[PDF] Innovation and Commercialisation Assignment : Essence Drinks

Innovation and
Commercialisation.

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention. ...............................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
TASK 2............................................................................................................................................7
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................9
TASK 3..........................................................................................................................................11
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation................................11
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
..............................................................................................................................................13
TASK 4..........................................................................................................................................14
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property....................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Innovation is and new idea, creative thought and process, imagination in a new form or
device. Innovation is also an tool which consider as a application for better solution that helps in
meet new and unarticulated needs and wants of consumers. Innovation is an need of society
which give better living standard and best solutions about concern of people. This report is based
on Essence Drinks which was founded two years ago that is founded by Akshay kumar that
launched a new drink that is a healthy mango lassi into UK market. This report is based on
innovation and its importance in comparison with invention. It also elaborates role of vision,
leadership with culture and teamwork to bring commercialisation and innovation. It also includes
4ps of innovation and role of frugal innovation with specific examples. At last in it application of
new product development and various ways of funding. In that report organisation brings
strategy of new product development to enhance market share and compete in business
environment.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is an new way to think by accessing emerging with future needs and demands
of consumers in a creative way to get long term sustainability (Aarikka-Stenroos and Lehtimäki,
2013). Essence drinks which is an new and small scale organisation that launch a new product
that is Mango lassi in Market of UK. Due to fierce competition rate and sale of product gradually
decreases in that scenario founder Akshay kumar aimed to invent and implement their drinks by
adding some new and extraordinary features in it. In that scenario they think about bring lassi in
both Liquid and powder form which made in instant manner while travel far away (Abdul Razak,
Murray, and Roberts, 2014). There are some innovative ways and their importance for
organisation that are as follows:
 By implementing that kind of strategy in to marketplace they able to enhance their sales
ratio and also enable to generate instant revenue. When they provide better solution of
concern of consumers it give delighted experience to consumer base and also enhance
brand loyalty. In context of Essence drinks they implement plans and policies in

successful manner planned in systematic manner by distributing roles and responsibilities
in proper manner to reach at desirable outcomes.
 On other hand, when organisation launch some new products and related solutions for
consumers it increase their brand name and consumers become brand conscious that
assist them to achieve goals and objectives in better way.
 By putting more efforts in accessing needs and wants of consumers in better way to deal
in effective manner to gain large market share to remain always competitive in
marketplace.
From above mentioned benefits there are some other benefits also that when an
organisation implement some new tactics and tools that motivates to employees in giving their
best. It gives career enhancement and align with new consumer base which find out new
solutions of their concern. In case of Essence drinks which want to implement some uniqueness
in their existing products instead of launching a new product line (Ahn, Minshall and Mortara,
2015.). To get better solution of concern of consumers organisation have to understand
difference between invention and innovation (Chun, Chung and Bang, 2015.). Essence drinks
launch new solutions in only their existing products because consumers favour their lassi and
enhance their sales ratio. There are difference between innovation and invention that gives better
understanding to essence Drinks before launching a new product into marketplace.
Innovation is very much important for an organisation to remain always relevant in
competitive world by giving products and services as per the market demand. In order to remain
always competitive organisation have to bring innovation in their products and services. In
context of Essence drinks, they bring new flavour of lassi so that they can grab attention of large
no. of consumer base. Innovation would be quite beneficial for the company to stand effectively
ahead of the competition within the marketplace. In addition to this, this would also enhance the
scope of their grabbing the market share appropriately by innovating their products appropriately
and timely.
Basis of comparison Innovation Invention
Meaning Innovation is an introduction
of new ideas and better
solution that compensates new
Invention as something that is
never been made or created
before, it is entirely new so