Innovation and Commercialization

This presentation discusses the concept of innovation and commercialization in a business organization. It covers topics such as the use of commercial funnel, explanation of innovative new drinks product, marketing opportunities, financial projection, and more.

Innovation and Commercialization

 Introduction
 Overview of the problem
 Use of commercial funnel to provide solution to the problem
 Explanation of innovative new drinks product
 Marketing opportunities of the innovative new drinks product
 Overview of industry and competition
 Financial projection
Table of content

 Sources of funding
 Capital funds that are required to be raised
 Techniques for testing the effectiveness
 Different tools used to protect intellectual property rights
 Reflection
 Conclusion
Table of content

Innovation indicates to the process of converting and translating the new thoughts and ideas in to goods
and services which have some value and customer are also ready to pay for that. In context of an business
organization, innovation refers to those ideas and thoughts which are used by the management of the
company to make something new and innovative which help in fulfilling and providing satisfaction to the
needs and demands of the customers.
Introduction

Essence drink is UK based small sized company which operated its business with the help of its product
Mango Lassi in UK market. This firm is set by Mr. Bond before 3 years ago and it belongs from food and
drink sector. When the firm was set up, it has been fast growth in three years as well as achieve high
success in term of sales. But now during the time of fourth year, this organization face high level of
decrements in its sales. Due to numerous competitors in the market who create competition and issues for
the firm.
Overview of the problem

In an organization, commercial funnel indicates to a framework which include three steps which are
involved in reforming existing commodities and services by using various beneficial plans as well as
argumentation. This funnel is important for Essence drink to launch flavored Lassi in the market.
Exploitation of these are as following:
Pricing policy
Improving mode of flourishing business
Beginning of advance technology
Utilize research program
Use of commercial funnel to provide solution to the
problem

In context of decreasing sales of the products of Essence drink, the administration of the firm distinct to
make innovation in the present products of the company in term making enchanting in the sales of it. The
administration of this company decided to launch its existing product Mango Lassi in different flavors
like chocolate, strawberry, rose etc. It will be beneficial for the company because it will help the firm in
making increment in its sales by getting attention of numerous consumers.
Explanation of innovative new drinks product

There are several marketing opportunities for Essence drink to launch its flavored lassi products in the
market. The major opportunity is that this organization can make collaboration with a well reputed firm
which can be beneficial to make maximization with in the sales of it. It will be also beneficial to gain
competitive benefits from market place. Apart from it another opportunity can be offer its product on
different pricing strategies like discount band offers etc. By setting prices of its new flavored products
which can be easily payable for all income group. It will help in attracting number of customer which will
make increment in the sales and customer base of this firm.
Marketing opportunities of the innovative new drinks
product

The Essence drink consider as an organization which produce healthy mango lassi drink in UK market. In
UK food and drink is not just delicious, it offers international buyers and investors genuine products they
can trust. Product trace-ability can opened market access for UK all over the over the world at each and
every stage of the supply chain.
Overview of industry and competition

Essence drink decided to make innovation in its existing product by launching its current product mango
lassi in different flavors To do this kin do innovation, the management of the firm needed £40,000 so that
they can do market analysis regarding customer demands and purchase raw material, equipment and
required resources which are helpful for manufacturing rose, chocolate, strawberry and others flavors of
lassi. The firm required this fund to make promotion of its new innovation so that they can create
awareness about them.
Financial projection

There are various kind of source of funding from where the management of Essence drink can borrow
money to make innovation in the new flavored products of the firm. Different source of funding are as
follows:
 Funding form personal savings-
 Loans from banking and financial institutions
 Friends and family
Sources of funding

To run the business of the company, Essence drink need to different kind of funds. The administration of
the company can borrow fund for different kind of activities like marketing, production, technology and
others. These are beneficial for the firm because it will be beneficial for the company to make a place in
competitive atmosphere.
Capital funds that are required to be raised

There are number of techniques which can be used by the management of the company to create
awareness about the products and getting feedback from the consumers. In Essence drink, the
administration can create awareness with the help of different promotional channels like internet, social
media etc. They can organize exhibition where they can offer their new products for taste and get
feedback from target audiences. They can conduct survey and get reviews of clients on their company
websites to get information about innovative product.
Techniques for testing the effectiveness

Intellectual property rights indicates to the general term for the document of property rights through
patents, copyrights and trademarks. These kind of rights allow the holder to exercise a monopoly on
the utilization of the item for a particular time period. Determination of these tools of intellectual
property are as follows which help in providing protection to new drinks of Essence drink:
 Patent
 Copyright
 Trade secret
Different tools used to protect intellectual property
rights

According to the skills and competencies of the team members work is allocated to the five members of
the team. The skills and competencies may be as one may be efficient in collection of data which may be
useful in providing necessary information for the completion of the report. The other may be good in
evaluation procedure which is to be done for information collected by the first one.
Reflection

On the basis of the given information it can be concluded that there is need of innovation for the effective
working and operation of the business to have an effect of the company for long time. There is necessity
of gaining competitive advantage from the market and increasing sales and productivity.
Conclusion

 Ding, M., Eliashberg, J. and Stremersch, S., 2016. Innovation and marketing in the pharmaceutical
industry. SPRINGER-VERLAG NEW YORK.
 Elert, N., Henrekson, M. and Stenkula, M., 2017. Institutional reform for innovation and
entrepreneurship: An agenda for Europe. New York: Springer International Publishing.
 Gaddy, B. E. and et. al., 2017. Venture capital and cleantech: The wrong model for energy
innovation. Energy Policy.102. pp.385-395.
References