Importance of Innovation and Frugal Innovation in Essence Drink Company

U8 PART A

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
PART - A.....................................................................................................................................3
P1 Presenting the importance of innovation and difference between invention..............3
P 2 Describing organizational vision, culture and teamwork shape innovation....................4
M1 Analysing the different sources of innovation..............................................................4
D1 Critically analysing the process of measuring the innovation......................................5
P3 Explaining the 4 P’s of innovation funnel and the use of innovation funnel..............6
M2 Analysing the role of innovation funnel.......................................................................7
P4 Presenting development in frugal innovation.....................................................................7
M3 Describing the role of frugal innovation.......................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to making changes in the existing products in order to increase the
demands. Moreover, it is a process of implementing an idea that result in introducing
the new goods and services in the market (Chen and et.al., 2018). Along with this, the
present report is based on Essence Drink that serve Varity of drinks to their customer.
Moreover, the headquarter of the company is located at UK and cover the local
market.
Furthermore, the study will discuss on difference between innovation and invention
and its importance in the organization. Along with this, it will depict about the 4 P’s of
innovation and how commercial funnel will help organization to increase its
productivity
MAIN BODY
PART - A
P1 Presenting the importance of innovation and difference between invention
Business innovation is very important for running the business in the competitive
market. Moreover, it is a method of introducing new goods and services in the
market in order to attract more and more customer. It is not only related to manufacturing
the new items rather it also include new market strategy in order to increase the
overall growth of the firm (Russell and Smorodinskaya, 2018). Furthermore, innovation is
vital for the organization as it allows the firm to add value into the business as well as
increase the sales that contribute in success of company. Along with this, it helps the
firm in staying ahead of the competition as it allows the firm to predict the
market situation. That allows the firm in developing the market strategy. In addition to this,
it allows the organization to take the advantage of the new technology such as data
analytical tool that contributes in identifying the demands and needs of the
customer.
On the other hand, invention is the process of developing new products that will
allow the organization to be unique in the market. Moreover, it is the process of
creating new products in the market while innovation is the process of adding value