Innovation And Commercialisation in Essence drink : Assignment

Innovation
And
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and how it is important to organization with invention....................1
P2) Explain how vision, mission, teamwork, culture and leadership can shape innovation and
commercialization..................................................................................................................2
TASK2.............................................................................................................................................3
P3) Study 4Ps of innovation in context of new innovated product of Essence Drink............3
P4) Examining development in Frugal innovation with examples........................................5
TASK 3............................................................................................................................................6
P 5) Application of new product development of innovation and Importance of commercial
funnel......................................................................................................................................6
P6) Developing innovative case for an organisation.............................................................7
TASK 4............................................................................................................................................8
P7) Various tools used by the business which can be used to retain intellectual property... .8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation means new idea, new thoughts and creative imaginations in the form of a
method. In other words it can be said that set of applications designed for better solutions to the
problems so, that customers needs can be meet on time. Essence Drink is opened by Akshay
Kumar in the UK market two year ago (Ahn and Mortara, 2017). And again coming up in the
market with a new product of Lassi with chocolate flavour by the name of chocolate Lassi. This
report includes meaning and importance of innovation and how they are benefiting the firm in
growth and success. It also, focus on culture, teamwork and how they can help to shape
innovation in the market. Additionally, 4ps and frugal innovation are used in the company for
success in the global market. Whereas, It throw light on NPD, innovation business case how they
process for commercialization of innovation. Some of the tools are used to retain intellectual
property in the market.
TASK 1
P1) Explain innovation and how it is important to organization with invention
Innovation is a process of transforming new ideas into valuable product or services so,
that customers are ready to pay value of it in the global market. Innovation mainly involves
imagination, deliberate applications of an information and initiative in deriving a greater
resources. Innovation is basically done in product category not in terms of taste or demands.
Essence drink is a leading business in UK market and is coming up with the new innovative
chocolate flavoured lassi. Here, are the importance explained below :
Increase brand image and value: With Continuous innovation in the lassi drink Akshay
Kumar is able to capture the huge market ratio within the year. As firm is coming up with the
new and creative thought it indirectly raises the value of brand in the eyes of the customer due to
which volume of sales are raised (Ajagbeand et.al ., 2015).
Development of sales or profits: Innovation in lassi drink with chocolate flavour helped
the Essence drink to raise the margin of the firm. Changes in the taste of lassi pulled the
customers to taste the lassi which indirectly raised the customer base in the cut throat
competitive world. Innovation is the ladder through which customers can be bind with the
product for longer time duration. The change in the lassi with chocolate flavour attracted
customers from all the age group in the hot summer which rise profit maximization of the
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