Innovation and Commercialisation Assignment Essence Drinks - doc

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................2
LO 1.................................................................................................................................................3
Explains how organization vision, team work, leadership or vision can make the process of
innovation....................................................................................................................................4
M1 ..............................................................................................................................................6
LO 2.................................................................................................................................................6
4Ps of innovation........................................................................................................................6
M2 Assessing the innovation funnel process in Essence Drinks................................................9
M3...............................................................................................................................................9
D1................................................................................................................................................9
LO 3...............................................................................................................................................10
Commercial funnel:...................................................................................................................10
Commercial funnel is the activity to promote the product sales in the market by applying
different marketing promotional activities (Witell and et.al., 2016). Without marketing the
product company could not create a product image in front of the buyers. However, this is
very important for the new products which selling in the market at first time. .......................10
M4.............................................................................................................................................13
LO 4...............................................................................................................................................13
Tools to access the product the knowledge and intellectual:....................................................13
M5.............................................................................................................................................14
D2..............................................................................................................................................15
CONCLUSION..............................................................................................................................15
INTRODUCTION
Invention and commercialization is the process of creating unique services or commodity
that never made before. Basically, Innovation can be created so many distinct and unique product
or services in order to get the customer attention towards the best and enlarging goals. Present

study is based on innovation and commercialization of Essence Drinks which is founded by
Akshay Kumar two years ago. Mr Akshay found this company with one drink (A healthy mango
lassi) into the UK market. After some period, company started facing drastic changes in sales
due to entering new competitors in the market. Essence Drinks will be going to introduce new
product development that is organic Drinks for all kind of age group peoples.
Study further discuss about the importance of innovation and comparison between
invention & innovation. Also, it explains how vision, leadership and team working can help
company to build a new product idea. However, to promote an idea and product required some
essential innovative strategies that helps to make the good image of the company in the market.
Report also talk about the concept of frugal innovation by supporting new product development.
LO 1
Innovation has become a buzzword in the business world which is required to grow the
business in this competitive environment (Ajith and Goyal, 2016). Innovation is the term, which
connects the points between invention, and find out the best potential for improvements. This
process helps to fill the gap between the market and customer needs. Overall, process attracts the
customers towards the product or services. Further, in the study, In order to invent innovative
product. Essence Drinks planning to launch new Organic lassi drinks with some healthier
ingredients for all kind of age customers.
Invention is the process which creates something new but on the same side, innovation
makes something for sells. Innovation is more popular word rather than invention that makes
great sense which develops into the new market zone.
Importance of innovation
 Innovation is the most vital for the company to keep the brand value maintained in the
competitive market.
 Innovation is crucial to realize marketing needs & wants of the customers. That helpful to
create more valuable products for buyers.
 Innovation in product line will help to attract number of the best talent and growth.
 Innovation also very important for Essence to stand out against competitors.
Innovation VS Invention:

Innovation is Easy- Innovation is Genius
Innovation makes changes in the existing product or services. Innovation is more flexible
and reliable process rather than invention. Very few inventions are, by themselves, successful
innovations (Amabile and Pratt, 2016). This is the first difference that presented the importance
of innovation as compared to invention.
Innovation have better vision with better applications
Innovation is less risky than invention. It is not fixed that people will like the invention
for which company invest high amount on the invention process. On the other hand, innovation
creates some new offers and attractive attributes which comparatively attract the people towards
the product or services into best and efficient manner.
Single product /process:
Another difference that shows that innovation is better than invention that is invention is
based on the single product or process (Boyd and et.al., 2017). But on the contrary, innovation
focused on the combination of various products or process which is more significant for the
company in better growth. Such as Essence Drinks set the vision to develop innovative Organic
drinks for the customers. The main aim behind this innovation is to give more value to the
customers.
Explains how organization vision, team work, leadership or vision can make
the process of innovation
Innovation is a collaborative process by which organization abandon old paradigms and
make significant advances. Innovation ideas come from several sources which includes
unreasonable demands or goals and time pressures.
Vision : Company vision has always creating a set of skills and advanced technologies
within the organization development (CORTIMIGLIA and et.al., 2015). Vision and mission is
the starting point for strategic plan, objectives and metrics which continue the long range of new
development goals. Effective vision helps company to get the new ideas and build the innovation
process in order to meet out the company aims and objectives.
Vision of ED
Vision of ED is to enhance the company profiles and market share of the better
development process.