Innovation and Commercialisation in Essence Drink

UNIT 8- INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
P1 Innovation and its importance in comparison with invention................................................3
P2 The way organization vision, leadership, culture and teamwork shape innovation and
commercialization........................................................................................................................5
P3 4 PS of innovation and use of innovation funnel to examine and shape innovative ideas.....6
P4. Development of the frugal innovation with examples..........................................................8
P5. Importance of commercial funnel and application of New Product Development (NPD). . .9
P6. Building up the innovation business case for Essence Drink..............................................11
P7. Various tools for developing, retaining and protecting the intellectual property and
knowledge..................................................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is process of improving the existing products and services of company so that
new customers can be easily added within the organization. In recent scenario, with increase in
level of competition, more and more companies are trying to differentiate its existing products
and services so that it can earn more profitability and market share in long run. Essence drink is
company that has been started its operations two years ago, that has launched an healthy mango
lassi in UK market that resulted in increasing overall sales and profitability of company (Dincer,
2017). So, this report has contained crucial detail pertaining to innovation, its importance, the
way organization vision, mission and leadership lead in shaping the innovation and
commercialization. Moreover, it has also included 4ps of innovation, frugal innovation and new
product development that helps in commercialization of innovation etc. At last, it has covered
different tools that are used by the company to develop, retained and protect intellectual property
and knowledge for benefits of organization.
P1 Innovation and its importance in comparison with invention
Innovation is an important process that has been undertaken by the Essence Drinks to
renew its existing products and services or new process to delivered products to customers so
that maximum value can be provided to end users. On the other hand, invention means that
company is planning to launch a complete different product in order to fulfill unsatisfied wants
of people that are living in society. So, innovation is just act of changing existing product while
invention is introduced of new products range with an motivate to attract existing as well as new
customers in the firm. In addition to this invention requires scientific skills so that individual is
able to find new and different method that could be used to meet customer's expectancy (Dincer,
2017). While, for innovation, only marketing and technical skills are required so that changes or
improvements made in existing products and services can be aware to customers for benefits of
organization. Therefore, the reason why innovation is important as compared to invention for
Essence drink can be illustrated in detailed as follows:
1. Positive impact on company culture: The first and foremost benefits that company
might get through bringing innovation within the firm is positive culture in which each
and every individual is highly motivated to be effectively performed. They are inspired
to identified innovative idea or method that can be used to delivered services to range of
customers for fulfillment of their respective desire. Thus, it helps in retaining highly

talented, experience and qualified employees within the organization (Huang, Farrukh,
C. and Shi, 2018).
4