Innovation & Commercialisation Assignment Solved - Essence Drinks

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Added on 2020-11-23

Innovation & Commercialisation Assignment Solved - Essence Drinks

Added on 2020-11-23

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Table of ContentsINTRODUCTION ..........................................................................................................................1PART A...........................................................................................................................................11. Explaining the difference between invention and innovation.................................................12. Explaining the innovation determine its importance to Essence Drinks in comparison withinvention......................................................................................................................................23. Explaining how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialization in the context of Essence Drinks.........................................34. Explaining the different sources of innovation in order to foster or develop the environmentand culture of innovation............................................................................................................35. Explains the 4 P's innovation and also explaining the use of innovation funnel to examineand shape innovative ideas..........................................................................................................46 Explaining the development process in frugal innovation in the context of Essence Drinks..57. Analysing and apply the innovation funnel to Essence Drinks Situation...............................68. Evaluating the possible role of frugal innovation to Essence Drinks.....................................69. Critically analysing how innovation can be developed, embedded and measured.................6CONCLUSION ...............................................................................................................................7REFERENCES ...............................................................................................................................8

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INTRODUCTION Innovation and commercialization is taught by distinguish practising innovators.Innovation is the most crucial process to create new wealth, productivity growth and improvedquality of life. Present study will be based on Innovation and its important for the businessgrowth. Present report will be taking Essence Drinks which provides Mango Lassi. Overall,study helps company to find the new development process through company can make profit inUK market with the help of innovation and commercialisation. PART A1. Explaining the difference between invention and innovation.Invention : Invention is the process or the creation of a new product or services for thefirst time in the market (Amponsah and Adams, 2017). For example: Akshay Kumar started theEssence Drinks with innovative drinks that is Healthy Mango lassi without any idea thatcompany has been taking high growth in the market. Innovation : Innovation is the regenerated process or improves in the existing product orservices In order to make the new innovative thought process. For example, to sustain in themarket Mr. Kumar needs to innovate some new though process to beat the current competitorsrate in the market. Difference between Innovation & InventionBasis ofComparison InventionInnovation Concept Invention is totally based on newconcept or theory to introduce newproduct, services or process in themarket. Such as two years ago, Mr.Kumar had invented concept ofMango Lassi (Chun, Chung andBang, 2015). Without invention, innovation has notbeen possible. Innovation based on thenew idea within the existing product.For example: Mr. Kumar can changetheir product packaging or modify theprocess of delivery to make customersmore happy and satisfied or EssenceDrinks can also adopt new flavours forcustomers. Like organic coffee, sugarfree juice, Mango Apple flavour,1

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