Innovation and Commercialisation in Essence Drinks Company

INNOVATION AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1. Importance of innovation to organizations in comparison with invention...........................1
P2. The ways in which organizational vision, culture, leadership and teamwork can shape
innovation and commercialization..............................................................................................2
M1. Different sources of innovation and the ways organizations can foster culture and
environmental innovation...........................................................................................................3
P3. 4P's of innovation and the innovation funnel to examine or shape the innovative ideas.....4
P4. Development in frugal innovation and the ways in which they are utilised within the firm 6
D1. Analysis of the ways in which innovation is developed, embedded and measured.............8
PART2.............................................................................................................................................8
P5 Importance of commercial funnel .........................................................................................8
New product development processing .......................................................................................9
P6 Innovation business case of Essence drink..........................................................................10
STP analysis..............................................................................................................................11
P7 Tools used by organization..................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is a repetitive procedure of matching the requirements and desires of the
customers to various abilities in order to fulfil the gaps of the information about the products ,
their conception, design, marketing and several other procedures. Commercialisation introduces
innovated goods and services within the market space to become successful in nature
(Geissdoerfer, Vladimirova and Evans, 2018). This report will include differentiation of
invention and innovation in the context of Essence Drinks along with 4P's of innovation in order
to understand their roles and functionalities. Apart from this, the study will also highlight the
concept of new product development procedure in detailed format to go through its
commercialisation innovation according to the case study that has been given about the
innovation of the Essence Drinks Company.
MAIN BODY
P1. Importance of innovation to organizations in comparison with invention
Invention of any product basically refers to the conception and launching of new product
and services within an organization. The concept of invention deals with the creativity and
production of the firm while the innovation conception refers to the modifications within the
inventing products and services. In innovation, no entry of new product has been takes place,
only improvement of existing products have been done by the establishments (Diaz Abrahan and
Justel, 2019). Basic differences between invention and innovation has been described below:
Invention Innovation
 This is related to preparing new
products and launch new services.
 Invention starts the company with its
newly introduced products and
services.
 It enhances the value of the firm.
 It requires knowledge base abilities.
 It depends on the theory concept of the
 It is about making new things from
existing products.
 This process can be done for the
enhancement in the productivity of the
firm.
 Innovation deals with latest trends and
prepares the products into modified
version.
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goods.  Marketing and strategical skills are
required.
 It is based on the practical implications
into the product.
In context of Essence Drinks, the invention done by the establishment was the healthy
mango lassi into the market of UK which achieved dramatic rise in sales of the firm in their first
years. But when the company enters into their third year they feel decrease in the demand of the
product as the company requires innovation strategy in order to sustain within the UK market.
With the case study, it has been identified that companies requires time to time management of
their products and services with the latest trends of the business world (Karaca, Daştan and
Çalmaşur, 2021). All firms are started with the conception of invention but runs through the
innovation only. Innovation is the ultimate thing that exhibits the rival power of the Essence
Drink Company in front of their competitors.
P2. The ways in which organizational vision, culture, leadership and teamwork can shape
innovation and commercialization
Commercialization is a concept that deals with financial gains of the Essence Drinks firm
with the help of launching new products and services within the business world. It includes
sales, accounting, marketing and customer support (Mare, De Nicola and Miguel, 2021). This
concept enables the establishment in dealing with marketing status and planning. The points that
are discussing the criteria of innovation and commercialization of the firm are:
A) Vision: The vision of the Essence Drinks Company is to describes the product
innovation and the ways in which the commercialisation of the innovated product i.e.
mango lassi have been done. The vision of the firm is the only thing that defines the
company growth and innovation range after which commercialisation can be done
through easy format.
B) Culture: Different companies having diversified culture like in Essence Drinks
Company, the firm offers healthy flavoured drinks to their users. Culture basically
defines the methods through which the product will going to be innovated and in what
terms the commercialization of products and services gets affected.
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