Innovation and Commercialisation Assignment : Essence drink company

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Define innovation and its importance to organisation in comparison to invention..............3
P2: Vision, leadership, culture and teamwork of organisation that helps to shape innovation
and commercialisation................................................................................................................4
TASK 3............................................................................................................................................6
P3: Explain 4Ps of innovation and use of the innovation funnel to shape innovative idea........6
P4: Frugal innovation developments and their application in the organisational context..........7
TASK 3............................................................................................................................................8
P5 Importance of the commercial funnel and the application of new product development......8
P6: Innovation business case for Essence drink........................................................................10
TASK 4..........................................................................................................................................11
P7: Tools used by organisations to retain as well as protect knowledge..................................11
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13

INTRODUCTION
Innovation refer to transforming idea into reality by providing value to the customer and
satisfying their requirements (Aghion, Van Reenen and Zingales, 2013). It basically refer to
improving and bringing modification by adding unique attribute in existing ones. For better
understanding discussion is made on Essence drink company of UK whose founder is Akshay
Kumar. This company was launched two year back and has recently come up with innovative
product that is healthy mango lassi. The purpose of report is to cover following topics such as
explanation on innovation and its importance to organisation by comparing it with invention.
Along with that emphasis is made on vision, leadership, culture as well as teamwork that helps to
shape innovation and commercialisation. Moreover, explanation on 4P's of innovating and use of
innovation funnel to shape innovative ideas. Development in frugal innovation and importance
of new product development. Further, build business case for an organisation.
TASK 1
P1: Define innovation and its importance to organisation in comparison to invention
Innovation: It simply refer to adding value in the existing product of company based on
the changing needs or requirement of customer. This further provide solution to company by
redesigning or modifying the existing product of company. In context to Essence drink has
experienced high sales in initial year but unfortunately due to decline in sales other than regular
drink company has also served flavoured mango lassi drink. The purpose of company was to
serve more healthier beverage to their prospectus by achieving the success for company. Hence,
there are various advantage associated with innovation that are defined below (Berry and Berry,
2018):
Innovation assist company to generate additional revenue by adding up valuable attribute
or flavours in product. It enhances the satisfaction of consumer by maximising the loyal for
consumer. In related to Essence Drink has identified the taste and requirement of market and
added valuable flavour such as healthy mango lassi drink. This helps to increase the sales by
increasing revenue for company.
Initiative of launching new innovative product creates goodwill for company by
maintaining long term relationship between company and customer (Wolin, 2016). Herein, the