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Innovation And Commercialisation-Re

   

Added on  2021-01-01

7 Pages1597 Words379 Views
InnovationAndCommercialisation-Re

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Background of the company and problem..................................................................................3Importance of using commercial funnel.....................................................................................3Techniques for testing effectiveness...........................................................................................4Tools used to protect intellectual property rights........................................................................5Critical evaluation.......................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONInnovation refers to transforming of unique idea into products or services so thatcustomers can buy it in exchange of monetary value(Datta, Mukherjee and Jessup, 2015).Purpose of innovation is to solve the problem customer by offering companies product so thattheir needs and demands would be satisfied which leads to better profitability of business. Forthis report, Essence drinks is taken for discussion which deals in Lassi which is a refreshmentdrink and operates their business in UK. Company is going to change their packaging of Mangolassi to attain more sales would be discussed. Commercial funnel would be discussed below withfunctional example and besides this, how company can use different intellectual property to savetheir property rights. Moreover, different types of resources which is important for innovationwill be explained. MAIN BODYBackground of the company and problemThis report is based on company called Essence drinks which is selling their productsMango lassi in different parts of UK. Company is owned by Mr. Akshay Kumar and under hissupervision, company has seen rise increase in sales in the first year because of innovationformula and distribution capabilities but as company is approaching its third year, they havefaced signification decrease in sales due to increase in competitors. To resolve this critical issue,company is planning to change their packaging of Healthy Mango lassi so that they can modifytheir brand image in the mind of customer which could leads to high sales and profitability.Packaging plays an important part in the success of product and services as if customer does notlike the colour or way through which packaging is done then they wont buy the product which isnegative for company's growth and profitability. Importance of using commercial funnelCommercial funnels refers to activity which is used by company to manipulate mind ofcustomers so that company's product will achieve new heights of sales (Thore, 2012). Main aimof this funnel is to identify the real problem customers is facing and how they could modify theirproducts accordingly. Essence drinks must make their product and strategies according to theircapabilities so that proper utilisation of resources would be attain. Main goal of company is toincrease their sales by 10% in the 4th year. Essence drinks have ample amount of fixed and

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