Innovation and Commercialization: A Case Study of Essence Drinks

INNOVATION AND COMMERCIALISATION

Table of Contents
INTRODUCTION............................................................................................................................. 2
TASK 1- REPORT............................................................................................................................. 3
1. EXPLANATION OF THE DIFFERENCE BETWEEN INVENTION AND INNOVATION AND WHY
INNOVATION IS IMPORTANT FOR ORGANISATIONS TODAY......................................................3
2. ANALYSE DIFFERENT SOURCES OF INNOVATION AND EXPLAIN THE CONTRIBUTION OF
ORGANISATIONAL VISION, LEADERSHIP, CULTURE AND TEAMWORK IN DEVELOPING AND
EMBEDDING INNOVATION AND COMMERCIALISATION AT ESSENCE DRINKS...........................4
3. EXPLAIN THE DIFFERENT TYPES OF INNOVATION AND THE CONCEPT OF 4PS OF
INNOVATION. APPLY THE CONCEPT OF INNOVATION FUNNEL AND ANALYSE ITS USE IN
EXAMINING AND SHAPING INNOVATIVE IDEAS IN THE CONTEXT OF ESSENCE DRINKS............6
4. DISCUSS THE DEVELOPMENTS IN FRUGAL INNOVATION AND EVALUATE ITS USE AT
ESSENCE DRINKS TO PROCESS INNOVATIVE IDEAS AND DERIVE A NEW AND INNOVATIVE
DRINK......................................................................................................................................... 9
5. DISCUSS HOW COMMERCIAL FUNNEL AND NEW PRODUCT DEVELOPMENT CAN BE
ADVANTAGEOUS FOR ESSENCE DRINKS IN THE COMMERCIALIZATION OF INNOVATIVE DRINK
................................................................................................................................................. 10
6. IN ORDER TO COMMERCIALIZE ITS INNOVATIVE DRINK, DISCUSS SOME OF THE AVAILABLE
WAYS FOR ESSENCE DRINKS TO ACCESS FUNDING AND ALSO DISCUSS HOW YOU CAN
MEASURE THE EFFECTIVENESS OF YOUR BUSINESS CASE USING APPROPRIATE TECHNIQUES
................................................................................................................................................. 11
CONCLUSION............................................................................................................................... 13
REFERENCES.................................................................................................................................14
1

INTRODUCTION
The term ‘innovation and commercialization’ can be defined as the procedure of developing
new products and innovate the things in order to further development and growth of the
organization. In this assignment, the major focus is on the continuous development within the
marketplace that leads to competitive advantages. It is a more critical aspect for an
organization to continually innovate the things towards ensuring the competitive edge and
commercialization accordingly. The given case scenario for this assignment is about the essence
drinks; which was started by the Akshay Kumar that rapidly grown in the marketplace and rises
in the market by making an idea to launch Mango Lassi within the UK market. The significance
of innovation terms with the invention tactics will be reviewed with the different organizational
vision and leadership traits. Further, 4P's of innovation will be described in a manner that helps
in examine and shape the ideas of innovative terms or ideas of the organization accordingly.
New product development concepts and the commercial funnel will also cover the area that
gives the insight to build the innovation business administration towards accomplishing goals
and leading in the marketplace accordingly.
2

TASK 1- REPORT
INTRODUCTION-
This task covers the aspects of invention and innovation techniques within the market in order
to develop new things and launches the new products or services; for gaining success. The
overall contribution of leadership, organizational culture, vision and the team working criteria
will be analyzed. Concepts of innovation funnel for identifying and shaping the new ideas for
the development will be also discussed.
1. EXPLANATION OF THE DIFFERENCE BETWEEN INVENTION AND
INNOVATION AND WHY INNOVATION IS IMPORTANT FOR ORGANISATIONS
TODAY
INNOVATION-
It is the most crucial part for the continual success of an industry. Innovation simply defined as
the new ideas or method that gives the solution to the organization for meeting with the new
requirements and developing their marketplace in more efficient manner.
INVENTION-
It is the procedure or an action for inventing new things or products. It transforms the
innovative ideas into valuable products that lead to success and helps in the enhancement of
competitive edge within the marketplace.
The term innovation has been categorized into two major parts such as process innovation and
the product innovation. With the higher competitive edge within the marketplace; all the
organizations have to launch new products as per the demands and needs of the customer
(Acklin, 2010). There are several kinds of people and all they have their own different needs; so
it is important to make the people aware and provide them with such services or goods.
Innovation becomes more essential part for any business administration in order to achieve
success. In order to penetrate the market; it is crucial to transforming the innovative ideas into
valuable services as per the increasing demands and current trends (Acklin, 2010). On the other
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