Innovation and Commercialisation in Essence Drinks

Innovation and
commercialisation

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
TASK...............................................................................................................................................1
P1. Explain innovation and compare it with inventio..................................................................1
P2. Explanation of organisational culture, vision, leadership and team work that shape to
innovation as well as commercialisation.....................................................................................3
P3. Explanation of 4Ps of innovation and use of innovation funnel in order to examine and
shape innovate ideas....................................................................................................................4
P4. Explanation of development of frugal innovation along with example of its use in context
of company..................................................................................................................................6
P5. Explanation of importance of commercial funnel and its application related to new product
development processing for commercialisation of innovation....................................................6
P6. Building an innovation case for organisation and different ways to access funding............8
P7. Evaluation of different tools which can be used to develop, retain and protect intellectual
property......................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The report has main aim to analyse the significance of innovation and commercialisation in the
organisation. Innovation is all about developing new and creative strategies to enable new
product development which attain a unique position into market. In this modern world,
innovation is highly necessary to attract customers and take competitive advantage into market
as it fulfil new trends and market opportunities into business environment. This report is going to
focus on essence drinks, a drink manufactured company in UK (Mormina, 2019). The company
is famous for its Mango Lassie. Now they wanted to make product diversification without
compromising their basics product i.e. lassie by adding new flavours In it. for which, this report
will present areas of NPD. In addition to this, organisational culture to provide effective
leadership, training and best teamwork for commercialisation. Also, there will be implementation
of 4ps of innovation and development of innovation funnel. At last, the report will present an
innovative business case which describes their objectives, vision, mission and strategies to
expand their market by innovation. Also, the analysis of intellectual property knowledge is also
described in this report.
MAIN BODY
TASK
P1. Explain innovation and compare it with inventio
Innovation: in the current changing world and the era of fast growing opportunities. Innovation
is become the need of every business to grow and achieve high competitive advantage.
Innovation is about developing new products and services in the way of total new production or
by making changes in existing products and services (Skute, 2020). Therefore, innovation
require creative thinking and rare strategies to identify ineffective features in existing products.
Innovation is important because:
 It established a rare product quality into market.
 It is beneficial to boost sales and profitability by engaging customer retention.
 It gives a strong competencies and brand name to the company.
Invention: It defines a whole of new development which carry out a broad way to exists into
market. Invention is required when company wants to set a unique brand image which is not
easy to inimitable and no other firms could compete into market. Therefore, invention require
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deep research and proper market knowledge in order to be successful into market. Invention
require high investment as well as catch on modern technology.
Difference between innovation and invention:
Basis Innovation Invention
Purpose Innovation is about bringing
up new features, size, taste
and model into product and
services.
Invention is all about coming
with whole new concept of
product to bring changes and
unique development.
How its implement Innovation could implement
when company would not able
to fulfil customer needs
through desisting product. So
that, they decide to make
changes and innovation in
products so that it enhances
sales and customer attention.
Inventions are mainly drive
through earlier period and
require much time to analyse
market needs and available
technology.
What is the procedure? Innovation carries out by
taking feedbacks and customer
response through product
usage (Barrell and Hsu, 2019).
Therefore, managers of
company want to provide
something better and new to
customers in way of
innovation.
It derives the process of total
new concept to formulate a
unique image and copyright.
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