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Innovation and Commercialisation of Essence Drink (pdf)

   

Added on  2020-12-18

20 Pages6466 Words54 Views
Innovation andCommercialisation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explaining what is innovation and its importance to organization in comparison withinvention......................................................................................................................................1P2 Explaining how organisational vision, leadership, culture and teamwork can shapeinnovation and commercialization..............................................................................................2M1 Analyse difference sources of innovation through organisation can foster and develop anenvironment and culture of innovation.......................................................................................4D1 Critically analyse how innovation is developed, embedded and measured in anorganisational context.................................................................................................................5TASK 2............................................................................................................................................5P3 Explaining the 4Ps of innovation and explain the use of innovation funnel to examine theshape innovative ideas.................................................................................................................5P4 Explaining developments in frugal innovation to have a greater knowledge of innovation.7M2 Analysing and apply the innovation funnel in an organizational context............................7M3 Evaluating the role of frugal innovation in an organizational context.................................8TASK 3............................................................................................................................................8P5 Explaining the importance of commercial funnel and the application of new productdevelopment processing for commercialisation of innovation...................................................8P6 Producing the detailed business case...................................................................................11M4 Measure its overall effectiveness using appropriate techniques available to test, iterate andimprove. ...................................................................................................................................12TASK 4..........................................................................................................................................12P7 Evaluating the different tools that organisation can use to develop....................................12M5.............................................................................................................................................14D2..............................................................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16

INTRODUCTIONInnovation and commercialisation is the process that engage the customer attraction andbuild the good public image of the organisation in front of the market. This is the significantpractice that should be adopted by the organisation in order to maintain the business growth.Present study is based on the innovation of “Essence Drinks” which is the founded by AkshayaKumar, he launched this company by one drink that is Mango Lassi into the UK market andachieved a dramatic rise in sales in his first style due to the innovative formulate and distributioncapability. Besides, the report will launch the new flavoured energetic drink for the customersthat helps to regain the sales volume of Essence Drinks which is a new brand innovation strategyfor the company. This report will explain about the importance of innovation and differentiationwith invention. This study also explains about how vision, leadership and culture can shape theteamwork within the organisation. It also explains the marketing 4Ps to explain the innovationfunnel to examine the shape of innovative ideas. However, to enhance the innovation, researchproducing the new product development process to examine the new growth. TASK 1P1 Explaining what is innovation and its importance to organization in comparison withinvention.Innovation is the process of creating new product or services with some new conceptsand ideas. Innovation is often also viewed as the application in form of devise or methods. Thisis the complex process to discovers and inventions brought in the business and socialenvironment. Innovation is the complex process that company should needs to adopt whileoperating the business so fast.On the other hand, invention is the process which created by the company at very firsttime with some new features and ideas. Invention is the idea or process that never been madebefore but the innovation creates the new version of old.Innovation means adding some more values to the process which is not leading andmanaging the effective results. But on the other hand, invention is coming up with new conceptsor though process which is unique and different from existing services (Amabile and Pratt,2016). 1

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