Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explanation of innovation along with its importance to respective company in comparison
with invention ........................................................................................................................3
P2 Explanation of how culture, leadership, teamwork and vision can shape innovation &
commercialisation...................................................................................................................5
TASK 2............................................................................................................................................6
P3 4Ps of innovation & use of innovation funnel to analyse and shape innovative ideas.....6
P4 Explanation of Frugal innovation along with examples in organisational context ..........9
TASK 3..........................................................................................................................................10
P5 Describe importance of commercial funnel and its applications for new product
development within commercialisation................................................................................10
P6 Create innovative business case study which encompasses of access funding...............11
TASK 4..........................................................................................................................................12
P7. Evaluation of various tools to develop, retain and protect intellectual property............12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is termed as a procedure by which a company seeks to develop alterations in
the existing products and services. In addition to this, it is also defined as a way to bring changes
and make process faster as well as easier. Bringing innovation assist a company to increase
performance level, raise sales and capture large market share in an effective manner. On the
other hand, commercialisation is consider as a last stage where ideas are executed into product
and service at marketplace (Colombo, 2017). Moreover, it is a process by which goods and
service is bringing at marketplace with an aim to attract more people towards brand. The present
report is based Essence Drink which was established by Akshay Kumar before two year ago in
United Kingdom. The company offer Mango Lassi which was very unique in the market of UK
but at present, there are lot of competitors of Essence Drinks prevailing at marketplace. In order
to remain in competition and to offer something unique in market, the company is bringing
innovation in its offering. Essence Drinks is bringing chocolate and strawberry flavoured lassi
that will be served or packaging in Clay Mugs (Khullad). This is a unique concept in the market
of UK and attract large number of people towards it. The report will cover concept of innovation
and invention along with their importance and difference. In addition to this, there is discussion
about frugal innovation, commercial funnel, new product development process, 4Ps of
innovation in relation with Essence Drinks. Moreover. An innovation business case is developed
and various intellectual property is consider that help in retain,develop and protect innovation in
the market.

TASK 1
P1 Explanation of innovation along with its importance to respective company in comparison
with invention
Innovation: It is basically an approach of bringing changes within the existing products
as well ass service in the form of an innovation (Gachie and Govender, 2017). The main reason
of bringing innovation in the offerings is to offer something unique in market and remain in
competition in an effective manner. Innovation is also consider as an effective procedure
whereby unique thinking, creativity and innovation of staff members plays vital role.
Invention: It is basically bringing totally a new product as well as service in market with
an aim to increase customer base level and disrupt marketplace. It is determine that
implementing of such ideas plays vital role in order to convert invention into the reality. It is
important for an entity to conduct market research before bringing any new invention in market
as it increases the chance of acceptance and raise sales in an appropriate manner.
Difference among innovation & invention
Invention Innovation
The main objective of invention is to
introduce something creative, new for the
customers prevailing at marketplace.
The main aim of innovation is to enhance value
of existing product by adding new features and
attributes in a proper manner.
It is taken up with single process and means
a new product is developed.
It is concerned with combination of various
product as well as process and means to making
alterations in the present goods and services.
It is analysed that an invention is controlled
by R & D department of a company.
In Innovation, the activities of execution of
bringing changes is spread in overall departments
of company.
Importance of innovation for Essence Drinks
Unique Selling Point (USP): One of the most important factor that assist Essence Drinks
is development of USP that attracts large number of people towards brand and leads to raise in
sales and profitability as well. Providing of new flavoured Lassi that is Chocolate and strawberry