has sufferedwith decline in its sales as due to same and no additional Lassi based for customer's to taste.Furthermore, the report will also cover different types of innovation and its value tobusiness administration and how firmleadership, sight, and team cooperation may track toeffectual commercialisation and innovation.Moreover, report will try to put focus on discussionfour p's of innovation that helps in explaining the actual utilisation of an innovation and to shapethe idea in innovative manner. Lastly, report will try to explain frugal innovation along with theprocess of the new product development and critical analysis of discussion regarding intellectualproperty rights.TASKP1 Explain innovation and its value to organisations in comparability with inventionInnovation is a process that translates the actually idea as well as invention into theproducts or services that creates worth for which the customers are actually ready to pay for.Innovation usually involves intentional utilization of content, creativity and also an initiative inderivation of larger and various values from wide range of available resources.Innovation ismainly focused onto to bring changes in the portfolio of existing products or services. It has beenresulted valid and supporting for almost every industry, whether service such as hospitality, foodor beverages, manufacturing sector etc., which continuously highlights development of new goodor services. Moreover, innovation can be applied to both tangible or intangible goods to itspecific identity regarding development of the business strength or profitability.Innovation and invention together are two separate things, where innovation basicallyhelp in bringing out new change in existing products and invention is an introduction of newcommodity which in reality not exists.Innovation is mainly focused onto to bring changes in theportfolio of existing products or services. It has been resulted valid and supporting for almost
every industry, whether service such as hospitality, food or beverages, manufacturing sector etc.,which continuously highlights development of new good or services. Moreover, innovation canbe applied to both tangible or intangible goods to it specific identity regarding development ofthe business strength or profitability(Azarmi, 2016).For essence drinks, it is one of an essentialoption for Akshay Kumar based drink firm to develop new Lassi product such as to recover anissue of shortfall in the sales at the end of the third year. Furthermore, firm has decided to keepits focus on producing drink product within range of the Lassi.Addison in overall brand value and image:Innovation deals indynamical level direct whichcompany actually come up in market with several extraordinaryideas to involves it in product tobrings new survival for rising market or customer's(Dodourova and Bevis, 2014).In context ofthis leading drink seller, innovation is very much essential to brings venture growth into themarketplace.Evolution of profit and sales:Innovation mostly points out, either when product is notperforming on higher basis or looking to be get failed. Under such situation it is very essential toknow what type of innovation strategy a business firm should adopted and also try evaluating itsnegative impact on the company.In context of Essence drinks, revenue is decreasing, as becauseof similar product in market with non-identified opportunities for market. Revenue is alsoshortfall as reason of decrease in sales till its third year of the operations. Moreover, innovationis necessary to launch Lassi product which have unique strengths to self-rise product durabilityand profitability for the Essence drinks.Boost to venture structure:Innovation is essential to rise firm's strategic stand in the market toensure its long term sustainability in the market. Use of an innovation in the Lassi, this well-known identity of the Akshay Kumar is in acceptation to gather highest chances to rise its brandidentity as well as business operations at the productive manner.Essence drink prefers offeringsunique taste which customer haven't experienced in their life.BasisInnovationInventionMeaningInnovation basically deals withimplementation of new idea for aparticular product.Whereas invention deals withimplementation of an idea or actionof inventing something new.ConceptsBased on practical execution of newidea.It is an original idea based theory.
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