Innovation and Commercialization for Essence Drink

Innovation and
commercialization
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Introduction
Every company in the economy deals with the innovation to have growth and
development which starts with the invention. For the company the innovation is the important
aspect which display the challenges influencing between the competitors. The term innovation is
the interactive process which matches the needs and desires of the clients to fill the gaps of the
knowledge regarding the product conception, design, marketing etc through the technological
competencies (Cao, S and et.al., 2019). The commercialization helps in introducing the new
product in the market. Every business firms wants to attain the competitive advantage by
introducing the new policies or products in the innovative manner. In the study the Essence drink
is taken which will introduce the strawberry flavored Lassi. In the study the discussed topic is
based on the importance of the commercial funnel and new product development, further it also
develops the business case and ways to access the funds. In last it evaluates different tools to
develop and retain knowledge.
ACTIVITY 1
Covered in the Brochure
ACTIVITY 2
P5 Importance of the commercial funnel and the application of new product development
(NPD)
The commercial funnel is also known by the name of sales funnel which demonstrates the
consumer journey towards the purchase of service or product. In the commercial funnel the sales
process starts with the awareness of the customers and their problem is identified. It is the
process where the company generates the more leads and engages more customers. In the context
to the Essence drink the commercial funnel is important aspect. The company attracts the
customers with the help of commercialization by modifying products and services more than
usual. Thew main objective of the commercial funnel is to generate the profit through different
activities of marketing to selling (Davies, G.H and et.al., 2021). In the commercial funnel
different phases are included which makes the products efficient of the company. The
commercial funnel is very important as it leads to the company success by finding innovative
ways to make new product sop that more appeal can be created for the customers. The company
takes the help of research and development to create new products which also leads to
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improvement in the present condition of society. The company of Essence drink quickly adopts
the marketing strategy for the generation of more sales.
New product Development Process:
The new product development is the process which defines the essential approaches that
are essential in the introduction of new product or service in the market. The core methods are
identified so that the sales of the company can be increased by developing this procedure in the
time of market emergence. The process of the new product development includes various steps.
 Idea generation- It is the systematic process where new product idea is generated from
the external and internal sources. In accordance to produce the product in respective to
need and demand of the market the new initiative and ideas are created regarding the
present product. The essence drink produces the flavored strawberry lassi according to
the young generation by focusing on the current generation and to go for production.
 Concept definition- In such the product specification is made to the customers through
the company where the essence drink uses various steps to display the variety of flavored
product of lassi in which the strawberry lassi is one. The product is differentiated from
the other which can be also included in this step. This helps the essence drink to show
itself different from the other in the market (Eklinder-Frick, J.O and et.al., 2018).
 Market analyzing- It is very essential to analyze the market before introducing the
product in the market. The market analysis includes the market conditions, demand,
customer preferences etc. before the introduction of the product. In the same way the
essence drink analyzes the market and targets market in accordance to the customer’s
demand. The price of the product is set according to the satisfaction of customer.
 Product development- After the analysis of the business the product development work
is hand over to the research and development department which goes through various
testing. The product is established and deliberate in certain manner to attract the large of
customers. The product of the essence drink is developed and designed is such a way so
that customers can be attracted easily (Hasan, S.M and et.al., 2017).
 Commercialization- It involves the exhibition of the product in the market after testing.
In this process the final decision is taken whether to launch the product or not. It is the
final stage of the NDP process known as commercialization which is basically related to
the launch of new product of the essence drink of strawberry flavored lassi and high cost
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