Innovation & Commercialisation Assignment | Essence Drinks
Added on 2021-01-01
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Innovation andcommercialization
INTRODUCTIONInnovation refers to the activity of designing something new and doing somethingspecific through a particular way. In a business it can be a process of doing something new formaking important in the existing products and services of the company. In an organisation, if themanagement department make innovation than this process involves developing a new productsor improving existing technologies, process, designs and marketing to solve problems andincreasing efficiency to reach new customers and increasing profits (Edquist and Zabala‐Iturriagagoitia, 2015). Whereas commercialization refers to the process of launching newproducts and services that are manufacturing by a company at market place. This assignment isrelated to Essence Drinks which producing healthy drinks in the market and situated in UnitedKingdom. This report will discussed about the innovation and invention, 4p's of innovation andinnovation funnel. Further will discussed about the various tools which can be used by thecompany to retain and prevent information and intellectual property. TASK 1P1. Explanation of innovation and its comparison with innovationInnovation refers to an idea or invention into a good and service that creates value forwhich customers will pay. It can be the exploitation of new ideas that lead to the creation of anew products, process or services. The main purpose of innovation is to bring the idea toproductive position whether the product is profitable and simple. In Essence Drinks, it is acomplex process that consists converting ideas on the from of goods and services thatconcentrate on creating value. Innovation also helpful for the economic growth of the company.If an organisation make innovation in its existing products and new products and they liked bythe customers and able to fulfil their desires than it help in increasing profit and productivity ofthe firm. The major object of this whole process is to create higher amount of value fromcustomers by fulfilling their demands and enhance the profit margins of the company. Essencedrinks is a firm which manufacture healthy drinks and presently is producing a healthy “mangolassi” drink in UK market last 2 years. But now due to change in consumers buying behaviour orpurchasing power, taste & preferences etc. affect the business of this organisation (Greenstein,2015). So now it is important and required for this company that it make innovation and use newideas in its existing products to attract number of consumers and make enhancement in the sales1
and profit of the company. In order to make improvement in the beingness, the management ofthe organisation can launch new and different flavours in their existing product which isbeneficial for the firm in different aspects like:Able to attract number of customers- If the firm adopt innovation and launch variousdifferent flavours products than it help in attracted number of target audiences. Because EssenceDrinks has been selling only a single product mango lassi last 2 years at market place(Hohenberg and Homburg, 2016). So the output of it is that it decreased the demand andcustomer base which affect the sales. If the firm produce different flavours products than it helpin attracting various customers.Assists in competing in the market- There are number of competitors in the market andthey provide various similar product like Essence Drinks. This also affect the sales and profit ofthe company in negative way. If the firm launch new innovative product than it will be helpfulfor the business and it also help in gaining competitive advantages. It is beneficial for increasingthe sales and market share of the organisation.Assists in increasing sales- In Essence Drinks, the management department of thecompany can use different promotional tools that can be helpful for the organisation increasingits sales. For example, the management of the company can design an add which attract theemotions of the customers with the products. In Essence Drinks, it also beneficial for the firm toattract them and influencing their buying behaviour which help in increasing sales and enhancingproductivity. Thus, innovation is an important and essential tool and play an important role in thebusiness in getting attention of number of customers and enhancing sales. For making changeand improving the current position of the product in the market, innovation is a complex process(Khademi and et. al., 2015). By producing various different flavours products, Essence Drinkscan also making change in its business which is useful for the organisation because it help inattracting various target audiences and increasing sales. Difference between innovation and inventionsBasis of comparisonInnovationInventionMeaningIt consist enablingdevelopment in the existingproduct and service. It involves production of newproduct or services in abusiness. 2
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