Innovation and Commercialisation in Essence Drinks Company

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