Innovation and Commercialisation in Essence Drinks

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explain innovation along with its importance to Essence drink in comparison with
invention.................................................................................................................................1
P2. Explain how vision, leadership, culture and team work of Essence drinks can share
innovation and commercialisation..........................................................................................2
TASK 2............................................................................................................................................3
P3. Examine the four P’s of innovation and explain the use of innovation funnel to examine
and shape innovative ideas.....................................................................................................3
P4. Explanation of development of frugal innovation and example of how to use these in
content of organisation...........................................................................................................4
TASK 3............................................................................................................................................5
P5. Explanation of importance of commercial funnel and application of new product
development processing for commercialisation of innovation...............................................5
P6. Building an innovative business case for an organisation including ways to access funding
................................................................................................................................................6
TASK 4............................................................................................................................................6
P7. Evaluation of different tool that an organisation can use to tool to develop, retain and
protection of knowledge and intellectual right.......................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is conducted by each and every business as it is regarded as the life blood for the
ongoing survival and growth of the company. The prime objective of innovation and
commercialisation is to add value to the goods and services to enhance the customer satisfaction
and maximise the profitability of an organisation (Ellram, Tate and Choi, 2020). Therefore,
innovation is the process of identifying opportunities, idea generation, implementation,
prototyping, production, marketing and sales to offer a new product, services, process; add more
features to the product, open up for a new market, or sources of new supply. Essence Drinks
came into existence with the new innovative product that is healthy mango lassi, the company
reached the maturity stage and came rapidly to the declining stage of life cycle of product. Below
mentioned report covers understanding of innovation comparison with invention, types of
innovation, process required for commercialisation, sources of funding and how Essence drinks
can protect its innovative idea from theft or misuse.
TASK 1
P1. Explain innovation along with its importance to Essence drink in comparison with invention
Innovation: Innovation is the process undertaken by an individual or an organisation to come up
with a brand new products, services, process or ideas or to bring necessary changes into the
existing one to make them unique and different than that of competitor (Zheng, Xu and Chen,
2020). Innovation can be a development of new products, improved business process, change in
technology or unique way of marketing a product that add value to the customer and enhance
performance and profitability of a company.
Innovation is significant for Essence drinks as it will bring up new concepts and idea that
will change the way business activities were conducted earlier. The prime objective of Essence
drinks through innovation is to bring necessary changes into the existing mango lassi that would
help Essence drinks in gaining its position in the market can beat the other competitors through
rise in sales, profitability and large market share.
Comparison of Innovation and Invention
Basis Innovation Invention
Concept The term innovation is describes as
the process of making improvement
Whereas, invention is the creation
of a product, idea or development of
1