Innovation and Commercialisation in Essence Drinks

Innovation and
Commercialisation

Table of Contents
PART 1............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Explain the difference between invention and innovation.....................................................1
Explain the value and importance of innovation to organisations and how this can be related
to the organisational leadership and culture at Essence Drinks.............................................3
Explain the 4Ps of innovation and suggestion one innovation the company must adopt it.. .4
Explain the concept of innovation funnel and frugal innovation...........................................5
Recommendations..................................................................................................................6
CONCLUSION................................................................................................................................6
PART 2............................................................................................................................................6
REFERENCES..............................................................................................................................16

PART 1
INTRODUCTION
Innovation is the aspects which is takennin to considerations in which the organisation
introduces or launch the new product by using a new technique so that they can perform better.
In consideration to the size, every organisation needs to adopt the innovation so that they can
sustain in the competitive market (Bezuidenhout, 2018). Moreover, implementing innovation
help the company to meet the competitive advantage and also helped the company to in stablish
good brand image in the large market. This report is based on Essence Drinks, it is the beverage
company which is established in United Kingdom and they are dealing in healthy Mango Lassi.
The company is planning to implement innovation and will come with the element that is zinc
which is added to the lassi and also develop a unique product by using different packaging
methods which would be antimicrobial. This report will cover the difference between innovation
and invention and also analyse the different types of innovation that is involved in the
commercialization.
Explain the difference between invention and innovation.
Invention refers to the process which the organisation implement then new product or
completely unique product as they are attracting the large group of customers in order to fulfill
their demands why which taken in stabilizer good brand image and the large market.
Innovation refers to the concept of adding new feature to the product and services so that
they can in hence the quality of their existing product by which they can utilise the resources of
the organisation. It is important for the company to take the various consideration an initiative so
that they can implement their thought process into reality in order to produce the innovative
product. Innovation helps in meeting the competitive advantage in the large market as the
organisation is doing effective research in order to understand the indicated demands of their
potential customers.
Innovation is the important aspect for the the business like Essence Drink and there are
various point which n list the significance of innovation is given below:
 Brand image: when the organisation is offering a unique product while doing effective
research and development in the large market this will help the company to establish a
good brand image in the large market and also serve their potential customers.
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 Profit maximisation: when the company is offering a unique product to their customers
this helps them in attracting a large group of buyers which contribute in generating the
higher profitability and also can gain more competitive advantage in the large market.
Various points which help in innovation and also enhance the effectiveness and the
comparison of invention and innovation is described below:
Basis Innovation Invention
Concept Innovation is the aspect of
adding innovative technology
in the existing product or
offering the unique product
so that they can attract the
large group of their potential
customers in order to attain
higher profitability and
growth in the large market.
It is the the aspect in which
the completely new product is
being introduced or launched
in the new market so that they
can meet the emerging
changes and demands of their
potential customers. They
conduct effective research
and development in order to
invent a unique product that
can be beneficial for both
employee and employer.
Occurrence It context to innovation, the
company is depend upon the
scope as well as the existing
product of the company.
In relation to invention
companies majorly depend
upon the unique idea which is
strike in the mind of a
manager and the leaders.
Concern Innovation is the aspects
which is focuses on offering
the innovative product and
services of the company.
It is the aspect in which
invention is concerned only e
in the development of the
unique product so that they
can meet their demands of
their potential customers
Skills In context to innovation every
employee must have
In consideration with the
invention the employee is
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