Innovation and Commercialisation Assignment Solution - Essence Drinks
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Added on 2020-10-22
Innovation and Commercialisation Assignment Solution - Essence Drinks
Added on 2020-10-22
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Innovation and Commercialisation
Table of ContentsINTRODUCTION...........................................................................................................................3P1 Explain innovation and identify its importance within Essence Drinks by comparison withinvention.................................................................................................................................3P2 Explain vision, leadership, teamwork and culture which will shape innovation andcommercialisation...................................................................................................................5P3 Explanation of 4P's of innovation and it's usage in innovation funnel.............................6P4 Explain developments in frugal innovation and ho9w they are being used in organisation.................................................................................................................................................8P5 Describe importance of commercial funnel and its application for new productdevelopment for commercialisation.......................................................................................9P6 Create an innovation business case study which also include access funding................11P7Assess tools that organisations can use to develop, retain and proect knowledge andintellectual property..............................................................................................................13CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................15
INTRODUCTIONInnovation refers to creative thoughts, new idea and new imaginations in form ofmethods or devices. They can be defined as process which comprises of different activities forexposing new ways for doing things. Commercialisation is defined as process of creatingeconomic values for organisation (Abdul Razak, Murray and Roberts, 2014). By utilisingknowledge and converting them into services and products requirements of customers can beaccomplished. This report is based on Essence Drinks which was founded by Akshay Kumar.They started this organisation with healthy mango lassi within market of UK. In initial time theymade high sales due to their innovative formulation. This report comprises of innovationsimportance, vision, culture, teamwork and leadership which can shape commercialisation andinnovation. Moreover 4Ps of innovation and evolution in frugal innovation have been included.Apart from this, importance of commercial funnel and its applications are explained. Businesscase is provided by taking into consideration funds and various tools are evaluated which areused for developing and retaining knowledge.P1 Explain innovation and identify its importance within Essence Drinks by comparison withinvention.Innovation: It is a process which is used by organisation for adding more value to theirservices and products, so that they can gain competitive edge within market. It is attained asoverall outcome of commercialism and invention. It refers to procedure by which alterations canbe made in existing services and products by adding something new within process ofproduction. This alteration can be in form of design or size. This technique aims at providingextra benefits to customers by addressing their wants and needs. By this organisation likeEssence Drinks can enhance their customer base there by maximising their profitability. Theyhave been involved in continuous improvement so that they can provide their customer withvalue services (Ahmadi and O'Cass, 2016).Invention: It refers to unique process, composition or method. Basically it is activity ofbringing new within market. Invention comprises of technical knowledge with respect toexisting. For Essence Drinks this process will lead them towards success. They are involved inimproving their lassi with more flavours so that they can provide their customers withimprovised experience in terms of taste.4
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