Innovation and Commercialization

This presentation discusses the process of innovation and commercialization, focusing on the case of YOYO drinks. It covers the use of the commercial funnel framework, details of the proposed new drinks product, marketing opportunities, and the importance of innovation in business. References are provided for further reading.

Innovation and Commercialization
( PART B)

Introduction
Innovation is a process of introducing and implementing new ideas or
methods to produce innovative and creative products and services. It
includes development of new applications for existing technologies and
delivering products with increased value. On the other hand
commercialization is concerned with launching new product or service in
market and this includes production, sales, distribution, marketing and
other important functions which assist towards achieving commercial
success for new product or service.

Company overview and problem
It is based on YOYO drinks which is situated in UK offering mango flavoured
Lassi. The company was started three years ago and have achieve rapid growth
in UK market. At the initial level company launched one drink that was
healthy mango lassi and have seen increase in sales in these years because of
innovative product and effective distribution channel. Now the problem for
company is that there is significant increase in sales of Lassi because of cut
throat competition in the market. To face this problem manager of company is
planning to launch new range of flavoured Lassi for customers within UK
markets.

Commercial funnel is known as strategic framework that helps in effective
utilization and redevelopment of existing products by execution of various
policies, plans and procedures in YOYO drinks. Majorly this comprises of three
phases which are described below:-
Pricing policy- YOYO drinks is offering Lassi with many flavors at
affordable price to their customers. Funnel framework is used to set price of
products by analyzing the need, preferences and purchasing power of
customers.
Improving ways of growing business- This helps in knowing and
understanding needs, expectations and requirements of consumers. If this
framework is adopted by managers of YOYO drinks than this will ensure
growth of business in positive aspects.
Emergence of advance technology- YOYO drinks is offering kiwi,
strawberry and blueberry flavored Lassi in UK which is healthy and tasty. Also,
this is served in eco- friendly packing which reduces wastage of resources and
ensure environment safety.
Use of Commercial Funnel for finding solution to problem

Details of innovative new drinks product proposed
The manager of YOYO drinks is planning to launch new and innovative range of
products to face competition in UK marketplace. The new innovative drinks proposed
products are Kiwi, Strawberry and Blueberry flavored lassi. The proposed plan for
new innovative drink is given below:-
Ingredients: Different types of flavors in a customized manner as per needs and
demands of consumers. Some of flavors that company is going to offer are kiwi ,
strawberry and blueberry
More flavors: chocolate, mint and guava etc.
Nutritional values: Organic and natural ingredients are used.
Organic: Natural ingredients
Packaging: Glass Mugs.
Marketing and Sales: Social media marketing, TV promotion, print promotion and
paid advertisements.
Competitive price: Starting price range is 10 Pound.

Summary of marketing opportunities
 The company has opportunity to succeed in international market by new and
innovative products except UK market.
 By application of latest technology company can capture huge market share
by introducing good quality products at effective prices.

Self Reflection
There are five members in the team and they all are make their full contribution in
completing the work of the report. During the time of working in the team, we
divided all the work according to the skills and competencies of us so it is not
hard to complete the work on time to all of us. All member of the team are
responsible for their work such as gathering information, analysing data and
monitoring its effectiveness etc. The member of the team use their all skills like
communication, presentation, critical thinking ability and others to complete this
work in effective manner.

Conclusion
From the above report it has been analysed that innovation is important part that
has to be considered by every business organisation as this will help to capture
huge market share and increase their profitability. Also, the innovation will help
company to become competitive in market and successful running of business.
Therefore, innovation and commercialisation will help in enhancing sales, profits
and maximum customer satisfaction. Along with this innovation made by
company requires to protected and this can be done by copyrights, trademarks
and patents. Innovation helps companies to provide customers with maximum
satisfaction by fulfilling their needs and demands of them.

References
 Boruah, D. and Das, A. K., 2017, January. Exploring Grassroots Innovation
Practices and Relationships to Drivers of Start-Up Success in a Multicultural
Context. In International Conference on Research into Design (pp. 569-583).
Springer, Singapore.
 Easter, M., 2019. Mitigating Ruminant Methane: Exploring the Commercialisation
of Technologies for Reducing Livestock Methane Emissions.
 Ferasso, M., 2018. The representativeness of exportations for local development:
evidences from family-owned SMEs. International Journal of Research,
Innovation and Commercialisation. 2(1), pp.38-57.
 Knoke, B., Missikoff, M. and Thoben, K. D., 2017. Collaborative open innovation
management in virtual manufacturing enterprises. International Journal of
Computer Integrated Manufacturing. 30(1), pp.158-166.