Innovation and Commercialization in Essence Drinks

This report discusses the importance of innovation and commercialization in Essence Drinks. It explains the difference between innovation and invention, analyzes different sources of innovation, and evaluates ways to develop, embed, and measure innovation in an organization. The report also explores the 4Ps of innovation and e innovation funnel.

Innovation and
Commercialisation
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Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of innovation along with determining its importance to company in
comparison with invention..........................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................4
M1 Analyse different sources of innovation...............................................................................5
M1 Analyse the various sources of innovation and the ways in which an organization can
develop culture and environment of the organization.................................................................5
D1 Critically analyse the ways to develop, embed and measure innovation in context of an
organization.................................................................................................................................6
P3 Explain the 4Ps of innovation and e innovation funnel..........................................................6
P4 Explain developments in frugal innovation and provide examples........................................7
M2 Analyse and apply the innovation funnel..............................................................................8
M3 Appraise the role of frugal innovation..................................................................................8
P5 Explain the importance of the commercial funnel and the application of New Product
Development................................................................................................................................9
P6 Build an Innovation Business Case for an organisation.......................................................10
M4 Build a detailed Innovation Business Case.........................................................................12
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................13
M5 Present supported evidence-based evaluation of these different tools................................14
Conclusion.....................................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
In modern era, all business concerns deal with innovation that results in organisational
growth and development (Rasmussen and Eliason, 2017). Innovation is said to practical
execution of ideas which leads to improving current offerings of company or launching
something new in market. Likewise, commercialisation is termed to a process to introduce a
commodity or new production method into commerce so to make it available in market. For
understanding innovation and commercialisation, selected company is Essence Drinks which
was started two years ago to meet demand of market for variants of beverages and drinks.
The report explains context of innovation as well as determine difference among
innovation and invention. It further explains different innovation types, process needed for
commercialise innovation and evaluates range of methods to protect idea or intellectual property.
TASK 1
P1. Explanation of innovation along with determining its importance to company in comparison
with invention
Innovation is a process in which organizational or individual do some changes or innovate
something new in their products or services in order to develop growth of their business in
existing market. Innovation plays a vital role in order to increase the economic growth of the
business in competitive market (dos Santos Nogueira, 2021). Innovation is most importance for
the businesses in order to achieve success in today's innovated world. To increase its growth in
market Essence drinks of UK innovates a new product a Mango Lassie in order to get help to
make strong position in the market. Essence Drinks makes innovation in its offerings for creating
addition to capturing sustainable along with profitable values. The entity embed innovation by
emphasising on meeting needs of customers together with market for variants of drinks. The
importance of innovation in context of Essence Drinks are discussed below:
 For the creative development within an organisation innovation is essential that help the
organisation to learn new and innovative things for increasing its growth in the market.
Essence Drinks also do creative development with the help of their new innovation of
Mango Lassie.
 Innovation helps organisation to become popular brand in the competitive market. For
this purpose, organisation learn new and different way to become more innovative.
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Essence drinks also learn different ways in order to innovate its new product Mango
Lassie, this will help them to become popular brand in the market.
Invention is said to novel device, composition or method (Novikov and Arbelaez-Campillo,
2021). In a company, invention concept is used in order to make something distinct that is not
been developed or introduced by others n market till date. It includes making new items as well
as finding new ways to produce things. Essence Drinks is a beverage company that invent drinks
with stimulation of imagination or devises new solutions for managing its growth. Furthermore,
managers of the entity create invention through developing ideas, writing all on paper and testing
each for making invention in whole manner. For Essence Drinks, importance of invention are as
follows:
 Invention is important for the entity as it assist in shaping overall workings through
using ideas and thoughts which are never used by others till date (Eckhardt, Ciuchta and
Carpenter, 2018). For Essence Drinks, invention is important for shaping existing
practices and operational workings in order to achieve satisfactory results for generating
revenues and profits. Through launching a novel idea or business developmental process, invention is
importance for organisation to make unique position in market because it leads to grab
attention of new customers as well as improving market shares of entity. Within Essence
Drinks, invention is important for making improvisation in customer base along with
shares in new market so to sustain growth and development.
Comparison between Innovation and Invention
Basis Innovation Invention
Skills required The skills that required to an
organisation for innovation are
strategic, marketing and
technical. Essence Drinks also
used these skills for their
innovation.
The skill that required in the
organisation for the invention
of new product is scientific.
Essence Drinks used scientific
skill for the invention of the
new things in their business.
Importance Innovation is important in the
organisation to adopt existing
Importance of Invention in the
organisation help them to
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or new opportunities, solve
problems and so on in order to
get help to develop its growth
in the competitive market.
Importance of innovation in
the Essence Drinks is to adopt
new or existing opportunities
and upcoming trends and get
help to become popular brand
in the market.
create something new in order
to attract more customer and
make strong position in the
market. Importance of
Invention in Essence Drinks
by creating something new is
customers attraction and
increase in economic growth
of their business.
Occurrence Innovation occurs in an
organisation when there is
need of improvement in the
existing product or services in
order to fulfil irrational
demand of market. Innovation
occurs in Essence Drinks when
their growth decrease in the
market with their existing
products. For increasing
growth in the market
innovation help them.
Invention occurs when an idea
or strategy strike to the
managers of an organisation to
create something new which
attract more and more
customers and also get help to
create strong competition for
the competitors. In context of
Essence drinks invention
occurs when idea or concept
attract managers to invent
something new to become
strong competition for other.
Activities
Activities related to innovation
is spread all over the
organisation. All level of
workers of Essence drinks help
them to innovate new product
in order to develop growth in
the market.
Activities related to invention
within an organisation is
limited to research and
development department in
order to innovate something
new which does not exist in
the market. Research and
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development department help
the Essence drinks to invented
something new.
Importance of Innovation and Invention
Innovation plays a significant role in workplace as it provide opportunities to penetrate
market for better connection and development. innovation will be helpful for providing better
practice, having confident nature and finding better solution for overcome the challenges to their
employees. This actually help in regulating the creative, continuous, reinforce the brand, USP
and effective social media process.
Invention within an organisation is helpful for generating lives in many ways and make the
employee's task in an easier way. With the use of invention, the organisation may improve their
knowledge of the world with different perspectives (Hensmans, 2021). Invention help the
organisation to work in a better ways to provide the motivated culture to the organisational
context.
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation
Within an organisation, it is important to focus and identify effective challenges
associated with the transformation and implementing change. The main purpose of the
innovation is related to having new and innovative idea to actualise the concepts and appropriate
use of thinking environment. Innovation with in the Essence Drinks is helpful for generating new
ideas to commercialise their new products and services.
Organisation vision plays an essential role in the creation of activities in an innovative
ways. This will be helpful for the employees to ensuring about the ideas and bring the changes to
bring new product development (Khurana and Dutta, 2021). This will be helpful for encouraging
the leader to bring new innovation and products for the growth of the company.
Leadership will be helpful for the company to achieve organisational goals to make a
success in the market. Leadership plays a significant role for conceptualising the method and
choose the right leadership style that is autocratic, democratic and other leadership styles. When
the company chose the right leadership style, then it will be helpful for generating the idea with
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the help of their team members. The leader of the Essence Drinks use the democratic style as it
will help the company to work in more effective ways.
Organisational culture is referred as norms, attitudes, beliefs, opinions prevailing within
the company for the employees. Most of the team members have been opted effective growth
and void nature within the organisation that will help the employees for considering effective
growth (KN and APMD, 2021). This will be helpful for considering different product ranges and
services in the market for the growth of organisational perspective.
Team Work - Teamwork is known as the group of individual that are comes into the group to
work for attaining the organisational objectives in an effective ways. It is related to work as the
concepts to solve the problem with dynamic nature to commercialise the products and innovation
within the company. As working in the team, it is important for the growth of companies to
analyse the market demand and achieve systematic growth in implementing new ideas and
services. Team work actually help the company to formulate the process in an effective manner
for analysing process and achieve the targets of the company.
Leadership – Leaders are related as the individuals who motivate employees in their aims in
well-termed manner as well as resolution all their problems and issues that they are facing in the
manner of the market place.
Culture – Managerial culture plays an important section to shows that how managerial workers
think, perform and answer in the business. Essence drinks of organisation will manage original,
effective and positive working surrounding that motivate the employees to exist in well-defined
manner.
M1 Analyse different sources of innovation
The use of innovation within the organisation is helpful for generating different type of
techniques and new ideas that are based to approaching innovative products (Muriithi, 2021).
Akshay Kumar, the Owner of the Essence Drinks wants to innovate new water melon flavoured
lassi within the UK market. This will be helpful to analyse the major sector for providing to
effective ways to gain opportunities and mitigate the risk. The sources of innovation includes;
the unexpected growth, incongruities, process change, industry and market structure,
demographic, changes in perception and gain new knowledge.
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 The unexpected – Managers who will termed the market consistently to determine high
term of opportunities for their development and growth and engagement of group in
innovation and changes in the manner of organisation.
 The Incongruity – As there are variant between the current field of marketing tendencies
and needs of market. Organisation will change their situation into chances.
 Process need - Essence drinks will relates to the global term of process and adopt the
thoughts of task-oriented process and resort of all issues and complications are as
efficiently.
 Demographics - As there are various sort of chances that are happened in population
demand, income and tendency that should be the source of invention.
D1 Critically analyse the ways to develop, embed and measure innovation in context of an
organization.
Innovation helps an organisation to come up with new ideas that helps the business to
enhance its feasibility, viability as well as desirability. Innovation facilitates the business in
enhancing its existing products and services in the market along with enhancement of process at
the organization. The innovation at the organization facilitates the business to solve problems
that are being faced by the organisation and further helps in reaching the new customers.
Innovation is a quite significant process that adds and creates value for the organisation. The
value creation further helps in creating opportunities for the organisation in terms of revenue
generation with the help of existing methods. Enhancing the performance effectively and
efficiently in an organisation helps the organisation to save time as well as money for the
organisation. The innovation can be measured in terms of goal completion. Hence it is important
for the organisation to identify the goals and further work on its accomplishment. The
accomplishment of goals will help in measurement of the innovation at the organization
P3 Explain the 4Ps of innovation and e innovation funnel
The Essence Drinks is the company that helps in analysing the situation and adopt
effective marketing strategies. It will be helpful for the company to indemnify the problems and
use effective solutions. With the help of effective organisational structure the company used to
define the future task and achieve the organisational process. The 4P's of innovation is used by
the Essence Drinks to develop their new product range within the market.
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 Paradigm: This process is helpful for showing specific innovation category to analyse
the change and make systematic growth. This is related to planned process by the
organisational change and use different innovation ideas (Moreno and Joly, 2021).
Paradigm is related to plan the new job roles by facing new challenges and threats. As
Essence Drinks are planned to change their products line from offline to online market.
 Products: This is related to the growth of the business by selling some products to their
customer in the market. This model state that the company wants a suitable changes and
that produced growth for the organisational structure. In context of Essence Drinks make
new water melon flavoured lassis.
 Process: This is the process, referred to the products that is providing to their customers.
It will be helpful for generating the new idea and development of the process for
increased profitability within the organisation. It will be helpful for generating the source
with more effective and applicable process (Qiu and et.al., 2021).
 Position: Position is actually related to the company's own perception and physiology
category that is used with effective process. Further, future growth in the different
organisational aspect and innovation process is helpful for analysing the innovation
position in market. In context to, Essence Drinks change their market position from adult
to children.
Innovation funnel
Innovation funnel is related to the use effective and constant ideas that can be screened
for the viability of the products in market. The use of innovation funnel is helpful for using
management to make popular research for the innovation in effective realistic action plan. The
idea of innovation funnel, is related to work and originated the sales process (Reyes and et.al.,
2021). It take the idea for containing effective deals in the company and make lots of idea for
brainstorming the session to analyse the new market and achieve profitable business idea.
By using effective innovation funnel and having its different ideas for the growth of
effective potential customer to qualify the deal for the company. With the help of brainstorming
the process and launch new products in the market for the effective services in profitable nature.
The owner of the company is using some major innovative and commercialised process for
analysing the change in market and make permeable funnel for the growth of open innovation
process in market.
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Frugal innovation
Frugal innovation is termed to be sort of section that refers to the decrement of the unnecessary
price. It will considered the production of the valuable products. This innovation is termed as the
frugal innovation because it works like the reverse procedure of inventions. It is also very helpful
in decreasing the complexity that are engaged in the creative section of method. Such sort of
innovation is supportable for the management in varied manner.
Innovation Funnel
Innovation funnel is divided into three sections that starts from original funnel thoughts
that are developed than thoughts are established. Essence drinks apply the innovation funnel in
the organisation of drink by developing new thoughts of idea that require to extend in the field of
market place.
P4 Explain developments in frugal innovation and provide examples
Frugal innovation is the process that discover the basic ideas and business models that
actually enhance the values in scalable and sustainable process. As it is the process that deals
with the effective businesses ideas and respond for the growth of limitation in the resources.
With the help of make financial, material and institutional constraints for the growth of
innovation in practical solutions (Schwabe and et.al., 2021). In the context of businesses, frugal
innovation is the very effective to change in the products for using of sustainable development
process. Some of the main reason for conducting the behaviour and achieve systematic growth
are related to:
 This is related to dull growth and declining funds to reduce debt in the economy, that will
increase the demand of frugal products and innovation within the process.
 It will be helpful for generating the source and make environmental friendly constraints
to make climate, energy, water and different resources in the market.
 Using new technologies and platform will be helpful for the company to creating new and
effective opportunities in the market.
 It will be helpful for fast growing market, developing for the growth of demand in market
and achieve high services in the market.
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M2 Analyse and apply the innovation funnel
In the context of Essence Drinks, is helpful for generating the data and use effective
sources for analysing the major change in market. With the help of new development and process
need is used to follow up the demand and compare with the effective marketing strategies.
Essence Drinks is useful for considering the major changes to apply growing industry in the
market and achieve sustainable techniques within he market (Siegel and Guerrero, 2021).
M3 Appraise the role of frugal innovation
This is related to achieve effective delivering market to lower the cost and adopt the
mindset for lowering the simplicity. With the help of simplifying the low cost without analysing
the market for sacrificing the quality to their user and experience in the market. Essence Drinks
is related to achieve sustainable market demand for reducing consumption in market. This will
be helpful fro promoting goods and services to make sure for reducing the cost advantages in
market.
P5 Explain the importance of the commercial funnel and the application of New Product
Development
A commercial funnel is a the marketing concepts to analyse the marketing tools which
actually modified the different marketing tools. It will be helpful for the company to demonstrate
the customer journey towards the purchase of a service or products. The importance of the
commercial funnel is helpful for the growth of the businesses in the marketing growth. This is
related to the effective process of main four marketing strategies related to attract, convert, close
and delight the growth (Singh and Aggarwal, 2021). These stages are helpful for the company to
analyse the market demand and use new development product to identified the market with
effective core methods. In the case of Essence Drinks, the need to analyse the marketing
situation and use effective sources for finding, trading of work in the best possible manner.
New product development is basically related to the process for identifying the market
area for essential funding for launching new products in market. Some of the major stages of
new product development is helpful for using effective commercial funnel to the growth in
market:
 Idea Generation: In order to produce the products, according to the need and demand of
the market to create new initiatives and idea generating products. It will be helpful for
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completing effective growth in company to engaging activities to their workplaces. In
case of Essence Drinks, company owners wants to provide relevant growth and
opportunities in the market for believing the morale of the company to produce
productivity within the market. For increasing marketing concepts and changes that is
helpful for creating new range of lassis and its flavour.
 Concepts of definition: This is the stage that help the company for having specified
product specification to their customer. It would be helpful for generating the concepts
and identified the market to launch a product range (Sixsmith and et.al., 2021). The new
idea of the company is helpful for completing source and achieve growth in market as per
the need to launch the watermelon Lassi in the market.
 Market analysing: This is the third stage of the new product development and make sure
for completing the need in best possible ways. It will be helpful for the company to
analyse the use of market and make effective marketing strategies to reach their customer
in an effective market growth. This will be beneficial for the changing analysis of market
to develop effective marketing analysis. In case of Essence Drinks, company using most
effective marketing concept to launch a new product in the market and use effective
digital marketing strategies (Karpenko, Naumchuk and Karpenko, 2021).
 Product development: It will be helpful for the companies to make effective
development process and design the changes in product development. The use of product
development can be designed to attract the customer easily and achieve effective product
development in market. In case of Essence Drinks, they are going to launch their products
in market in UK.
 Commercialisation: This is related to the effective stages, the company wants to launch
products in the market to make effective context for the growth and development in
market. This is related to effective products and development in market. This is related to
effective products and development in market for commercialise the market situation in
market. In case of the essence drink, the need to work in the company is helpful for
effective products in the market of UK (Tianyi, 2021).
P6 Build an Innovation Business Case for an organisation
Innovative business case is known as the process that help the organisation to formulate
the innovation with strategical approaches. It will be helpful for undertaking the innovation
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process by assessing cost and analysing the risk that is associated with innovation (Marullo,
Martelli and Di Minin, 2021). Essence Drinks use the innovation business case for innovating the
new flavour water melon lassi within the market:
Executive Summary Essence drinks, is the company that is a beverages company based on
the UK market. In their initial years the company wants to get rapid
success and development in UK. For this The Essence Drink make
innovation within the new varieties of the Lassi (Water Melon) to
increase their sales and profitability in the pre-established market.
Mission The main mission of the Essence Drinks is to offer new and large
varieties of Lassis to their valuable customers with affordable prices.
Vision The Vision of the company is to make high sales and profits in the
recent years with having innovation in the market.
Problem statement After entering into the third year of the business, Essence Drink find
their operational activities and sales are declining in Mango Lassi into
the UK market. The owner of the company, thinks that their declining
sales for the long time that may affect the goodwill of the company
(McGahan and et.al., 2021). As earlier the beverages industry face the
competition in market from domestic and multinational companies.
For this, It is important for the organisation to bring innovation which
improve their sales and help to attain competitive advantage ta
marketplace.
Problem solution Essence Drinks need to release innovative product in their
manufacturing units as it will be helpful for the company to sales and
expand the products of the company. The suggested solution for the
company is related to offering new water melon lassi in UK market
(Leckel, 2021). The new flavour lassi is very fresh and provide the
satisfaction level to their customer. This will be helpful for the
company to retain existing customer and attract new people by
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providing them energizing and healthy drinks.
Financial Overview
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:
STP marketing is acronym for segmentation, targeting and positioning to examine the
process of company's products and communicate the benefits of effective customer segments.
This will be helpful for considering the approach for a business development for established the
product positioning strategy for each segment.1. Segmentation: This is the process that actually involve the way to divided their customer
base within specific segments on the basis of common characteristics. The very first
segment that essence drink chosen on the basis of life-style based, fitness based and the
one who wants to try new refreshing flavour of lassi (Moreno and Joly, 2021). The
second segment is used for the average income group customers.2. Targeting: The main target of the company in market is to examine the fitness focused
people within the customer. Further, with the help of consuming Lassi and providing
various health benefits to their existing and new customers.
3. Positioning: Positioning is used for developing the targeted segment and create the
marketing mix for the use of company. The use of right positioning strategies will be
helpful for making sustainable and healthy environment in UK market.
Product innovation: The innovation within the Essence Drinks is to produce new water
melon flavoured lassi drink for their valuable customers.
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Different funding sources: Companies always seeks of fund for the growth of the
business activities in market. The two main sources of funding used by the Essence Drinks
Venture capitalist and Overdraft (Suhada and et.al., 2021).
 Overdraft: An overdraft is the used for getting an time lag of the credit from a lending
organization. This is helpful for allowing the account holders to continue their
withdrawing money even when the account has no balance.
 Venture capitalist: This is the private source of funds to provide capital to the
companies and make higher growth in the exchange of equity shake.
 Bank Loans: These are the most common sources of funding for having different
organisational concepts. This method will be helpful for providing relevant sources and
needs to complete the demand.
The Essence Drinks, use the venture capitalist method as it will be helpful for seeking
funds from here which is helpful for growing market condition within the marketplace. This
method is beneficial for the rising the funds for the company.
M4 Build a detailed Innovation Business Case
 A thought: Building the innovative business case is known as unique and effective
approaches to tackle the problem within the innovation in market. As in Essence Drinks,
the thought of introducing new water melon flavoured drink is the first thought.
 Development of the idea: It is related to the understanding concepts for generating ideas
and include different benefits like cost, expenses and generating opportunities to
complete the stake holder's interest (Trigeorgis, Baldi and Makadok, 2021). In essence
drinks, the development is produced from declining sales in market.
 Strategic plan: This is related to the different moves that are used for attracting market
and build the plan to attain objectives in an effective manner. With the help of market
analysis, the Essence Drinks is useful for access the competitors and analyse the
condition of the market that is related to company's present situation.
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property
Intellectual property is known as the different ideas, invention and new work which is
used to produced by the individual or a group. In past, this is not such a big deal to protect the IP
15

address of the company but now in present, the information can be accessible and easier to
distribute due to the use of technology. This become the reason to protect the intellectual
property for develop, retain and protect from theft and losses. Protection of the Intellectual
property plays an important role for getting success in company (Chien, 2021). As it will be
helpful for generating effective competitive environment within the organisation by securing the
unique elements. Essence Drinks needs to work and make protected intellectual property rights
of Watermelon Lassi Drink in the market. There are different tools that company used to protect
the IP rights are described below:
 Patents: This is the tool that provide the inventor with exclusive right for the growth of
specific time period. Essence Drink can gain the patents rights with the help of applying
in Intellectual property offices (Zhao, 2021). The major advantages of the company is
that to protecting their manufacturing idea of Lassi from their rivals without their
permission. The disadvantages is to providing protection for very short period of time.
 Copyrights: This is referred to protecting artistic, literature and musical work. This is
useful in the businesses to protect their brochures, annual reports and any other
documents. Within the Essence Drinks, the company use this copy rights to safeguard the
annual reports and manufacturing process of their Lassis.
 Trademark: This is referred to the recognized symbol that can indicate the product of
company and make differentiation from similar products in market. Essence Drink can
get the logo of Watermelon Lassi Drink that may protect the intellectual property of the
product. The benefit of the trademarks is that it is cost effective process. Whereas, issue
of the trademark is related to leading liability disputes in market.
M5 Present supported evidence-based evaluation of these different tools
From the above analysis, it is discussed that to protect the intellectual property rights for
successfully launch the innovative product within the organisation. Essence Drinks is using
effective patents rights and trademarked to protect the IP rights of Water Melon flavoured Lassi
Drink (Uzunidis, Kasmi and Adatto, 2021). The use of effective patent to help the company and
make legal action against the changes. Further, the use of demerits to make patents for analysing
public disclosure to make intellectual property. It is further analyse that the use of trademark and
its registration is the time consuming process.
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Conclusion
From the above analysis, it is concluded that innovation is one of the important concepts
that is used to make for the help of company to make dynamic environment and changes in the
industry. It is very helpful for the company to form effective innovation in the management team
of the organisation for achieving competitors advantages in the market. All of these are helpful
for attaining the goals and make objective to analyse the company and their employee's
behaviour is helpful for considering the significant values that is useful for the company and
their customers. These tools are helpful for generating effective options for completing the
innovation and invention period for the growth of the company.
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