Innovation & Commercialisation – Essence Drinks

Added on - 21 Feb 2021

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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explanation of Innovation and determination of its importance in comparison withinvention.................................................................................................................................1P2. Explanation of how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..........................................................................................4TASK 2............................................................................................................................................5P3. 4Ps of innovation and use of innovation funnel...............................................................5P4. Explanation of developments in frugal innovation and its use in Essence Drinks..........8TASK 3............................................................................................................................................8P5. Importance of Commercial Funnel and Application of New Product Development (NPD)8P6. Innovation Business Case...............................................................................................10TASK 4..........................................................................................................................................11P7. Evaluation of different tools are used to develop, retain and protect knowledge andintellectual property..............................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation refers to the procedure which is undertaken by organisations in order to introducea unique feature or uncover new techniques to perform activities(Ahn, Minshall and Mortara,2015). Regardless of its size, each company needs to adopt innovation as a crucial method tosurvive in the current business environment. Moreover, implementing innovation within thecompany allows the entity in gaining an effective advantage in the market. The following reportis based on Essence Drinks, which is a beverage company in United Kingdom dealing in healthyMango Lassi.The organisation is planning to implement innovation within their firm and wouldbe coming up with element, that is Zinc to be added to the Lassi and develop a new range usingnew packaging method which would completely be antimicrobial. The report covers a detailedexplanation of innovation and invention and explanation of various types of innovation. It alsocovers a detailed discussion on the process which is required to commercialise innovation, alongwith a range of different methods for effective protection ideas including their advantage anddisadvantages.TASK 1P1. Explanation of Innovation and determination of its importance in comparison with inventionInvention refers to a completely new and unique offering which is provided by anorganisation. In addition to this, this process enables a company in providing a distinct productor services that will serve a certain type of customers and fulfil demands of a specific kind ofcustomers who need that product or services produced by the company.Innovation is a transition of a concept into an actual feature or add-on in a product or aservice which allows an organisation to enhance usefulness of their offerings, whereas theproduct itself would be quite useful in relation with fulfilment of another utility. Within thisprocess, it is required that organisation take the initiative, where individuals within the sameapplies their imagination, along with analysing of the demand in the market which could befulfilled by the innovation. This process could be appropriately incorporated within any serviceor a product which enhances its utility and makes it more prominent in eyes of customers. Inaddition to this, consistent and useful innovations tend to help the company in effectively asustainable competitive advantage(Dincer, 2017).1
However, innovation is quite important for a company like Essence Drinks and itsimportance is appropriately highlighted as below:Brand Image:One prominent importance of innovation within an organisation like Essence Drinks is thatwith enhancing usefulness in their offerings or processes, it would lead to a better brand imagewithin the market(Miller and et. al., 2016). It is an essential need of the business organisationwhich will help the firm in appropriately serving the market in a better manner, thus, ensuring abetter brand imageProfit Maximisation:Another effective importance of innovation is that it leads to earning better profits. This isbecause innovation in a certain offering attracts more customers as their demands are nowfulfilled.However, there are certain significant aspects related to innovation which enhances itsimportance in comparison to invention. This comparison is effectively discussed below:2
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