Innovation and Commercialisation in Essence Drinks
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Added on 2020-10-23
Innovation and Commercialisation in Essence Drinks
Added on 2020-10-23
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INNOVATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1............................................................................................................................................1P2............................................................................................................................................3TASK 2............................................................................................................................................4P3............................................................................................................................................4P4............................................................................................................................................5TASK 3............................................................................................................................................6P5............................................................................................................................................6P6 ...........................................................................................................................................8TASK 4............................................................................................................................................9P7............................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Innovation is explained as changing process and developing effective products, processand ideas. It is a procedure of translating the idea in to service or goods which create the valuefor which the customers pay (Drucker, 2014). Innovation includes deliberate informationimagination and application. The mention report is related to Essence Drinks and founder of thisorganisation is Akshay Kumar. This firm launched its new product that is Healthy Mango Lassoin UK market and attain enhanced sales in first year because of using innovative formula. In thisreport going to discuss about innovation and significance to company as comparison toinvention.TASK 1P1InnovationInnovation is defined as developing or implementing the new ideas. It includes manyactivities which uncover new methods to do the things. To develop the incrementalenhancements, there is a need to people to think out of box. Innovation is views as application ofthe better solutions that can meet the new needs, current market requirements and inarticulateneeds (Tidd and Bessant, 2018). In addition to this, owner of Essence Drinks make an innovationin Mango Lassi by as some of the ingredients in like Lassi Dry Fruits. It will make the taste ofLassi better and also will be better for people health. People which are health conscious willpurchase this Lassi and it will aids in enhance Essence Drink sales.InventionInvention is unique method or process. Invention is explainedas process within overallproduct development process (Hobsbawm and Ranger, 2012). It is creation of brand the newproduct. Invention is an act of developing, designing or searching new method, device andpossessor that has been been exist before. Importance of InnovationInnovation develops the organisational sustainability when company making thecontinuous improvements and re- branding.
Innovation aids in increasing sales and business growth in an effective manner(Petkovska, 2015).Through developing innovative products, firm can able compete with its existing rivals. It helps to take the big chances without incurring the huge risk. Through them, owner of the Essence Drinks can enhance its sales by bringing chance inMango Lassi by adding Dry Fruits in its. It helps in gain the attention of laerge number ofconsumers in better way.Difference among Invention and InnovationInvention and Innovation both concepts need more capital investment in researchprocess (Bertoni and Tykvová, 2015). The difference between invention and innovation givenbelow:BASIS FOR COMPARISONINVENTIONINNOVATIONMeaningIt is related to occurrence ofnew idea for process orproduct that has not beendeveloped before.It implies execution of ideafor the process or goods forfirst time. It is an act ofmaking the changing toexisting goods throughintroducing new ideas. What is it?It is mainly for development ofnew product.It is for adding the value tosomething that existingalready.ConceptWorking and original idea inthe theory.The practical execution ofnew idea.Skills requiredIn invention, scientific skillsare required.Marketing, strategic andtechnical skills are required. Occurs whenIt occurs when new idea orconcept strike scientist. Need is developed for makeimprovement in the existinggoods. Concerned withIt is related with the singleprocess or products.Combination of the variousprocess and products.2
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