Innovation and Commercialisation Assignment Essence Drinks (Doc)

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INNOVATIONANDCOMMERCIALISATION
Table of Contents
INTRODUCTIONIn present era, every organisation can deal with various types of demands andsatisfactions of the customer which can way of success of an organisation.Innovation is a art toinvent new things(Bigliardi and et.al., 2013). It is also the means of qualify the differentbusiness models in the references to provide change in business environment due to supplyeffective products & services. The particular assignment based on the Essence drinksestablishedby Akshay kumar. The firm has been provided mango lassi to their customer in the UK marketbut it can not work properly so as a result after 3 years sales of lassibeginner cut down. Thus, thefounder of the firm to bring out innovation into lassi for UK market. In the particular reportfocused on explanation of innovation and difference between innovation ans invention. Apartfrom describe about organisational vision, leadership, teamwork, culture and 4p's ofinvention.Inaddition, development ineconomical creationandvalue of technical stackand theirutilizationinthe regarding newcommodity alteration. Appraise different tools to develop knowledge andrational place.TASK 1P1 Innovation and their importanceInnovation is the process of translating an idea or creativity that are represented orimplement in the reference of new ideas or methods. In process of innovation include variousbusiness activities that can be done in effective way to uncover new ways. In the context ofEssence Drink is thelittle criterionfirm which are selling mango lassi in the UK market. Aftersome times sales of the fir go down so founder of company Akshay kumar thought about toinnovation with lassi. The team of the company has been suggested to innovation bring that lassiwith fruit punchdue tohealthy drinks as well as tasty taste can boost their immunity(Collyer,2017). There are provided various importance of innovation in the respect to given organisationthat are defined below -Creative Development– As innovation focus on qualities on particular product andachieve growth by creative development. There is ned to learn about their business skillsafter that develop according to situation and find out different types of opportunities forthe potential of new market regarding to company of essence drinks.1
Continuous Improvement –An innovation can provide sustainability to theirorganization to continue development after that focus on the repackaging and re-branding. As a founder Akshay kumar can determine the need of innovation to getgrowth and improve business skills in essence drinks.Responding to competition and trends– Innovation can help to see marketopportunities which can grab by an organisation to get competitive advantage. Whenessence drinks can not focus not customer satisfaction so they can not take interest intheir products. There is need to observe market trends and apply in their business that isknow as innovation(Doloreux and Shearmur, 2015).Apart from this, innovation is play significant role in any organisation where consist ofdifferent staff members because they are playing role as growth tool of an organisation. Hence,essence drink is selling mango lassi in the market to fulfil the demand of customers andenhancing sales. In further,creation and conceptionboth are part of modification but they aredifferent with each other. In the context of essence drink, last some time they are seeingcompetitive market so as a result sales of company has been decreasing. The company utilise ofcreation in those products which is already sale out by business. With the help of thisbusinessinvest into further activitiesexisting product so their business take time to set up again inparticular UK market. There are defined difference between innovation and invention -Basis of comparisonInnovationInventionDefinitionThe process to any organisationapply new idea and policies toinnovate existing product.It is related to any idea and processcan apply on the goods or serviceswhich can not produce before.ConceptsUtilisation of new thoughtsApply as an theorySkills NecessaryTo conduct activities of innovationneed to various skills likemarketing, strategic andmechanicalFor this need to scientific skillsActivitiesDistributedin the wholebusinessLimited research & developmentdepartmentWhat is itModify existing product andservices as per customerDevelop new product to gain profit2
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