Innovation and Commercialization of Essence drinks - Report
Added on -2020-07-23
| 15 pages| 4326 words| 96 views
Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 15 pages
Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P 1 Innovation and its value to organisations in comparison with invention.........................1P 2 Innovation and commercialisation is shaped by vision, leadership and teamwork of firm..3P 3 Explanation of 4Ps of innovation and the use of the innovation funnel..........................4P 4 Developments in frugal innovation and its use in Essence drinks..................................6TASK 3............................................................................................................................................7P 5 Importance of the commercial funnel and the application of new product development7P 6 Innovation business case to access funding.....................................................................9TASK 4..........................................................................................................................................10P 7 Different tools that can be used by venture to develop, retain and intellectual property10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation can be simply defined as a process which is creating new opinion and ideas inorder to maximise the profits by seeking attention of large number of customers. This also aids inmaintaining brand image in the marketplace (Teece, 2010). The main aim is to develop newproduct and services for fulfilling all the need and request of purchaser in an appropriate manner.In the present era, innovation is increasing day on day so that number of consumers can beenhanced towards services as well as products of organisation. This present report is based onEssence drinks which is started by Akshay Kumar who is the founder of this firm. He had set uphis firm with one drink that is known as mango lassi in the market of United Kingdom and hisbusiness was on the height in the first year because of using innovation based formula anddistribution capability. In this project, the company wishes to create an innovative new range ofdrinks by not moving away from lassi. The different types of innovation funnels are described inthis project that can be used by venture in designing strategies of producing innovative goodsand services. TASK 1 P 1 Innovation and its value to organisations in comparison with inventionEssence drink has been prepared by innovation activities so that effectual growthand development of the venture can be carried on. This also aids in manufacturing products inminimum period of time. Some creative process should be used by corporation in order toproduce healthy drinks that helps in attracting large number of customers towards their services.For doing this, it is essential for the firm to focus on the needs and demands of users prior todeveloping products (Teece, 2010). They have to determine that what type of drinks are morepreferred by them including their taste, flavour of drinks, choices , etc. so that they can designproducts as per that. Innovation plays a vital role in context which is explained below :Innovation helps in manufacturing new type of goods and services which would betotally different from those of their challengers. The products that is designed by taking use of innovative activities are liked by most ofthe people as well as government.1
Found this document preview useful?
You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss
Paid Plans
Free Plan
Single Unlock
Monthly Plan
Yearly Plan