Innovation and Commercialization.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
Explain the difference between invention and innovation.....................................................1
Explain the value and importance of innovation to organisations and how this can be related
to the organisational leadership and culture at Essence Drinks.............................................3
Explain the 4Ps of innovation and suggestion one innovation the company must adopt it.. .5
Explain the concept of innovation funnel and frugal innovation...........................................6
Recommendations..................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is the processor which is undertaken by the organisation in which they introduce
or launch the new product in the market by using the unique features in their product and
services so that they can meet the changing demands of their potential customers. Irrespective of
the size, every organsiation needs to adopt the innovation so that they can survive in the business
environment for a longer period of time (Sitnikova, Polusmakova and Golovetsky, 2020).
Having effective implementation of the innovation allowed the company to gain more
competitive advantage in the large market. Essence drink is the chosen organisation for this
report, it is the beverage company in the United Kingdom which is offering a healthy mango
lassi. The company is planning to implement innovation and would be coming out with the new
element that is zn will be added to the lassi and also develop wide range of packaging that would
be antimicrobial. This report will cover the difference between innovation and invention and also
explain the different types of innovation it also covered the the process that is involved in the
commercialization innovation and also explain the different methods that is being used in order
to protect the intectual property.
Explain the difference between invention and innovation.
Invention refers to the process in which completely new product is being launched by the
organisation. In addition to this this process also enables the company in offering a unique
product so that they can fulfill the demand of their potential customers by which they can
establish a good brand image in the market.
Innovation is the concept in which new feature is being added in the existing product and
services that help the company to enhance their usefulness with their product. It is useful the firm
for the company to utilise their resources and in this process it is important to take the initiative
by the organisation so that they can implement their imagination into reality in order to offer the
unique product in the large market so they can Establish the good brand image in the market.
This process help the organisation their utility by making a prominent product so that they can
attract the large group of their customers. In addition to this useful innovation help the company
in SAB syllable competitive advantage so that they can attend higher profitability and growth.
Innovation is important for the company like Essence Drinks and there are various factors
which is enlisting the importance of innovation is given below:
1