Innovation and Commercialization

Innovation and Commercialization
Task 3 And task 4

Table of Content
 Introduction
 Importance of commercial funnel and application of the new product
development
 The innovation business case and source of funding
 Tools to protect intellectual property
 Conclusion
 References

Introduction
Innovation within the business is the process in which companies
come up with the new additional ideas within the existing product.
Organizations try to make their product and services more value for
the costumers, so they continuously bring some changes in their
product by collecting new ideas. This report will cover the case
study of Essence Drinks, Mr. Akshay Kumar started organization
two years ago and he could not foreseen rapid early stage success
that took place. Mr. Kumar launched the firm with on drink with
healthy option which is Mango lassi in United Kingdom market.

Importance of commercial funnel
Commercial funnel is also known as the sales funnel and marketing
tool that is used by the marketing team of the company. It helps to
map the journey of the customer and their needs that are observed by
the marketing of the company and according to the over process the
develop the product and services, so they can satisfy the needs and
demand of customers. Essence Drinks also use the commercial
funnel to identify the needs and types of services they can develop
by using the drinks that can be innovated and creation can be used to
make their work more effective.