Innovation and Commercialization: Essence Drinks' New Product Launch

This presentation outlines a comprehensive business case for Essence Drinks' new product launch. It analyzes the company's background, identifies challenges, and proposes innovative solutions. The presentation explores various aspects of product development, including market research, risk assessment, frugal innovation, and intellectual property protection. It also emphasizes the importance of effective testing and feedback mechanisms for ensuring product success.

INNOVATION AND
COMMERCIALIZATION
ESSENCE DRINKS

TABLE OF CONTENTS
0 INTRODUCTION
0 COMPANY’S BACKGROUND AND THE PROBLEM
0 SCOPING OF IDEAS FOR NEW PRODUCTS
0 COMMERCIAL FUNNEL
0 RISK ASSESSMENT
0 PROCESS OF RISK MANAGEMENT
0 FRUGAL INNOVATION
0 TECHNIQUES FOR TESTING THE EFFECTIVENESS
0 PROTECTION OF INTELLECTUAL PROPERTIES OF AN ORGANIZATION
0 CONCLUSION
0 REFERENCES

INTRODUCTION
0 The following PowerPoint Presentation depicts the innovative
business case for the Essence Drinks’ new product. A business
case portrays the elements or factors that are important for
the development and launching of a new product in the
market. From the case scenario of Essence Drinks it can be
analyzed that the company is facing some problems, and these
problems are also discussed in this subsequent presentation.

COMPANY’S BACKGROUND
AND THE PROBLEM
0 Essence Drinks is an organization that belongs to the sector
of food and beverages industry. The company was founded
two years ago by Mr. Akshay Kumar in the United Kingdom.
The company used to serve only a singly product initially,
i.e. Mango Lassi. The sales of company started decreasing in
the third year of trading and the major problem behind it is
the increment is number of market competitors.

SCOPING OF IDEAS FOR NEW
PRODUCTS
0 Essence Drinks is the organization that serves the
customers with an assortment of different products like
Mango Lassi, and other beverages. The scope of company
is very wide for the expansion of its business in the
international market. In order to regain the company’s
market position, the company must develop new
products as per the market’s demands and requirements.

COMMERCIAL FUNNEL
0 In order to solve the problem of Essence Drinks and to
increase its sales in the market, a commercial funnel
can be used.

Cont…
A commercial funnel is an approach or technique that can be used
to increase the sells and conversion rates of company’s products
in the market. The four stages of a commercial funnel include;
0 Awareness
0 Interest
0 Decision
0 Action

RISK ASSESSMENT
0 Risk assessment is referred to the identification of
qualitative or quantitative estimates of risks that are allied
to a situation within the workplace. The development and
launching of a new product involves a lot of risks that are
needed to be assessed. The risks that are associated with
the launching of new drinks by Essence Drinks include;
prices of the products, offers of the competitors, etc.

PROCESS OF RISK
MANAGEMENT
The process of risk management involves following
steps:
0 Risk Identification
0 Assessing of Risk
0 Controlling of Risk
0 Reviewing of Controls

FRUGAL INNOVATION
Frugal innovation is the process of reducing the prices of products
and its complexities so as to identify the value of company’s
products and service in the market. The different aspects that are
allied to the frugal innovation are:
0 Efficiency of product development
0 Low cost designing of products
0 Capital efficiency
0 Simplicity of manufacturing

TECHNIQUES FOR TESTING
THE EFFECTIVENESS
It is one of the most important steps that is involved in the
development of a new product. The different techniques
for testing the effectiveness of products that are
developed by Essence Drinks include;
0 Beta Testing
0 Market Analysis
0 Feedbacks from Customers

PROTECTION OFINTELLECTUAL
PROPERTIES OF AN ORGANIZATION
The different ways of protecting the intellectual properties
of an organization such as Essence Drinks are as follows:
0 Trademark
0 Patent
0 Secrets
0 Copyright

CONCLUSION
0 From this PowerPoint Presentation it can be
concluded that it is very important for an organization
like Essence Drinks to develop and implement
appropriate strategies for the successful development
of company’s business plan and business case.

REFERENCES
0 Bhatti, Y., 2012. What is frugal, what is innovation? Towards a
theory of frugal innovation.
0 Gokhberg, L. and Meissner, D., 2013. Innovation:
superpowered invention. Nature, 501(7467), p.313.
0 Hakkarainen, K. and Talonen, T., 2014. The innovation funnel
fallacy. International Journal of Innovation Science, 6(2),
pp.63-72.
0 Liu, A. and Fellows, R., 2012. Culture and innovation.
Construction innovation and process improvement, pp.63-94.