(solved) Innovation and Commercialisation: Essence Drinks
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Added on 2020-11-23
(solved) Innovation and Commercialisation: Essence Drinks
Added on 2020-11-23
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INNOVATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1P1 Current situation and key activities of organisation...............................................................1P2 Organisational vision, leadership, culture and teamwork in order to shape innovation.........3P3. 4Ps of innovation...................................................................................................................4P4 Frugal innovation....................................................................................................................6P5 Importance of commercial funnel..........................................................................................7P6 Detailed Innovation Business Case for business....................................................................9P7 Different tools that organisation can use to develop, retain and protect knowledge andintellectual property...................................................................................................................11CONCLUSION..............................................................................................................................11RECOMMENDATION.................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEvery organisation aims to enhance profit and expand operations across the world. In orderto meet with their objective, they have to deal with different demands of consumers and have tooffer them satisfactory goods and services so that companies can fulfil their requirements.Innovation assists in making necessary changes in existing process or products that can help ingaining attention of buyers (Hameed, von Staden and Kwon, 2018). Innovation is considered asprocess in which management has to bring new ideas and have to add new values in existingproducts for raising operational efficiency. Present study will be based on Essence Drink thatprovides soft, hard drinks to customers. Current assignment will explain current situation of thecompany and will describe its key activities. Furthermore, it will illustrate 4P’s of innovationwith reference to Essence Drink. Report will describe frugal innovation and importance ofcommercial funnel. In addition, different tools will be illustrated that can be used by organisationto develop and protect its intellectual properties.MAIN BODYP1 Current situation and key activities of organisationInnovation can b defined as bringing new idea in order to add value in product and servicesthat can help in gaining success to the business. On other hand, intervention is far differed frominnovation. Intervention is related with implementing the new ideas. Companies always think toimplement changes in business so that it can meet with actual demands of buyers. Essence Drink is the small size beverage firm in UK (Rubera, Chandrasekaran andOrdanini, 2016). That serves various kinds of hard, soft drinks to the customers. The mainagenda of firm is to attract more buyers and meet with the needs of mass audience. Thus, entityis planning to make innovation in its products and provide new healthy drink products to itsguest. Essence Drink has initially started selling mango, hard- soft drinks to local consumers atsmall level. Later on it has increased its distribution capacity and has implemented innovationformulas. Recently sales of the firm is continuously declining because of high competition. Nowit has become difficult for the firm to sustain in market for longer duration. Now there is need tomake necessary changes in its existing products and services so that it can retain its buyers andcan sustain in market for longer duration (Elliott and et.al., 2017).Key activities of Essence Drink include controlling over production, creating brandingstrategy for its new innovative product, managing distribution. Company is required to make1
changes in its production process and have to implement new ideas through which it can producehealthy drinks that can satisfy needs of mass audience. Innovation and its importanceInnovation can be defined as ideas to make changes in existing process for raising brandvalue. It is the act of thinking for adding value to the existing products. This application ishelpful in meeting with the market demands and accomplishing objective of business.Intervention is far differed from innovation, intervention works to create new product rather thanmaking changes in existing process (Nicoletti, 2015).Importance of innovation for employeesInnovation is very important for growth of business. That helps in bringing new valueand raising brand image of the organisation. It is significant for employees as well,workers always prefer to work in such firm where they can get career opportunities. Bybringing new ideas entity can attract more consumers that would help in raising profit oforganisation. This will help staff of Essence Drink in order to gain more developmentopportunities in the firm (Pellikka and Ali-Vehmas, 2016). It is beneficial in improving culture of workplace and raising employee engagement aswell. There is close interrelationship between innovations and employee engagement.This makes people loyal towards the firm and increas their commitment towards brand.Innovation is helpful in breaking monotony lines. People those who work on singleprojects, complains for their restrictive monotony but through process innovation entitycan encourage them and this gives them opportunity to show their skills. This helps themin getting more rewards and recognition (Colombo, Dell'Era and Frattini, 2015).Different sources of innovationVarious sources of innovation help business in making changes in workplace. These aresuch as: necessity, incongruity, market structure, changing perception of consumers etc. Ifthe needs are incongruent with supply then organisation has to think for innovation. Bythis way Essence Drink can resolve issues and can attract more people towards brand.Market structure is another source of innovation, if there are frequent changes in marketcondition then it becomes essential for Essence Drink that to make changes in existingpractices in order to run business according to market situation. As there is high competitionin beverage industry thus, it has become essential for Essence Drink that to bring product2
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