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Innovation & commercialisation assignment : Essence drink

   

Added on  2021-01-02

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Innovation and Commercialisation
Innovation & commercialisation assignment : Essence drink_1

Table of ContentsINTRODUCTION...........................................................................................................................11) Analysing the importance of commercial funnel and assess the application of new productdevelopment processing for commercialising innovation...........................................................12) Building innovative business case for an organization inclusive of methods of funding.......2CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
Innovation & commercialisation assignment : Essence drink_2

INTRODUCTIONInnovation is stated to be one of the best technique that can help a company to increase itsreach and visibility among customers. The report will introduce new flavours of low fatmilkshakes for Essence Drinks. It will help the organization to analyse that whether all theimportant aspects have been taken into consideration while launching new product or not. It willhelp in comprehensively describing importance of commercial funnel and applying new productdevelopment concept to the newly introduced product. The report will then discuss regardingmethods of funding and estimated product for new product.1) Analysing the importance of commercial funnel and assess the application of new productdevelopment processing for commercialising innovationCommercial funnel plays an important role in launching new as well as innovative productin the market in a manner that maximum profits out of it can be generated. It plays a substantialrole in selecting useful products which can then be used in getting them to the right platform.Commercial funnel is also known as purchase funnel which demonstrate the journey ofconsumer behaviour towards purchasing a product or a service. There are basically five steps,that are involved in commercial funnel (Barczak, 2012). These are, awareness, opinion,consideration, preferences and purchase. Essence drink is a health drink company, which functions in UK. The company have beenable to come up with a single health drink, that is, low fat mango milkshake, in last two years.Due to high degree of innovation capacity and capability of large distribution, it has been able togive rise to large amount sales of that period for those two years. However, when the enterpriseentered into third year, its sales decreased drastically as the consumers likes to drink low fatmilkshakes of various flavours. Hence, it has been decided by essence drink that, Essence drinkwill get involved in offering various other flavours of low fat milkshakes in the coming period. Ithas also decided that the quality offered to customers will also be superior than the other oneswhich are actually available in the market or were actually offered by Essence Drinks itself(Bently and Sherman, 2014). There will be following features of new drink:Low fat milkshakes to be made available in various other flavours.Superior tasteNo taurine and caffeineHigh in nutrients and natural1
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