Innovation and Commercialization in UK - Assignment

Innovation And
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Define innovation and it's importance to an organization in comparison with invention....1
P2) Study how vision, teamwork, culture and leadership are helpful in shaping innovation and
commercialization. ....................................................................................................................2
TASK 2............................................................................................................................................3
P3) Study 4ps of innovation and uses of innovation funnel in an organization. ........................3
P4) Describe the frugal innovation with examples and how it is used in an organization. .......6
TASK 3............................................................................................................................................8
P5) Describe the importance of commercial funnel and application of NPD. ...........................8
P6) Design business case including ways to access funding......................................................9
TASK4...........................................................................................................................................10
P7) Study distinguished tools of firm to develop, protect knowledge, retain and intellectual
property. ...................................................................................................................................10
CONCLUSION..............................................................................................................................11
.......................................................................................................................................................11
REFERECES.................................................................................................................................12

INTRODUCTION
Innovation can be defined as new concept, idea or product which is derived from
scientific research or from individual's idea which is able to create value and customers are ready
to pay for it. In other words it can be said that innovation means new products, organic changes
and business processes which creates social welfare and wealth in the society as well in the
global market. Essence Drink was Founded by Akshay Kumar two years ago in the UK market.
Company is coming up with new drink which is Jalgira lassi in the market. This report includes
meaning of innovation and difference between innovation and invention and how they are
important to the firm success. It focus on company's vision, teamwork, leadership and culture
and how they are helpful in shaping innovation and commercialisation in the market.
Additionally, 4ps, frugal innovation and innovation funnel are studied and how they are useful
for an organization it's growth and development in the long run (Bernstein, 2015). It throw light
on the importance of commercial funnel and applications of NPD in the business to examine the
outcomes. A business case has been designed and various tools are used to protect the
intellectual property.
TASK 1
P1) Define innovation and it's importance to an organization in comparison with invention.
Innovation refers to as imaginative activity which is designed or framed in order to
produce outcome which is real and can create commercial value in the competitive world. In
other words it can be said that practical transformation of creative idea or thought into improved
products or services so that customers are willing to pay value for it in the market. It is important
in an organization because it helps the business to sustain in the cut throat market as well turn
out to be competitors for other business associates in the market place (Datta and Jessup, 2015).
The importance of innovation can be explained as follows:
The use of Social Media: When Essence Drink used social media platform in it's
business it helped the firm to draw ideas from a wide range of people on social sites. They
provide the business a successful outlets of new idea which helped the company to introduce
new product which is jalgira lassi in the market. Jalgira lassi helped to business to raise customer
base and shared hands in it's growth and expansion in the competitive world.
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Responding to Competitors: Through Innovation business associates can respond to
their competitors in the competitive world. Essence drink came up with Jalgira lassi which is
healthy drink and is able to attract huge customers base in the global market (Dutta and Folta
2016). Through innovative drink firm not only respond to the competitors but also predict future
needs and demands and plan out idea to satisfy them with health any innovative drink. It helps to
create brand image in the eyes of the customers.
Reinforce brand image: Essence drink is coming up with jalgira lassi in the cut throat
market which is benefiting the company as it can again reinforce it's brand image after two years.
Innovative drink is helping the firm to attract potential customers who are more conscious about
their health and diet. Organization's innovative drink that is jalgira lassi is able to capture huge
market ratio and further growth and expansion can be done of the bushiness.
The difference between Innovation and Invention are as follows:
Basis Invention Innovation
Meaning Invention can be explained as
occurrence of creative idea for
a product or services which
has never been made or
designed earlier.
Innovation can be explained as
it implies the implementation
of creative thinking for a
product or services for the very
first time .
What is it all about? Invention is about creating a
new product in the market.
Innovation means adding value
to existing product or
services .
Skills required Invention requires scientific
skills.
Invention requires technical,
strategic and marketing skills.
P2) Study how vision, teamwork, culture and leadership are helpful in shaping innovation and
commercialization.
Commercialization can be described as the process of discovering or introducing a new
product or services into commence by making it available in the market (Engel, 2015). Essence
Drink vision, culture, teamwork and leadership are helpful in shaping innovation and
commercialization which can be explained as follows:
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Vision: The vision of the Essence Drink is to provide quality and healthy drink to the
customers at a affordable price. Vision of the company is motivating the firm to perform better in
the market. Essence Drink vision and mission statement are designed according to their
customers needs and demand as well as on their own terms and beliefs. This directly helps the
firm to work day and night to attain their vision and mission statement.
Teamwork: Essence drink is holding effective team while making jalgira drink to meet
the customers needs and demands. Efficient teamwork is helping the company to attract
customers for lassi and indirectly sales ratio are raising. They motivate the firm to discover new
idea to sustain in the competitive market (Gaddy and Wayman 2017).
Culture: The culture of Essence Drink is diversified and welcome dynamic changes in
the environment. Launching jalgira lassi in the UK market is helping the firm to capture huge
market ratio as well as more revenue can be generated at a large scale. The norms, policies,
regulations and ethics are diversified through which smooth functioning of the business can be
done in the cut throat competitive world. Essence drink accomplished with diversified culture in
their working environment. Due to which creative idea is germinated at a large scale. Diversified
culture has aid the organization to capture huge market ratio in the international market.
Leadership: Having effective leader in an organization is like cherry on ice-cream. It
helps the organization to meet the set goals on time as well as figure out strategics to bind
customers for longer time duration. It indirectly helps the business associates to capture market
ratio and motivates employees to perform effectively and efficiently so that productive results
can be seen. Having good leadership in the business helps to retain effective employees in the
firm for longer time duration which is a positive sign. Essence Drink leadership is very effective
in their working this is the reason within third year company is planning to come with
innovative drink. Potential leaders helped the firm to commercialize the creative drink in the
global market.
TASK 2
P3) Study 4ps of innovation and uses of innovation funnel in an organization.
4ps of innovation (product, press, process and person) in product and services of an
organization are explained below:
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Product: Product is built by an person through creative idea or thought to meet the
emerging needs of the customer (Henttonen and Lehtimäki, 2017). Essence Drink is coming up
with Jalgira lassi which is completely innovative drink. It is helping the business to raise
customer base for lassi in the UK market. Innovation in drink indirectly creating a brand image
in the eyes of the customer which is positive sign in the long run.
Person: Person is an individual who uses all the abilities, skills, capabilities to create a
unique product in the competitive world. Essence Drink is launching Jalgira lassi in the UK
market to bit the other competitors and to create monopoly market. It's through innovation
process business can grow and flourish in the cut throat market. Jalgira lassi is helping the
business to search out potential customers and make them satisfy with the lassi.
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(Source: 4ps of innovation, 2018)
Process: Process refers to the way or procedure used by the entrepreneur to design and
develop a new and creative product or services in the market (4ps of innovation, 2018). Essence
Drink is coming up with the Jalgira lassi in the global market to generate more profits from the
customers and further expansion of business can be done. As Jalfira lassi is working on small
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Illustration 1:
4ps of innovation

process but once the product is widely excepted by the customers the process will be enlarge
accordingly.
Press: Here, press refers to the environment in which people are working to create or
frame a creative product for which king of the market (customers) are ready to pay value. It
refers to the conditions prohibitive for creativity. Essence Drink while making new drink which
is Jalgira lassi involves press which includes natural resources, best practices and organizations
culture so that smooth functioning can de done (Hossain and Kauranen, 2016). Essence Drink
can use for restructuring if needed in the coming years.
Innovation Funnel refers to as generating large number of ideas as much as possible and
later on large portion of it will be refined and will be converted into concrete action plans. In
other words it can be said that it is a mechanism which enables a constant flow of creative
thinking, thought and idea which be scanned out for viability in the market. It is important for the
business as it helps to be a though competitors for other business associates. It helps the Essence
drink to come up with Jalgira lassi and turned the market into it's court by creating monopoly
market. Through this huge profit was generated which was used for growth and expansion in
other segments. Through this funnel lassi came up in real times and is able to satisfy the
customers needs and demands.
P4) Describe the frugal innovation with examples and how it is used in an organization.
Frugal innovation is an engineering process by which complexity can be reduced as well
as cost of goods and it's production can be reduced in the market (Hossain, 2015). In this non
essential features or characteristics are removed from the durable goods like, rice, wheat, cereals
etc. It important for the organization as it cut down the funds to reduce debt in the market as well
as it is environmental constraints and raise the demand for more frugal models of consumption
and productions. To apply frugal innovation certain principles in an organization are to be
followed which are explained as follows:
Find opportunities in adversity conditions: To flourish in the international market firm
need to search out opportunities in adverse conditions. Essence drink decided to come up with
the Jalgira lassi in the UK market to grab the opportunities in the priority level so that loyal
customers can be build in the long run. Jalgira lassi sales volume is raising day by day and profit
maximization can be done at huge level which is a positive sign for the business. Example:
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Akshaya Kumar search out the lassi opportunity in UK in the coming summer session. It will be
able to satisfy the customers needs and demand in the summer session.
Do more with less: Innovation in product or services should be done in the existing
product so that best results can be achieved in short time duration. Experiment in lassi has been
done by changing the flavours only (Jamil and Mahmood, 2015. It will help the firm to attract
customers for lassi. It leads to increase in sales volume which is a positive sign for the Akshaya
Kumar business. Example: Essence Drink has done innovation in lassi by changing the flavours
and is able to attract customers at a large scale. Which is benefiting the firm by drawing loyal
customers with the business.
Think and act flexibly: Before innovating the product think twice as it incur huge cost
and time both. Essence drink is launching Jalgira lassi in the market after doing research in the
market regarding customers taste and preferences. Example: Essence Drink is coming up with
lassi with distinguished favours which shows it's flexibility towards the dynamic changing taste
and preferences in the market.
Keep it simple: Innovation in product should be simple it should not be complex in
nature. Essence drink is bringing Jalgira lassi for the health conscious customers in this summer.
It will helps to build loyal and trustworthy customers for longer time duration. Example: Akshay
Kumar is lancing lassi with Jalgira flavour which is quite simple innovative drink and firm can
easily search out potential customers for it in the cut throat competition (Paradkar and Hansen,
2015).
Include margin: Essence Drink is launching Jalgira lassi in the market to meet the
emerging needs of the consumers in the competitive world. Company should involve customers
in their problem solving process so that best results can be figured out and positive image of the
brand can be created.
Follow heart: Akshaya Kumar followed his passion for the drink in the UK market and
became a successful entrepreneur in lassi in very short time duration. To run the business
successfully globally individual should have zeal and passion to face all the success and failure
in the market. They are coming up with Jalgira lassi to bit other competitors in the marketplace
and to create monopoly market for their jalgiera lassi.
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TASK 3
P5) Describe the importance of commercial funnel and application of NPD.
Commercial funnel or sales funnel means buying process which illustrate consumer's
journey through the purchase of a product or services ion the competitive world. The importance
of commercial funnel can be described as follows:
It helps to pick a marketing strategy: Commercial funnel helps the Essence drink to
choose pricing marketing strategy for jalgira lassi in the market place. It guide the company to
choose effective strategy so that best outcomes can be achieved. It will directly raise the sales
volume of the organization (Rasmussen and Eliason, 2017).
Sales funnel helps to build healthy relation in customers: Once the targeted customers
are known to the company they make well directed contents, tone of copy, and give enticing
offers which helps to relate to their needs. Essence drink is coming up with Jalgira lassi in the
summer which is healthy for customer. It will create emotional connection with the customers
can sales volume can be raised.
It helps to generate more sales: Commercial funnel helped the Essence drink to raise
the sales volume of Jalgira lassi in the market place. Using effective marketing strategy for lassi
will help to raise sales ratio in the competitive market. If Essence drink mastered the sales funnel
or commercial funnel organization will be able to generate more sales in the long run.
Applications of NPD (New Product Development)
The applications of new product development are explained as follows:
Idea generation: In this idea is generated from various sources like, business customers,
newspapers, journals, suppliers etc. Essence drink also generated the idea to launch lassi with
Jalgira in the global market.
Screening: When the idea is generated it is scanned or filtered to choose the best plan out
of the available options. Essence drink came p with Jalgira lassi in the UK market to satisfy the
customers needs. Out of the different flavours they choose Jalgira lassi as there new product in
the competitive market.
Concept development: Once the plan or idea is finalised then profits, revenues and
potential costs are analysed from the product. Essence drink is ready with jalgira lassi so the
business associates are evaluating the the cost, revenue etc. before entering into the market. The
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identified niches of the drink influence marketing decisions globally (Vishnevskiy and Meissner,
2015).
Product development: It includes actual design and manufacture of the product in the
market. Before launching Jalgira lassi in the market it need to be te4ps of innovation. 2018.sted
in the market to see the reaction of the customers regarding the taste. So that in the initial stage it
can be corrected and modified and loss can be recovered soon.
Commercialization and Rollout: Here, organization launches the promotion campaigns
for new product in the market. Jalgira lassi is coming up in the global market to meet the
emerging needs of the customers and to gain profit at a large scale.
P6) Design business case including ways to access funding.
Business Case is a formal document which initiates the action or decision to start up a
new project. Some of the major product development or features enhancement contains the
necessary information by which business associates can make effective decisions to attain goals
and objectives of Essence Drinks.
Executive Summary- Business Case for Essence drinks involves all the necessary
information in context to adding flavour to the lassi i.e. introducing Jalgira lassi to attract the
customer and to enhance sales ratio. This requires relevant information of effective marketing
strategies before introducing the product in the market. Moreover the resources requirement has
been determined for growth and success of business in the cut throat competitive market. .
Mission Statement- Mission of the Essence Drink is to offer different flavour lassi to
the customers which will attract customers and can meet their satisfaction level. Below
mentioned are the statement of Essence Drinks (Xiao and Liu,2016).
 To provide delightful experience to the customers to meet up their satisfaction level.
 Uplifting the brand image of the company throughout UK market by offering innovative
Jalgira lassi .
 To provide quality lassi to the customer and upgrade their business opportunities in the
cut throat competitive market.
Resources- To develop new product which is jalgira lassi in the market, Essence Drink
requires various resources such as natural fruits for production process, finance, tools and
modern technology . This will assist performance of business activities in effective and efficient
manner.
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Market Analysis- It is a crucial step which is concerned with identifying the prospective
customers for Jaljira lassi as well as analyse the level of competition in the market. This will
help Essence Drink to design or frame and implement strategies regarding introduced Jalgira
lassi for sustaining in the competitive business environment for longer time duration.
Financial Resources- It is related with the financial funds required in order to introduced
flavoured Jalgira lassi in the market. This will require £20,000 to start new product production
in the global market. This is the effective amount of funds required for introducing Jalgira lassi
in market.
Different Ways of Funding- Finance is the back bone of the business to carry out
business activities in a desirable manner. Essence Drink should recognise the various ways of
funding by introducing Jalgira lassi in the market. Various funds through which funds can be
generated are explained as follows:
 Banks and Financial Institution- It is the best source by which funds can be easily
available to the business. Essence Drink will get funds easily from the bank by
mortgaging some amount of security like legal documents . By this Essence Drink will
get secure loan and business activities can be carried out in a proper manner.
 Family and friends- Funds can be allocated the help of family,r elatives and friends. In
this case no security or interest rate has to be paid against the loan taken from them for
longer time duration. It is the most effective way of collecting funds and there is no
specific time period to pay back.
Here these are the effective sources of funding through which Essence Drink can run business
activities in a effective and efficient manner.
TASK4
P7) Study distinguished tools of firm to develop, protect knowledge, retain and intellectual
property.
Organization main aim is to sustain more profitability in the global market to gain
competitive advantages. They use many tools and techniques to accomplish business objectives
in an effective and efficient manner in the cut throat competitive market. Whereas, firm should
have copy rights, parent rights and trade mark for smooth working of the business (Xiao and
Yan, 2016).
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Copy right: It is a legal document which sates that authority for preventing the artistic
work, original product and musical literacy which will help them to subsequently utilize in the
global market. Additionally, Essence drink can use copy right to safeguard their recipes rights as
well as to upgrade the brand image in the eyes of the customer in the competitive market place.
By examining the copy right best out comes can be achieved in the global market. Which is a
positive sign for the firm due to which misuse of information related to drink can not be done.
By doing so goodwill related brand are raised in the eyes of the customers.
Patent Right: It helps the firm by protecting their product from exploiting effective
strategies within the patent norms. In order to accomplish business goals in proper manner patent
rights should be used so that competitors can not use it in wrong way within the market place.
Before adopting patent Right evaluation should be done effectively in the open market. It
safeguard the drink from exploitation in the neck to neck competition. Essence Drink deeply
evaluate this tools before carrying out in the working premises. By doing so the chances of error
can be eliminated at a large scale.
Thus, Essence drink is using patent right to safeguard the recipes of Jalgira lassi in the
market so, that no one can use it without the permission of Akshay Kumar in the cut throat
market. By this they can capture huge market ratio and can generate huge profitability in the
global village.
CONCLUSION
From the above it can be concluded that if firm do innovation in their product or services
then business ca grow globally. Firms vision, teamwork, culture and leadership helps the
business to shape the innovation and commercialization so that business can be successful in the
market. 4Ps and innovation funnel uses help the company to meet it's set goals on time.
Whereas, Frugal innovation and NPD application is used in the firm so that it can bit it's
competitors in the market. Whereas, business case has been designed and various tools are used
by the business associates to safeguard intellectual property from competitors.
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REFERECES
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4ps of innovation. 2018. [Online]. Available through: < https://appliedinnovation.com.au/blog-
post/general/the-big-p-in-our-4p-innovation-process/>.
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