Innovation and Commercialization

Innovation and Commercialization
Lo 2 and Lo3

Introduction
 Innovation and commercialisation is defined as the process of converting
of an idea and invention into services and products.
 It is important for different organisations to create value and reputation in
front of the customers and stakeholders.

Importance of commercial Funnel
 Commercial funnel is defined as the journey of a customer while buying
any product from the company.
 The commercial funnel is defined as the visual representation of journey
of customer that estimates the process of sales from awareness of product
to action.

New product development
 This company has developed new range of product
and created innovation in lassi i.e. Orange lassi.
 For solving the health related problem present in the
lassi, it is resolved by adding antimicrobial
packaging.
 The new product offered by Essence Drinks
company is making a new change