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Innovation of Essence Drinks

   

Added on  2020-06-04

13 Pages3782 Words135 Views
Business DevelopmentLeadership Management
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INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Define innovation and its importance to organisation in relation with invention..................1P2 Organisation vision, leadership, culture and teamwork can form innovation.......................2TASK 2............................................................................................................................................3P3 Explain 4Ps of innovation and use of creation funnel...........................................................3P4 Describe frugal innovation and its use in Essence drinks......................................................4TASK 3............................................................................................................................................6P5 Significance of commercial funnel and usage of new product development........................6P6 Innovation business case........................................................................................................7TASK 4............................................................................................................................................8P7 Different tools which are used to develop, retain and protect knowledge or intellectualproperty.......................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONInnovation is that process which create new idea and thought for maximisation of profit,attract large number of customers and also help in maintain reputation in the market. The mainobjective is to develop new product for fulfil all demand and needs of buyers in proper manner.In these days, innovation is increased day by day for enhancing number of customers towardsfirm products and services (Chesbrough, 2010). This report is based on Essence drinks which isstarted by Akshay Kumar who is the founder of this firm. He establish the company with onedrink that is mango lassi in the UK. In this project they want to create an innovation item ofdrinks which is totally different form lassis. This report will also role of 4Ps for achievingdesired goals and objectives in effective manner. Apart from this, it is describe the role of newinnovation idea for making attractive products which are liked by customers. TASK 1P1 Define innovation and its importance to organisation in relation with inventionEssence drinks are used innovation activity for effective growth and development of thecompany and it will help in producing attractive goods in minimum time period. The creativeprocess should be done by organisation for producing unique products drinks which assist inattracting large number of buyers towards their goods. It is necessary for an enterprise is toanalyse the demand and wants of buyers before making product. They should know about thatwhich drink is like, which flavour of drinking goods, taste and choice in drink products are likedby customers (Dahlander and Gann, 2010). There are certain importance of innovation are asunder:Managers of Essence drinks are increasing their present strategy for covering theattention of number of buyers. This will help in generating income and revenue in proper manner. Innovation assist in producing new product which is different form competitorsFor making creative products for accomplishing their goals and aims in limited timeperiod. The top management of Essence drinks are trying to applied new and fresh policies andplans for modify their existing goods and services. The difference in between innovation and invention that are as follows:1
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