Innovation and Commercialisation for Essence Drinks

It is suggested to do invention rather than innovation at their work place because invention is the process of creation
of new product or services for the very first time and organisation work only on the assumptions as they do not have
any appeal of the product to their potential customers. The second phase of innovation is invention. There is a
difference between innovation and invention which can be analysed by the below given table:
Difference between invention and innovation
Basis Invention Innovation
Meaning The process of creating new product or
services for the first time without
knowing about the potential customers.
For the purpose of increasing the satisfaction
level of customers and maximizing the values
of organization, the management formulate
and implement some new ideas at work place,
is known as innovation.
Generalization Invention refers to the introduction of
complete new product.
Modification or changes in current product or
services.
Concept Raw ideas and people are not concerned
about that
Making various ideas in order to increase in
appeal.
Skill It can be considered as a scientific
approach
Technical, strategic and marketing skills.
Concern It is concerned about the unique product
or service.
Mixture of various products.
Activities Activities of research and development
are included in invention.
All the departments and functions work for
innovation.
Example The first stock market crash followed
quickly on the heels of this invention.
Dollar Shave Club made it easier and cheaper
to buy razors, and they did it with style. They
were successful, in part, because of their
innovative approach to advertising.
INTRODUCTION
Formulation and implementation of new ideas is an essential factor as it is useful in
maximization of values of business and maintaining the level of satisfaction of customers. Along with
this, innovation helps the organisation in gaining competitive benefit. Below mentioned report is based
on the Essence Drink which are going to introduce strawberry flavoured lassi in the market. This report
deals with the concepts of innovation and invention, shaping of innovation, 4P's of innovation and frugal
innovation.
Innovation & invention
In order to continuous maintain the level of satisfaction of employees, it is necessary to
formulate and implement the new ideas at work place which result in innovation of product or services.
In other words, it can be said that the innovation is the process of generating new ideas which result in
the improvement of performance of overall organisation. Essence Drinks is not performing so good in
the market. Hence they should focus on the innovative approaches which result in the attraction of
customers. Otherwise it is not an easy task for organisation to hold the existing customers along with
attracting new customers.
Innovation and Commercialisation (LO 1 & LO 2)

 Culture: it is the integrated aspect of certain believes norms attitude and values of the employee within the
organization. In context of Essence Drink, they are supporting innovation as well as the
commercialization at their workplace that will positively impact on the company profile as well as reflect
the shape of innovation and commercialization. The adoptive working culture it is easy to adopt an
innovative idea in order to retain the effectiveness in their business operation.
Moreover, where are different sources of innovation which help the company in developing an environment as
well the innovative culture that leads to adopt new things and these factors are described below:
 Industrial Structure Change: this is the aspects in which company change their structure in order to
implement the technology. This could be in terms of infrastructure technology and working
culture(Tambo, 2018). These sources help the Essence Drink to implement the innovation in an
appropriate manner.
Demographics: This is the another source of elevation in which several changes acres in the demographic aspects of
business environment like human capital, population, income level etc., Which let the company to another weight or
adopt the change in an effective manner.
 Perception: It is the aspect in which deals with the requirements of the customer from the company or in
other words it is the perception of the potential customer for a specific product or services. As the people
within the UK are having health consciousness which will create a high demand for the products of
Essence Drink.
 Paradigm: This involves a change which is considered for a particular target that needs to be attained.
Hakim group pays their focus upon the investment opportunities that are delivered to company's
practitioners.
Importance of innovation
Innovation is vital in the workplace because it gives companies an edge in penetrating markets faster
and provides a better connection to developing markets, which can lead to bigger opportunities,
especially in rich countries. Innovation can also help develop original concepts while giving the
innovator a proactive, confident attitude to take risks and get things done. When a company has an
innovative culture, it'll grow easily, despite the fact that the creative process isn't always simple.
Tried-and-tested methods may be reliable, but trying out new things is a worthwhile experiment.
Vision, leadership, culture and teamwork can shape innovation and
commercialization.
Commercialization is the process of of introducing or communicating new product into
commerce or and say it is the process that is adopted by the firm for developing a product or a
process into new market place. There are various elements which are associated with the Essence
Drink that shape the innovation as well as the commercialization within the business enterprises and
these elements are described below:
 Vision: the vision statement of Essence Drink is to provide the healthiest and quality e food
product in order to ensure healthy well being of the individual. There are various
advancement in terms of health and quality which encourage the company to adopt these
practices in order to offer high quality food and beverage with the immense health benefits
to their potential customers. these are the factors which promptly shape of the innovation
and the commercialization within the organization.
 Leadership: In context of leadership it is quite evident that Mr. Wilbur is the autocratic
leader who take their own decisions and producing a food and beverage within the
organization and set the policies and strategies with their on that how we could sold their
product in the large market in order to sustain with the coordinates of innovation and
commercialization (Tsironi and Taoukis, 2018). Essence Drink mustard of a democratic
leadership style so that they can take the valuable feedback and suggestions from there
potential customers in order to adopt a new change within the organization.
 Teamwork: each task within the organization cannot be solely accomplished so it is
important for every form to form an effective team that can perform their task in order to
shape the innovation and commercialization within the organization.
Innovation and Commercialisation