Innovation and Commercialisation in Essence Drinks Company

This report discusses the significance of innovation and commercialisation in Essence Drinks Company. It covers topics such as 4Ps of innovation, frugal innovation, and new product development. The report also highlights the importance of organisational leadership, vision, culture, and teamwork in shaping innovation and commercialisation.

Innovation and
commercialisation
Contents

INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1 Innovation and determine its significant while comparing invention....................................3
P2 Organisation leadership, vision, culture along with teamwork to shape actual innovation
and commercialisation.................................................................................................................4
P3 4ps of innovation....................................................................................................................6
P4 development of frugal innovation..........................................................................................7
P5 Analyse significance of new product with NDP....................................................................8
P6 Build innovation business case for organisation....................................................................9
P7 Evaluate several tool in order to create, retain and defend intellectual property.................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is interesting process in which various aspect of need along with desire with
respect of consumer. It is mainly connected technology competency in order to accomplish gap
such as product conception, knowledge, marketing design along with several process. Here the
overall commercialisation is mainly depend upon term of ability with entity. Commercialisation
is most suitable process that involve some kind of transformation ideas along with Knowledge
and invention in order to conduct greater wealth. This is mainly refers as subset that consists of
boarder innovation concept (Çengel, 2019). Innovation reflect overall development with proper
application in terms of new range of products offerings. On thr other hand commercialisation
will cover optimum efforts of profit generation through innovative to boost sale by bringing
some innovation kind of concept through its process of products and services. As per the
research it has been analysed that both aspects innovation and commercialisation is essential for
company benefits. This is much associated with products and services. This will reflect
innovation aspects as it contributes to raise overall profit of company. This will boost overall
performance level of company as well as encourage employees satisfaction, market trends,
productivity growth etc. In this report Essence drinks company has been taken that is founded
by Akshay kumar in parts of UK. They mainly deals in the healthy mango lassi. The report
highlight some aspect such as innovation and determine its significant while comparing
invention. It included organisation leadership, vision, culture along with teamwork to shape
actual innovation and commercialisation. Report consist of 4ps of innovation as well as
development of frugal innovation. It analyse significance of new product with NDP. This build
innovation business case for organisation and evaluate several tool in order to create, retain and
defend intellectual property.

MAIN BODY
P1 Innovation and determine its significant while comparing invention.
Innovation means bringing up with something new idea generation in order to do
something creative and productive (Daim, 2021). Introducing something innovative into the
business will leads to cover some sorts of money, time and benefiting from competitive edge.
This will increase growing scope along with the business expansion in the market place. In
general words, innovation is basically known as changing process in context of developing
effective process of related ideas of product. On the other hand invention is mainly associated
with delivering security for invention along with intellectual rights of property. It will leads to
reflect actual form of invention (Das, 2021). It may be refer as fresh process of generation of real
product in term of more improvement in product offerings. Innovation is most important of
company for its long term sustainability in competitive market. This is most important for
Essence drinks company to stand out most different from its competitors. When organisation
introduce new range of product than target audience become more conscious about the offerings
and company has to manage its level of competitors. The proper balance must be maintain to
build innovative image. This will enhance the level of consumer base. This will deliver vision of
company by introducing innovative product. As company is focusing upon innovation concept
then it will turn around better market share of company. It will make more strengthen towards
developing more profits with help of innovative product range from its competitors.
Only innovation is not sufficient because in this industry most of the aims towards
technology at high level in order to solve many problems related with consumer problem. This
will reflect upon some sort of new generation of optimum idea with aspect o changing innovative
world while considering factor into account (Dias, 2019). So at last it has been clearly says that
innovation is much similar with invention. The different aspect and activity needed huge capital
in terms of investment covered process of research. Here innovation is something that will
discover novel potential about innovation to launch about something different and effective
method so that they can produce as well as distribute something innovative.
Invention is known as occurrence of idea generation of process as well as products
which is not develop before. Where as innovation consist of execution of idea of respective
goods and services at very first time. The invention is consider as creation of new product, on the

other hand innovation include by adding more value towards existing products and services. The
whole concept of invention is based on original idea that is working in the theory. Innovation
combines of practical implementation towards new idea generation.
P2 Organisation leadership, vision, culture along with teamwork to shape actual innovation and
commercialisation
Here mot of the company dealing with biggest challenge in order to execute effective plan
for potential consumer in order to transform influencing change. This will have full right in order
to train people in the form of creating or generation of skill along with competency level so that
Essence drinks company will compete with its challenges in order to generate more optimum
opportunity. This will reflect some sort of with benefit to new creative idea. The ultimate
purpose in term of innovation will leads to craft updating idea. Here invention aids towards
actualisation towards innovation that will decode something different. Aim of innovation and
invention is concern with overall commercialisation towards goods and services.
Commercialisation is some sort of aggregate process that cover area of future with
objective goal within organisation towards marketing communication through innovation and
invention to consumer (Dincer, 2017). In Commercialisation of product sever factor has been is
being adopted within process of Essence drinks company.
Organisational culture facilitates overall future objective area within organisation.
Essence drinks company deliver best service in lassi drink. by introducing some innovative
concept with process of commercialisation of product by targeting existing and current market.
Entering into market to fulfilling vision of company impact upon invention and innovation
process.
Leadership is one of effective process implemented by the organisation to complete goal
and objective. Various effective form of leadership such as autocratic, democratic, participative
as well as laisses faire. Essence drinks company implemented autocratic leadership style in
company due to leaders are more agile as well as aggressive in order to obtain higher quality
with effective leadership quality terms as successful in Essence drinks company.
Culture of organisation reflect upon aggregate value, attitude as well as norms with it staff.
Here culture is shaped as per respective country value and attitudes. Essence drinks company
adopted most suitable culture within country specific (Ercan and et.al., 2020). In company

cultural difference influence entire process of invention and innovation to build
commercialisation. Essence drinks company is much agile in order to accomplish respective
culture that will shape overall innovation process.
Team is most dynamic aspect towards issue related with problem solving in term of
respective task that is planned by company. Essence drinks company formulate several teams
through innovation and commercialisation process. Team will act accordingly in order to fulfil
organisational goal. With help of this they will deliver best optimum services to target potential
consumer in more effective and efficient manner. Here whole teams will aid in formation of
organising process towards innovation and commercialisation.
P3 4ps of innovation
Innovation is mainly concern with company that will develop new innovative idea with
their optimum thinking. Here 4Ps consist of innovation mix that is adopted by organisation
Essence drinks company.
Paradigm-This is one type of planed process in the company that tackle several changes in
terms of innovative ideas. Thinking process of company performing all types of job task that will
overcome challenge and threat. The overall change will be radical and sate not every changes
will turn as positive (Kergroach, 2018). It will facilitates some changes with respect of business
mode where changing range of product from the online channels.
Product-Main item that is deliver to target consumer which leads more value within
organisation. Here company is much able to add more products value and continuous focus upon
improving incremental change. On the other hand product must be some kinds of include from
different scratch that is radical change.
Process-This the most effective product range of consumer. It is not only concern with
preparation towards process in term of product and services. Here they include following step
such as supplying, workflow, appointing people as well as trained them. Process is something
that will leads to improvement process in company (Kim, 2018). This cover quick manner in
efficient way of new idea generation during its resultant process to enhance level of profitability.
This will conduct innovative process in order to replace from the exiting one.
Position- It is mainly concern with own form of perception in category of psychological in
order to support overall process of company This is most effective mechanism that facilitates
constant ideas generation through process of screening into terms of viability.

Innovation Funnel- This is also refers as funnel management kind of process. The
innovation funnel is most popular kind of approach with respect of innovation utilise in company
for formulation of effective action plan of innovation as well as realistic aspects that will reflect
upon aspects related with innovation.
The concept of innovation funnel leads to cover most loyal consumer with context of qualifying
optimum deal for the company. This will consider some productive ideas with process of
brainstorming in the session for more evaluation to identify products or services are acts as
profitable or not. Akshay Kumar founder of Essence drinks company change entire process by
developing funnel permeable. It introduce some kind of innovation aspects with proposed layout
ideas generation to accomplish need of company and individual. These are termed as external
type of partners and consumers.
P4 development of frugal innovation
As in reference of process towards frugal innovation leads to discover in kind of business
model that will reconfigured in terms of value chain, redesign overall products range to the final
user which covers more extreme kind of affordability constraints (Mattila, 2017). This is so
scalable kinds of sustainable methodology. This involves particular sort of overcoming as well as
tapping voids of institutional valuable resource towards constraints in order to develop some
particular inclusive Market.
Frugal innovation is kind of significant process due to following reasons -
Lacklustre- Growth along with cutting fund leads to reduce overall debt over
development economies that will enhance updated demands in terms of frugal products and
services that is linked with innovation process.
Environment constraints- It is attached with energy, climate resources and water. Here
the resources will raise demand in context of frugal models to ensure production and
consumption level.
New technology- This platform leads to cover some drastic change in decreasing
optimum level of cost related with some kind of innovation, creating value, new opportunities
towards optimal frugal innovators.
Caring- This will consider rapid society ageing that is essential for adopting new kind of
approach towards health as well as social care (Razak, 2017). This will include some kind of

radically model of busines with rethinking to develop more value chains which are apperent that
act as successful frugal innovation.
Fast growing Market- It will covers developing some kind of emerging economies
towards actual demand to uplift frugal kind of products and services at high level.
Example- Essence drinks company deals in lassi drinks to various parts of UK and other
country as well. This type of process is much concerned with frugal innovation due to consumer
will leads to cover countries throughout several kind of choice, demand and prefence. Target
consumer of other country are very sophisticated as well as knowledgeable in terms of new trend
that is why company focus to bring innovation product with help of complex functioning to
capture big marketing share (Seclen, 2018). Some kind of consumer are poor so it is most
preferably to adopt this frugal innovation while expanding business. This will deliver innovative
products with less from of complex functioning in order to build accesbility with introduction of
usage rules in order to conduct with vast market share in UK and other country as well.
P5 Analyse significance of new product with NDP
The similar name related with commercial funnel is associated with sales funnel.
Commercial funnel ensure actual journey of consumer that reflects toward some kind of
purchasing towards service and product. Here are five steps which refers in terms of funnel that
is mentioned below-
 Awareness- This will include proper evaluation of market sentiments before introducing
new product into the market. This will determine proper understanding of product
towards products and services.
 Consideration- This include factor of research in the market while introducing any new
product or services. Proper consideration must be included to Check feasibility towards
new product.
 Opinion- This will examine customer opinion regarding particular brand as wether they
should purchase the product or not.
 Purchase- This is final stage where customer will prefer to purchase product due to
innovative features.

 Preference- This will include product unification through which customer will develop
choice to purchase new product.
Commercial funnel is highly responsible in terms of visually consumer journey
representative that will depict some sort of sales process. This will counter actions of awareness
in this process. The ultimate importance will covers will lies towards commercial funnel that
consists of commercial funnel (Stoianoff, 2019). This will ensure some awareness in recognizing
consumer problem in effective manner. This will consider proper finding in terms of respective
solution to remove problem related with consumer. It can be done through email, campaigning as
well as social media marketing. However effort has been made in order to boost interest of
potential consumer which facilitates decrease in perspective of consumer and enhance the level
of sales in company. This will Cover optimum understanding with respect of process in terms of
innovation as well as commercialization. This will reflect upon effective level of competitive
edge in market place.
By adopting successful implementation of new product development as well as
commercialization funnel in company will conduct toward drive range of products toward
market share (Zarghami, 2018). This will build higher innovation case of business. However
while testing marketplace will leads to generate successful launch toward market share.
P6 Build innovation business case for organisation
This is the most toughest concept that is totally revolving around with innovation that is
implementing in process of business case of area. The overall range of business will Cover some
kind of innovation that is clearly has been shown in concept of brushing over. This is considered
as some kind of attempting in terms of qualifying and quantifying in order to develop best
application that fitted with the information which is perfectly handled (Zhou, 2020). Here the
overall needs will facilitate optimum level of conclusion that will leads to reduce some kind of
slow down to ensure emotive parts. This is perfectly reflect upon the idea generation toward the
concept that is leads toward the firm which has been seen in real time merits.
While working in most effective way the organisation mainly concerned to fulfill actuall
requirements that is applicable in business model of innovation concept. This is one of the most
effective procedure through which it measures some kind of measurement to uplift the actual

performance level. This will facilitate optimum delivery of idea which is associated with future
completion of task. The idea based upon innovation is mainly concerned with entity that cover
range of product development. This process is connected with actual pricing strategy, consumer
awareness along with market emergency.
 In starting this is closely related with offering range of products to win competitive edge.
This will leads to modify some kinds of products range that is essential to add with
proper attractiveness with effect appealing features of their current and exclusive batches
of products.
 They mainly focus upon highlighting the level of increases revenue capacity within the
organisation. This will ensure proper range of reasonable price by targeting respective
potential consumer.
 The promotional activities is focus upon targeting it's premium aspect. Here company
will leads to develop some sort of high positive and valuable image so that they can
easily target over and over generation that will work upon to boost sales and revenue
level within company.
Funding –
The business of management determine their manner of asset from new innovation fund that is
cooperation with administrator power. As they also get fund from their business supporters who
might help them from foreign investments and will help them to form the growth of their
business.
Ways of access funding – Bank loans – It will define the manner to deal with each every manner of asset that
termed as a particular sum of finance of fixed period of time and it is considered as a
manual of interest (Jowi, 2021). The bank offers financial help to them to set their
interest. Internal source – as there are several salt of internal resources that relates to the financial
section in economical way and it will termed as the constructive manner by which they

functions in the business of management with the proper use of each and every existing
approaches and plan of action. Crowd funding – It is related with the procedure of gaining financial help from higher
number of consumers by which the company might collect assets for their task of project
and for their managerial operations and function that are to be performed with the
segment a reason (Jonek-Kowalska, 2021). It will also termed as the part and role of
crowd sourcing and other financial terms.
Cash flow statement
P7 Evaluate several tool in order to create, retain and defend intellectual property.
Knowledgeable or intellectual property might have a termed as the factor of property that
involves intangible innovation of social intelligence. It is usually involves copyright, business
secrets, trademark and patents.
As per to the opinion of Huynh, 2021, as there are various sort of factors that maintain and avoid
intellectual property. In the manner of trademark they are termed as symbol for an image that are
linked with the business of management. It creates to set the link in between brand quality and
brand Goodwill that produce and create brand reputation at the marketplace. As in case of patent

it define star legal rules that might not approve other faculty to present business in various
process that the business is bringing forward. As on the other side copyright will termed as the
power of authority to copy it. It generally determined approval that will get copied. In terms of
new novation of lassie patent are demonstrated to suitable to them as their new created good is
measured to be efficient. The intellectual property rights are as follows –
 Copyright – As it is one of the highly relevant rule in between each sort of management
by which the business can limit the other section of management from copying their
goods and facilities to put forward into their own management for gaining of higher term
of productivity and profitability. Copyright act defends the intangible form of information
and innovation by the management. Copyright act is termed as the manner that create the
legal security that secure the unique and new task of the executive that it is in the manner
of tangible section (Grzegorczyk, Lotfian, and Nuttall, 2021). The copyright act will
involves the choices like right to trade, present the work widely, provider copies, printed
the task on the online channel and get make the copied work and many more as it is for
some specific oriented period by which the copyright protection at is lawful for the
invention of the task.
 Trademark – Trademark is termed and demonstrate in the section of the particular,
image, motto or design that will different from other section of management and it will
also help to determine and differentiate the goods and the facilities of the specific brand
and the management by offering them and important brand individuality. As on the other
side trade is termed to be an intelligent property of right that secured the individuality or
the mark factor of the business of management through which the management is been
identify as across to the world. Each and every business of management will secure their
brand image, logos, new and innovative logo or symbol with an adequate trademark
security by which no another brand can copy the same logos or image from them.
 Patent – The patent is termed as an essential intellectual rule or right of act that are
created by the authority of power of government for the specific nation to secure their
right of the creator by which they can't be get copied from other business for their
business of management. A patent is related to the administrator section that might secure
intellectual rule of right because there are several fixed length in terms of patent security
act like 15 years or 25 years as it will rely on the type of creation and invention. As there

are various benefits of patent and like the new creation or innovation will not be get
copied by other and creating off their goods or selling of their goods will can't be
happened without their permission for approval (Faccin, and et.al., 2021). As it also
develop competitive sets of benefit with its new invention at the marketplace. As on the
other side they have disadvantages or drawbacks related to the patent as it is time
consuming procedure related to take time while invent something new in the manner of
the business of management and follow the new set of market tendencies and techniques
or approaches.
CONCLUSION
From the above mentioned report it has been concluded that, innovation and
commercialization is termed as an essential factor that are to be bring forward in managerial
exercises. Innovation and commercialization is important for each sort of business of
management. As when invention is bringing by management it might assist in important and
producing competitive benefits and profit. The business of management might keep their
concentration on having invention in their offered goods and facilities more than innovating
them. The following reports bring forward a brief discussion related to the importance of
innovation and their ways or manner that offers vision and role of purpose to innovation full
socks it will termed as a discussion or clarification of invention and commercialization that get
formed with managerial vision. It brings out a brief discussion of 4Ps of invention that are in
terms of nu created good in the business of management in respect to produce finance and asset
as with funnel frugal advancement in business of management.

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