Innovation and Commercialization

This document discusses the importance of innovation and commercialization in organizations. It analyzes the organization's vision, leadership, culture, and teamwork in shaping innovation. It also explores the 4Ps of innovation and the innovation funnel. Additionally, it explains the concept of frugal innovation and provides examples of its application in an organizational context.

Innovation and
commercialization

Contents
INTRODUCTION...........................................................................................................................3
Analysis of organization vision, leadership, culture and teamwork and how innovation can get
in shape with all this functions...............................................................................................5
Analysis of 4ps of innovation and innovation funnel in context to organization...................6
Analysis of the development in frugal innovation and examples that how it use in organization
context....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is the process of generating new ideas, in context to new service new product
new techniques. Commercialization is the process which involves different task and activities to
bringing new products and services into the market for creating higher revenue. CEO innovation
commercialization is the process of making best efforts and activities to introduce in a nation
such as innovative products and services into the market for creating market awareness of that
product and customers for that too to make highest sale (Rasmussen, T.E. and Eliason, J.L.,
2017)(Zahedi, A.E., 2018)(Zhang, J., 2018)(Bodlaj, M. and Čater, B., 2019) . That is important
to make effective innovation and commercialization steps for meeting competitive ages over the
competitors’ similarities. Essence drinks is the beverage company which is developed before 3
years, the concept of mango lassie in UK. When Akshay Kumar was the founder of company ye
decided to make more innovation for meeting the competitive wages and increasing the sale. In
this report different concepts of innovation and commercialization are going to be considered in
context to the organization. In order to understand the main aspects of innovation through which
effective innovative concepts of drinks can be produce. Such as innovation and its important in
comparison to invention, role of the organization function in innovation and commercialization,
4Ps of innovation, innovation funnel, frugal innovation all these tools are going to be evaluated
in context to develop effective innovation recommendation for organization.
Explanation of innovation and determination of its importance to Organization in
comparison with invention.
Development of new business project and method ideas in order to make new market
approaches from that is called innovation. This is the application of creative and out of the box
thinking into the development of new value developing approaches. In context to the essence
drink, small scale organization. Innovation is there only way to get out of competition forces by
meeting the competitive edges through that. Below is a brief explanation of innovation and
invention along with its importance and comparison.
Innovation- this is the individual our collective creative skills approach which lead into
the development of new ideas or methods for creating unique changes on any project, process
etc. That is important for all business organizations, such as in context to Essence drinks that was
the great contributor of higher sale and profit. Because 2 year ago their product concept was very
innovative with the mango flavored lassi concept. Now it is important to make more innovation

in the flavor of lassi due to the presence of Higher competitors, with copy products (Koch, S. and
Guceri-Ucar, G., 2017).
Invention- this is application of practical approaches and skills to convert innovation
ideas into new product. Invention is the process which involves in the conversion of innovation
into new unique inventive products and services. Innovative concept of lassi was the key in
context selected organization. Which was the leading source of invention in the form of new
unique beverage product. Invention is the important process or approach which use after the
innovation for making it real and tangible. Searches innovation is this starting point of new
product who is the core of new product development giving the creative ideas and invention is
the for that stuff of converting those ideas into reality. The selected organization want to make
changes in their existing products in order to meet competitive edges so that is different from
invention and considered as the need of innovation.
Comparison between innovation and invention
Innovation Invention
This is the method of reading
new valuable and effective
changes on existing products
to make higher profits and
customer attraction.
This is day process of
developing new and
completely unique product
into the market (Buenechea-
Elberdin., 2018).
There is a need of critical
thinking analytical skills,
technical and processing
knowledge to make changes
on existing process and
product for effective benefits.
This needs various inventive
skills for developing new
products into the market such
as scientific skills and out of
the box thinking.
This is the process of
increasing the value of
existing products and
functions or approaches of
business.
This is the process of
introducing new products and
services.
This involves the This involves focus on

consideration of hole
organization functions for
making change in existing
product (Klasik, A., 2017).
research and development
department of organization.
Importance of innovation in context to organization
Innovation for business organization is very important concept and process because that
is the only way through which organization can make changes on their product and services to
meet the competitive edges. Such as Essence drinks can meet the competitive wages by making
more innovative changes on their lassi flavor, such as use of the different fruit flavors ideas and
different ingredients flavors ideas for lassi can be an effective innovation. New consistency
management technique ideas for making the changes on consistency and flavors of lassi is can be
another most effective innovation for organization. So, innovation is important for organization
to compete with the market forces and get advantage over all those forces by this (Freytag, P.V.
and Philipsen, K., 2019).
Analysis of organization vision, leadership, culture and teamwork and how innovation can get in
shape with all this functions.
For effective result of innovation, it is important to shape the innovation and
Organization functions with each other according to the importance. That is important to make
effective and creative steps of embedding innovation into the organization task, activities and
function. Organisation vision is there important for part of business strategy and plan which
should involve the clear-cut goals and objectives of business, so that the new innovative project
ideas have to be subjected with the clear vision and have to match the previous valuable goals of
organization. Then in order to achieve success in the accomplishment of business objectives that
is important to communicate with the employees so in context to this innovation and its task have
to be consider in team for make the goal achievement team work plan. Then in context to smooth
flow of team innovative task that is important to shape it up with effective leadership style which
can support in every steps. Then in context to reduce errors and facilitate the environment of
innovation that is important to shape up the culture with innovative concept.
Vision- Vision of the Essence drink organization is to offer the healthy beverage drink,
such as lassie with customers desired flavors. Organization aims to support customers in living
healthy life with healthy product. By offering different flavors of lassi with healthy ingredient.

Organization vision is to meet the competitive edges by offering the best product and making
sustainable business approach.
Leadership- once the organization is done with the innovation plant development, then it
comes to the leaders of team for educating the employees related to new innovation idea and
method of accomplishing that. Essence leaders have to change their approach according to the
innovation concept of different flavors lassie, such as kiwi, banana flavors lassi, in context to this
innovative idea company leader have to educate their subordinates for new processing and
storage techniques along with these leaders have to use participative style to get support of
employee’s innovation accomplishment (Anzola-Román,., 2019).
Teamwork work- Team members are the key assets of business management, so in
context to the achieving success in the innovation concept that is important for essence drinks to
develop and train effective team which can perform good and it helps to achieve free determine
aims and objectives of an innovation.
Culture- Organization key management factor is effective and regulator work place
culture, what helps in the achievement of desired employees’ performance, by setting affective
norms policies and values. Such as in context to the innovation concept of healthy and different
flavors lassi that is important for Essence drinks have to manage healthy e and facilitated culture
with risk assessment of product safety and development.
Analysis of 4ps of innovation and innovation funnel in context to organization
4Ps of the innovation
 Product: it refers to what the product or service Essence Drinks offers to its customers.
To survive in the highest competitive market Essence Drinks should must go with the
changes and innovation and business environment. Customers are attracted towards new
products, flavour, varieties and many more. All the above how Essence Drinks recreate or
update the existing product in something new or different from other products.
 Process: process is the procedure how the Essence Drinks creates its value to the market
and product. Essence Drinks must find new or completely different way to process or
procedure of the products or packaging or fast availability and adding more quality to its
products and more efficient or cheap so that every kind of people can afford to have it.

 Position: position refers to the market segment that the product and services targeted. To
be different from other competitors and innovative, organization must focus in innovating
new product that hasn’t been in the market before and completely different product to
create a new market segment. It will create more consumers in the market and more gains
(Abramov, O., 2019).
 Paradigm: paradigm Refers to the standard mental model or business models that
consists how the markets operate, how to get particular things done and what makes a
good development process. innovative paradigm includes lots of scientific, academic and
business world. A new or innovative paradigm in organisation could mean a new way to
reach or target customers and making profits.
Innovation funnel: innovation funnel is a continuous stream of lots of innovative ideas and
prototypes screened for viability. It is also called funnel management process this is popular
approach used by many companies to examine before being shaped into concepts and tested after
that the final product can be selected before being launched and marketed. innovation funnel is
that unlimited flow of innovative ideas that can be put in the start and after refining the bottom
comes with the most valid and viable idea. Assessment of opportunities: the Essence Drinks analyse that what kind of opportunities
exist for the product lassie or new line extension by market research, feedback and other
information sources.
 Ideation: After assessing the best opportunities for the Essence Drinks the next step is
to create the different kinds of lassie or offers that can capitalize in the opportunity. This
focus heavily on the market research and targeted customers and could take a form of
brainstorming co-creating with customers and conducting surveys. Focusing groups,
online communities and crowd sources (Gbadegeshin, S.A., 2017).
 Conceptualization: In this process the team design or create real concept for the top best
ideas for lassie that came from ideation stage. This may also include printing
configurations of product features or advertising copy or packaging mock-ups.
 Evaluation: After creating the actual concept this time is to evaluate the feedback from
targeted customers by testing different lassie concepts. this can also include choice

modelling or even current users testing. Based on feedback from the tests it may make
sense to iterates the new concept of lassie.
 Go/No Go: After the completion of testing and gathering of feedback from iteration.
Analysis reveals the concept with the best chance for success. Executives must make a
GO/NO GO decision on the new lassie products should be launched or not. The decision
not only depends on the evaluation results but also considering factors such as
manufacturing costs, margins and other items that are not related to customer preferences.
 Launch: At this stage the assuming at least one concept is given the go-ahead. The new
range varieties of lassie are launched into the market. From idea to life (Akgun, A.E.,
2017).
Analysis of the development in frugal innovation and examples that how it use in organization
context.
Frugal innovation- this is another most important concept of the innovation which
involves the development of new product improvement and change ideas. Which targets the
main important needs of customer and focus on the development of product for satisfying that
specific need by reducing the additional unnecessary features. This focus on cutting down the
extra expenses of product which helps, to provide lower price customer desired product in the
market. That is how the organization can further increase their sales and revenue by offering the
lower price good quality and specialized feature products by removing the additional functions
and charges. This concept of an innovation is focus on the global resources sustainability by
reducing the extra consumption of resources for unnecessary facilities. Below is the brief
explanation of frugal innovation steps in context to Essence drinks (Albert, M., 2019).
New Market opportunity- Frugal innovation is directly considered as the economical and
lower cost innovation. Which focuses on the customer needs and demands specifically. So, in
context to the frugal innovation that is important to do market research in order to understand the
market opportunities. Essence drinks should use this method to innovate their product, such as
organization half to make research of customers’ needs related to beverages specifically to lassi
which flavors the want to try, in which flavors customers are interested, what are their choice

about lassi product. By conducting this step that will be useful for organization to get the
information of customers specific requirements so that organization can focus on the elevation of
customize product according to customers’ needs (Finnigan, G. and Farkas, O., 2019).
Resources- resources are the important assets of product development, such in context to
Essence drinks, resources are milk and other material along with its packaging material.
According to this step of the frugal innovation organization have to make whole resources uses
in order to reduce the wastage. But the use of resources should be relevant and according to the
product and customer requirements. All available resources should be used effectively in order to
reduce the wastage.
Frugal innovation- Essence drinks should use this innovation in context to satisfaction of
their customers and higher sale by reading the customer desired flavors on lassi and removing
the extra additional features like packaging expenses. Company can focus on specific needs of
customer and at that on existing product by removing the additional expenses of product which
can influence the customers to buy lassi in higher number of quantity due to the lower price and
availability of desired flavors. Company can remove expenses of packaging material and make
use of lower price Indian style kulhad packaging. that is environmentally friendly and
economically affordable? Such as customer want lassi in kiwi flavors, banana flavors, mix fruit
flavors. So, organization half to focus on these desired flavors of customers in their product
development (Weyrauch, T. and Herstatt, C., 2017).
CONCLUSION
From the above study it has been concluded that innovation and commercialization are
the key concept of business at present market environment due to the higher competition. This is

the key tool or method which helps to meet the competitive edges by increasing the existing
product value and variety. So, innovation is important for organisation in context to long term
retention in the market with new creative product s. Invention most of time considered similar to
innovation but that is different somehow, because invention is the method of developing new
unique product with unique qualities. Innovation is improvement of existing product, quality,
value and facilities with creative approach. Along with the innovation approach that is also
important to shape innovation and Organisation function appropriately for effective achievement.
Such as organisation culture, leadership, teamwork and vision should be considered and
modified with new innovative concepts. There are some innovation models in tools which helps
to develop the innovation idea and its accomplishment approaches. Such as 4ps of innovation,
funnel innovation, frugal innovation, all these concepts are focusing on customer desire products
with economical business strategy.

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