Innovation and Commercialisation - Essence Drinks
Added on 2020-10-05
18 Pages4677 Words223 Views
Innovation andCommercialisation.
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................4P1 Explain innovation and determine its importance to organisations in comparison withinvention......................................................................................................................................4P2 Explain how organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................6TASK 2............................................................................................................................................7P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine andshape innovative ideas.................................................................................................................7P4 Explain developments in frugal innovation and provide examples of how it is used in anorganisational context.................................................................................................................9TASK 3..........................................................................................................................................11P5 Explain the importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation.....................................11P6 Build an Innovation Business Case for an organisation, including ways to access funding....................................................................................................................................................12TASK 4..........................................................................................................................................13P7 Evaluate the different tools that organisations can use to develop, retain and protectknowledge and intellectual property.........................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION Innovation is an changing or modifications in the process or in product. Innovation is anchain of activities which begins with introducing a new plan of an idea and adopt new functionsso that it bring differentiation from prior creation. The main attribute that innovation is differentfrom creativity and it is very important for an organisation as well for an individual to achievecareer advancement and economic growth. This report is based on an organisation which isEssence drinks that situated two years before and their co founder Akshay Kumar that bringsnew concept in lassi to bring in sachet and in multi flavours that in good and healthy for body.The main goal of that organisation is to serve best lassi which enhance their market share andprofitability. When they launch lassi in market it is at top in market but after some that conceptget obsolete and consumer demands something new. This report is based on role and importanceof innovation in organisation with vision, mission and objectives to bring innovation andcommercialisation. It also explains four Ps of innovation and innovation funnel to achieveorganisational goals and objectives. For developing new product some steps and business casealso prepare.In case of Essence drinks they choose brand strategy that is new productdevelopment that helps in enlarge business opportunities and give competitive advantage inbetter way.TASK 1P1Explain innovation and determine its importance to organisations in comparison withinvention.Innovation and commercialisation is one of important concept that helps in compensatingemerging needs and wants of consumers to gain long term growth and enhancement. In scenarioof Essence drinks they offer a healthy lassi in sachet that are most convenient in nature to remainalways competitive into marketplace (Ahn, Minshall and Mortara, 2017). Their brand strategicteam decide the new taste and concept that helps them to stabilise into marketplace. Essencedrinks and their team decide to bring new concept that is healthy and also in sachet that shouldbe convenient to carry it any place. They aimed to bring lassi in different flavours and sachet togive health to consumers so that they feel satisfied and also enhance business opportunities.There are some key benefits of adopting innovation and bring new idea and concept to bringstability in organisational growth and enhancement.
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