Innovation and Commercialisation: Importance, Sources, and Frugal Innovation

This report discusses the importance of innovation and commercialisation in business organizations, sources of innovation, frugal innovation, and more. It includes a case study of Essence Drinks and their plan to create a new range of healthy drinks. The report also covers the 4Ps of innovation and the innovation funnel.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
Part 1................................................................................................................................................2
Task 1...............................................................................................................................................2
P1 The explanation and importance of innovation in development of a business organisations
................................................................................................................................................2
M1. Illustrate different sources of innovation and organisation to develops foster
development...........................................................................................................................3
P2. The explanation of vision, leadership, culture and teamwork context of innovation......3
D1. The development and measurement of innovation for achievement of target goals and
objectives................................................................................................................................4
Task 2...............................................................................................................................................5
P3.Analysis of 4Ps of innovation and application of innovation funnel to develop key
operations of the business in an unique manner.....................................................................5
M2. Critical analysis of innovation funnel in the company and its application.....................6
P4. The key development of frugal innovation and its major dimensions.............................7
M3.Analysis about role of frugal innovation.........................................................................8
D2. The financial projection of budget for the company.......................................................8
Task 3...............................................................................................................................................9
P5 Significance of commercial funnel and the product formulation in order to perform New
Product Development.............................................................................................................9
P6. Focus on innovation business case of an organisation with explanation of ways of funding
..............................................................................................................................................10
M4. Innovation based business case in detail along with application of new business approach
at the marketpalce.................................................................................................................13
Task 4.............................................................................................................................................14

P7 Analyse the different tools and techniques that companies can use for better develop.. 14
M4. Evidence based approach in applying different business tools.....................................14
D3. Focus on understanding nature of innovation along with its dimensions......................14
CONCLUSION..............................................................................................................................16
References:.....................................................................................................................................17

INTRODUCTION
Innovation is defined as an idea that has been transformed within practical reality. In
addition to this, Innovation is a process by which an organisation brings new product, ideas and
unique offerings at marketplace (Cao, Feng, and Zhou, 2020). It highlights an important role in
the overall growth which creates better development of business. As new innovation, allows the
business better opportunities to gain with more competitive advantages within marketplace.
While, commercialisation is the process of introduce new product and services with an objective
of more probability in marketplace. In case of both innovation and commercialisation leads to
the business towards better growth and success. In following report, the company is considering
Essence Drinks is one of well-established venture that started within two years before with one
drink a healthy mango lassi into UK market. On the basis of report, it includes major highlights
about how leadership, vision and teamwork can lead to an effective innovation and
commercialisation added in report. To addition 4ps of innovation along with better development
in frugal innovation is also get highlighted. There are various tools of intellectual property that
protect business image, resources, product and services etc.
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MAIN BODY
Part 1.
Task 1
P1 The explanation and importance of innovation in development of a business organisations
Innovation is referred as a process that creates new or creative by adding with certain
specification within existing product and services. In perspective of an entrepreneur, they are
innovative kind of personality and they conduct research overall market. Along with that,
entrepreneur inputs their creative ideas and skills in any kind of complex situation. Innovation
provide opportunity to company for more opportunities that further enhance performance in
marketplace and gain competitive advantages (Çengel, 2019). It also help the business
organisation to build loyal customers which will help the firm to effectively sustain for a longer
period in the marketplace.
In situation of Essence Drink company, which is one of well-established company ... In
order to retain the position within market place and enhance product performance where,
company is planning to create new innovative range of Essence Drinks.
Invention: It is defined as procedure of creating something new and unique for the first
time or something which never done before. It offers unique identification of product and
services in market which other company has not done before. With this, it helps the particular
business for measuring solutions towards specific problem which allows them to gain
competitive advantages. In perspective of Essence Drinks, invention of new drinks which would
help to sustain in the market place towards longer period of time.
In depth comparison between innovation and invention.
Basic Innovation Invention
Definition Innovation is encompassing of creation
new ideas in product and services that
creates huge impact in society (Dias, and
Ferreira, 2019). As Innovation is majorly
focus on changes that leads to inputs of
better goods and services.
Through invention, it is the
process of better creating,
designing and identifying new
and unique ideas for first time.
This is a process of creating
something within first time.
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Concept It is concept active practical enforcement
of new ideas in the business organisation.
According the concept of
invention, it involves an
original idea created for very
first time.
Skill needed In case of better innovation, the skills
which are required adaptability,
creativeness and strategic abilities.
In case of invention where the
skill is better needed which
includes with scientific skills.
M1. Illustrate different sources of innovation and organisation to develops foster development.
Innovation is generally implements with the purpose of seeking opportunities and
attaining competitive advantage at marketplace. For this, there are different sources of
innovations which is explained below in relation of Essence drink:
 Unexpected Events: This type of source that brings new opportunities for an equally
through innovation (Dincer, 2017). For example: if owners of Essence Drink innovate
new healthy drink and offer it in low price at marketplace. Now, it depends upon
customer taste, preference and demand to make product growth increase or decrease.
 Process needs: This need of innovation are those which supported by process of product.
Like in perspective of Essence Drinks, their healthy drink product growth relies on
process which manufacture or production department used.
 Demographic changes: According to this source of innovation, the modification process
happen in demographic factors due to customer changes. For Essence Drink perspective,
their team needs to measure the market on constant basis. This practise would help to
keep company enhance change in better manner.
P2. The explanation of vision, leadership, culture and teamwork context of innovation
The description Innovation and commercialisation having vital role of an important role
for business leading towards constant growth and success to generate better overall performance
of business. In case of selected company which help to make better plan for create new range of
drinks (Kedron, and Bagchi-Sen, 2017). Through proper market research, it will allows
company to brings effective innovation of product and services due to marketing technique. This
technique would help company for commercialised their product and services in competitive
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market. In following there is company related vision, culture and team work will help to measure
to innovation and commercialisation as described below:
Vision Statement: The statement of Essence Drinks company depicts that they want to
become an effective market leader along with their increasing in sales. Further, they have also a
motive to better bring different range of drinks in order to accomplish better vision statement.
Culture: It is a set of norms, values and belief which comprising about specific business
organisation culture. Through effective and positive culture would help for better motivating
employees to accomplishing desired goals and objectives. For Essence Drinks company, would
help the employees include their new creative ideas that help them to create new healthy
innovative drink product.
Leadership: According to the type of leadership style is used by the leader directly
which influence for innovation in product (Kergroach, Meissne, and Vonortas, 2018). In context
of Essence Drink company, leaders follow Participative leadership style that allows the leaders
to motivate team member for participate in decision making offers creative solutions.
Team work: By effective and cooperative team work in business organisation that helps
to company carrying out their activity with proper cooperation. In this, each team member can
contribute their skills and knowledge which beneficial towards chosen company in innovative
drinks towards available option.
D1. The development and measurement of innovation for achievement of target goals and
objectives
Innovation is a procedure that consists to be managed with long term perspective where it
can measure on the basis of two stages are:
 Identification of goal l: In this stage, the goal must be identified by company while
planning to bring changes in business (Kim, M.K., Park, J.H. and Paik, J.H., 2018). For
Essence Drink, they need to identify about their innovative goals which must establishes
brings more productivity.
 Short term deliverables: Once the goal has been identified, the next stage depicts about
accomplished for success which can be prioritized. For Essence Drink, as their goal is to
bring new flavoured fresh healthy drink as now they need to seek for strategy for
successfully implement of goal.
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Task 2.
P3.Analysis of 4Ps of innovation and application of innovation funnel to develop key operations
of the business in an unique manner
In perspective of measure about innovation process in particular business organisation
and implies the innovation process of specific business where the 4Ps of innovation which can be
adopted through Essence Drinks are followings:
Product: It is a first process, in which under new skills innovation is created by business
organisation that implemented effectively in order to enhance better performance within
marketplace. This satisfy the needs and wants of specific target customer. In perspective of
Essence Drinks, as the competition increasing in competitive marketplace to mitigate sales
reduction (Mattila, 2017). In order to enhance their sales and gain towards better competitive
advantages where the company is planning to better create a new specification of healthy drinks.
This practice can help to modifying their existing drinks as the company not wants to shift away
from Mango Lassi drink.
Position: With this, Essence drinks can target their customer who is more effectively.
But due to lack about new specification in product and services demand would get reduced. To
keeping this in mind Essence Drinks is planning to better create new innovative range of drinks
in order to attract wide range of customer with creates effective image in competitive market
place.
Process: This is defined about structure that adoptive by the company in order to
flexibility with better deliver of good and services to target specific customer (Ramljak, 2020).
This practise would prevent the company for improvement production process which is reduce
their cost. In perspective of Essence Drinks, the production and internal procedure can expand in
order to accomplish desired results with less time and increase in profitability.
Paradigm: It permit the business organisation for assort effective method of innovation
process that can flexibly carried out. This allows the business organisation to make their
innovation process easier In situation of Essence Drink company, this method would help the
company which is effective completion of their task and accomplish expected goals.
Innovation funnel: It is highly beneficial utilise during the process of new product
introduction within into market. It is by Essence Drink in form to make proper sequence of
product launching plan that ensure about long term sustainability benefit of innovative products.
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According to this funnel, it has involved certain important steps of product launching, planning
such as creative idea, proof of concept and sales. This practice is controlled by research and
development department of organisation. According to the changing of trend, product of
particular company would also change.
M2. Critical analysis of innovation funnel in the company and its application.
The general process of innovation funnel that describes about regulating of large number
of ideas which have potential to convert better formal development plans (Razak, and Murray,
2017). There are certain stages of innovation funnel which helps Essence Drink for innovative
product in market.
 Idea Generation: This is an activity which is optimise through research and
development department, that introduce with relation of product and services. In
perspective of Essence Drink, their research and development need to monitor market
opportunities and threats in current environment. According this process, company can
easily generate innovative business idea.
 Concept investigation: It is the process under which different steps are involved that are
associated with aims and objective of business. For Essence Drink, the concept
investigation process would help to tested with the support of identification for customers
and availability of better resources (Seclen, and Barrutia, 2018). All this information,
helps to accomplish the task in an effective manner.
 Feasibility study: According to this stage, the evaluation of idea that performed within
the reference of profit generated on the basis of technical, rational and economical
aspects. In Essence drinks, major responsibility of feasibility study is to recognise those
plans and innovative ideas which market can accepted and support as contributor in
behalf of business success.
 Development stage: This stage is used in order to launch for future product and services
with better considerable manner. In perspective of Essence Drink, their team need to
predict future forecast of new innovative Lassi drink product in a successful way.
 Post release phase: In this particular stage, feedbacks are generated through customer
which help company to know about the scope of improvement. For Essence Drink, this
stage support more improvement in their innovation product through the influence of
customer feedbacks.
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P4. The key development of frugal innovation and its major dimensions
Frugal innovation includes the particular procedure that is used to diminish complexness
in the task which would bring better production process for product and services . This is the key
objective which implements frugal innovation to introduce cost efficient product and services for
wastage production. Frugal innovation is helpful to eliminate those relevant aspects which are
not beneficial for the business.
 Identification opportunity in adversity: On the basis of process the aim is to finding
opportunities for prevailing problems so that it improvises organisation performance. For
Example Essence Drinks company new Pomegranate flavoured Lassi drinks with an
objective for society and environment benefit. They also introduce their new product and
services features which improvise better performance within long term sustainability in
business.
 Use less perform more: According to this step, it explains about identification of those
important resources which assorted by the specific business. So, this instruct the business
in recognising with various demand by customer that brings high efficiency in
organisation. For example, new Pomegranate flavoured Lassi of Essence drinks can
easily use their ordinary feature and so that it bring efficiency in business in order to
perform working in better ways.
 Think and act flexibility: This entitled for all those strategies which are consist very
strict and inflexible in form to introduce any change within the business in context of
needs and demand from customers. For example, new product of Essence Drink, it helps
to overcome from this issue in which their company's management team for emphasis of
improvising product.
 Assort simple methods: According to this process, it states about overall working and
operations within the business are supposed to be effective and complex. So, it is
necessary of proper understanding within the customer along with using simplicity
through continuous improvement are required in business so that attain with better
competitive advantages in market. In perspective of Essence Drinks new Pomegranate
flavoured Lassi, adopts simple method would help them for able to better identifying with
different market changes and customising product accordingly.
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 Include the Margin: In this particular step, it explains that overall customers are
considerable to be taken as process of improvement. With this, management team of
Essence drinks get support within existing product and services where business get
customer in regular manner.
 Follow the passion: This majorly depicts about the management activities of business
supposed to performed emotionally and passion. For new Pomegranate flavoured Lassi
drinks , their management team can customise their existing product and consider
potential market where company can offer innovative product and services.
M3.Analysis about role of frugal innovation
The role of Frugal innovation in Essence Drink new flavoured pomegranate drink that it
help to reduce cost and customer can easily experience its specific taste. It is related to
achieve better sustainable market demand to mitigate consumption within market. This
would be helpful for promoting better product and services that make sure about reducing
cost advantages in market.
D2. The financial projection of budget for the company
Particulars 2020 2021 2022
Receipts
Selling of clothes 35000 150000 152000
Online bookings 25000 95000 96000
Advances from clients 20000 51000 52000
Further developments 20000 50000 50000
Total receipts 100000 346000 35000
Payments
Salaries to staff 10000 55000 52000
Advertisement 5000 28000 25830
Rent of building 5000 28000 21800
Machines 20000 60000 58000
Cost of material 30000 80000 72000
Total payments 70000 251000 229630
Cash at the end 30000 95000 120370
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Particulars Amount ( In £)
Raw material 2000
Labours 1000
furniture 2600
Consumable goods 1000
Machinery 3000
Advertisement 500
Salary 1000
Total 10100
Task 3.
P5 Significance of commercial funnel and the product formulation in order to perform New
Product Development.
Commercial Funnel: It is a form of marketing tool through which business organisation
analyse better quality and trade practises of product and services to consumer. It is helpful for
company to properly elaborate the customer journey towards the new product purchase.
Importance of Commercial Funnel: Commercial funnel plays an important role in
business where it provides growth and other business related information such as pricing
strategies or customer details that helps to expand the business in competitive market. It specifies
effective process of main four marketing strategies that related to attract, convert, close and
delightful growth (Sousa-Ginel, Franco-Leal, and Camelo-Ordaz, 2021). According to these four
stages are benefit to Essence Drink new Pomegranate flavoured Lassi drinks to better analyse
market trends, demands and using of new development product which identifies opportunities
available in current market.
New Product Development (NPD): It is basically related with the process for
identifying the market area for essentials funding for launching new innovative products and
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services in market. There are some of major stages of new product development that helpful for
using commercial funnel towards better growth in market:
 Generation of Idea: It is a first step of NPD that involves ideas and better concept of
development by inputs new innovative ideas. In perspective of Essence Drinks new
Pomegranate flavoured Lassi drink, as company owner seeking for growth and
opportunities in market with that they believing the morale of company to produce
productivity within market. For better increasing market concept and changes which help
for generating new range of healthy Lassi drink flavour.
 Concept of Development: According to this second stage, it helps the company for
having specified product specification to their customer needs. Further in this, there are
some of customer targeted where Essence Drink can easily demonstrate by deciding
budget with better activities as well.
 Market Strategies analysis: This is third stage of new product development, that make
sure for fulfilled needs of customer successfully manner. This would be helpful to
company for measure the use of market and make effective marketing strategies to reach
customer market growth. In case new Pomegranate flavoured Lassi of Essence Drink,
they can use most important productive marketing concept towards launch for new
product in market and better use of effective digital marketing strategies.
 Product Development: This process of NPD depicts that company get support by
making effective development process and design with the change product development.
The use of product development can be designed to attract more customer easily. In case
of Essence Drinks, they planned to launch product in market within UK.
P6. Focus on innovation business case of an organisation with explanation of ways of funding
Innovation Business case: It is known as the procedure that help the organisation in
formulating innovation with strategical approaches . This will helpful for company to
undertaking the innovation process of analysing the risk factors that are associated with
innovation (Zarghami, Gunawan, and Schultmann, 2018). In case new Pomegranate flavoured
Lassi drinks of Essence Drinks makes assort innovative business variation in healthy Lassi drink
(pomegranate flavour) to increase better sales and profitability in competitive market:
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Executive Summary: For Essence Drinks, it is the beverages company based in UK
market. In initials years of company seek for rapid success and development within UK. With
this, Essence Drink make innovation with inputs new flavour of pomegranate flavour Lassi
Drink in competitive market.
Mission: The mission of Essence Drink is to offer new and wide varieties of Lassi to
their valuable customer in affordable prices.
Vision: The vision of Essence Drink is to make higher sales and profits in recent years
with having innovation in market.
Problem statement: The major issues with Essence Drink face while entering into third
year of business, as their Mango flavoured Lassi is declining into UK market. The owner of
Essence Drinks, thinks that their sales which declining for the long time, that may affect their
goodwill as well as it would also increase competition within market. As earlier the beverages
industry faces the competition in market from domestic and multinational companies.
Problem Solution: Essence Drinks need to release their innovative product in their
manufacturing units, as it will helpful towards company for increasing sales and profitability.
The solution that suggested for company is related with new offering of pomegranate flavour
Lassi to better measure issues which is having in current market. As Essence Drink assure that
new flavour Lassi is totally fresh and provide satisfaction level to their customer. This would be
helpful towards the company to retain their existing customer and attract new people by
providing emerging healthy drinks.
Swot Analysis
Strength Weakness
Essence Drink new Pomegranate flavoured
Lassi is having healthy indegrients that make
more benefitial towards people fitness.
Essence Drink innovate only innovate one new
product as there is limitation in product
distribution.
Opportunities Threats
Essence drink to promote online platform with
this company can attract more customer
effectively.
There is many beverages company like
Monster Energy drink and other can be
effective competitor for Essence Drinks
Financial Overview
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Particulars 30/08/21 (£) 31/12/21(£) 31/05/22 (£)
Production cost 5000 - -
Technology cost 2000 1700 1000
Advertisements cost 1000 1800 1000
Promotion cost 2000 1500 500
Total cost 10000 5000 2500
STP Analysis:
 Segmentation: This is the process that include a process which divide their customer
base within specific segments on common specification on the basis of common
characteristics. There is very segments of new Pomegranate flavoured Lassi Essence
Drinks can approach demographic segment for their product. Such as life style based,
fitness, health and the ones who are seeking for fresh new flavour for Lassi.
 Targeting: It is the main target of the company in market, Essence Drink new
Pomegranate flavoured Lassi is determines customer of age 18-40 peoples and also
fitness focused within customer. Further, with the help of consuming Lassi and also
providing with various health benefits of existing and new customers.
 Positioning: It is used for developing the targeted segment which create better marketing
mix for the better use of company. The using of social media platform by Essence Drink
to promote new Pomegranate flavoured Lassi product will helpful for better sustainable
and healthy environment in UK market.
Sources of Funding:
A company is always seeking of funds for expansion of their business in market. There
are two main sources of funding which can used by the Essence Drink either Venture capital and
Overdraft:
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 Overdraft: An Overdraft is the used for getting a time period of the credit from lending
organisation. It is helpful to account holder as they can easily withdraw their amount
even if account has not balance amount.
 Venture capital: This is a private source of funds where to provide capital to the
companies and make higher growth within exchange of equity stake.
Evaluation:
On the perspective of Essence Drinks, the suitable sources of funds would be Venture
Capital method as it will helpful for seeking funds as well as for growing market condition
within marketplace (Zhou, and Wang, 2020). The reason of approaching Venture Capital
business is because Essence Drink is small business in United Kingdom and they can easily
approach other large or medium firm to allocate better funds for their new Pomegranate
flavoured Lassi drink expansion
M4. Innovation based business case in detail along with application of new business approach at
the marketpalce
There are certain technique which explain about how innovation can measure business
effectiveness by using right form techniques are:
 New Innovative idea: To building innovative business case which is known as unique
and effective approaches to tackle the problem with innovation in market. As in Essence
Drinks new Pomegranate flavoured Lassi, the thought of introducing with new flavour
pomegranate drink was first thought.
 Better Development of idea: it is related to the better understanding concepts of
generating ideas that includes different base of benefits like cost, expenses and generates
opportunities to complete the stakeholder interest. In Essence Drinks, the development is
produced from declining sales in competitive market.
 Strategic plan: It is related to different action that used for attracting market and build
the plan to better attain objectives within effective manner. With the help of market
analysis, it is useful for access the competitors and analyse the condition of market.
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Task 4.
P7 Analyse the different tools and techniques that companies can use for better develop.
Intellectual property right is elaborate given to person over the creation of their minds.
This becomes a reason to protect for better develop, retain and protect from theft and losses. The
better protection of the intellectual property plays an important role for generating success. This
practise will helpful for generating effective competitive environment within the organisation
through securing the unique elements. Essence Drinks must work on their intellectual right of
Pomegranate, flavour Lassi Drink in market. There are different tools that company used to
protect brand image and IP address described below:
 Patent: This is type of tool provide an authentic license to the owner company that their
idea, product or process which cannot be copied by other person. This tool helps Essence
Drinks to protect their ideas and innovation from imitating in the market.
 Trade mark: These are categorised on the basis of design, sign and all those symbols
which represents the company of product. This is helpful for Essence Drinks to make
their separate identity in market and enhance better brand value.
Evaluation:
In the context of Essence Drinks, they must opt for patent as a tool of intellectual
property. This will help the company in enhancing their brand image in the market and
competitive edge with high consumer base and profit.
M4. Evidence based approach in applying different business tools
On the basis of above analysation, it is discussed that to project the intellectual property
right for successfully launch the innovative product within the organisation. Essence Drinks is
using an effective patent right and trade mark to protect IP right of new Pomegranate flavoured
Lassi Drink. The use of effective patent to help the Essence Drink and they can take legal action
if other business interrupt the changes.
D3. Focus on understanding nature of innovation along with its dimensions
Every company has objective to implement innovation to bring certain changes in their
business practice that generates positive outcomes and productivity. Innovation requires a path
that demands fearlessness, because to be truly innovative which is must willing to move forward
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to measure better road map. Similarly, in Essence Drink their management team plan to
implement new innovation new Pomegranate flavoured Lassi drinks that would bring better
work business opportunities.
Nature of Innovation
 Innovation companies recognise that there is quality that permeates with all aspects of
their business technology and effective strategy in marketing. They realise these
investment are very critical for company like Essence Drink. This can increase more
competition.
 Risk taking is part of business culture, as truly innovative companies know how
innovation consists high risk involved. In perspective of Essence Drink plans to
innovate new flavoured Pomegranate drink that consist high risk involved.
Challenges of Innovation in business to overcome:
 Employees are not empowered to innovate: If the employee are not effective or
empower enough, this can be fear for manager that depicts to distract employees from
day to day roles. For Essence Drinks internal innovation which support of leadership and
manager to take hold across the organisation effectively.
 Measure innovation Strategy: On the basis of innovation strategy implies by manager
of organisation is crucial manner. According to measure specific innovation strategy to
better evaluate risk factor otherwise, it will create more issues in future.
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CONCLUSION
From above analysis, it is summarised that innovation is one of the important concept
that is used to help the company to follow and implement dynamic environment changes in
industry. This provide assistance in gaining competitive edge in the market as by introduction of
brand new feature in product or services. Innovation is advantageous in modifying customer
need so that to make improvements in existing product or service. Innovation frugal, NPD
process and 4p's of innovation is helpful in recognising the areas and activities in which
innovation can be introduced in order to meet customers need. Further business plan helps the
business in properly executing their innovating plan so as to get competitive edge and market
capture.
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