Innovation and Commercialisation in Essence Drinks

UNIT 8 – INNOVATION
AND
COMMERCIALISATION

Table of Contents
PART- 1......................................................................................................................................................3
INTRODUCTION.......................................................................................................................................3
Explaining the difference between innovation and invention..................................................................3
Analyzing what is the value and importance of innovation in the organization and how they are
embedded in organization leadership and culture....................................................................................4
Examining different types of innovation and 4Ps of innovation along with their support ability and
managing of innovation...........................................................................................................................5
What are the different types of approaches that can be taken as the process of innovative ideas along
with innovation funnel and frugal innovation with examples?................................................................6
Recommendation.....................................................................................................................................8
CONCLUSION...........................................................................................................................................8
REFERENCES..........................................................................................................................................10
PART- 2....................................................................................................................................................11

PART- 1
INTRODUCTION
The project is based on the topic innovation and commercialization the organization that is based
upon essence drinks. It is the UK based company which is dealing in selling healthy mango
lassie from the last two years. The company was keep developing rapidly in two years because of
its innovative formula and distribution capability but afterwards the cells of the company have
declined when they have entered in the third year. The project will discuss about difference
between innovation and invention. Along with this it will also give the information about the 4ps
of innovation and will also apply frugal innovation and innovation funnel in organization. The
assignment will also discuss about the advantage of using the commercial funnel that is to give
solution highlighting strategic capability. It will also evaluate about what is the new innovation
for a new drinks product and how it would result in meeting stakeholder needs and techniques
that are essential for testing value of new drinks. Lastly it will also give information about
different types of the techniques and the tool that are used to protect intellectual property rights
for their new drinks
Explaining the difference between innovation and invention
INNOVATION INVENTION
 Innovation is termed as the creation of
the different method and process that
are not used by any one or on the other
not have been come into existence
before.
 Mainly it is used by the business or
other to identify the needs and desires
of the market along with the processing
competencies, current popular trends
and support that is in the terms of
finance.
 It is known as the process of the
creation that is done for the first time.
 Mainly it is used because it provides
security to the inventor that is related to
the right of the property.
 This process involves transformation
of the brand by introducing new
thoughts and comets in their products
that are tactual in nature.
 The main aim of this is to deal with the
overall producer that is for the

 It results in causing renewal and
expansion of the products.
 Further in this technical information,
knowledge and competency about the
needs of the market id required along
with the popular trends and support of
finance.
development of the products.
 In this competency, financial aid and
knowledge is required.
Analyzing what is the value and importance of innovation in the organization and how they are
embedded in organization leadership and culture
In this era every organization in the world wants to be innovation which will make their business
successful running (ah Kim, yun Ryoo and joo Ahn, 2017). It has been identified that nowadays
innovation is very essential for the company for rapidly rising. Innovation has the major impact
on the strategic planning that is made by essence drinks. On the other hand it also results in
causing the creation of wealth in the organization. In addition to this there are many
organizations which use the certain methods which are used for improving the ability that is to
innovate their products. For this the organizations is generating the operating systems which are
mainly focused upon the process that is regarding the innovation which is to indicate corporate
sustainability. The organization have to face different types of the impacts that is of knowledge
based, globalization, technology revolutions and migration and various climatic change issues
that requires innovation for adding the values along with the broadening base of the employment
in the organization.
It has been identified that essence drinks have launched the mango flavored lassie which has
resulted in boom in the market for their initial stage in first year. In addition to this company
hake to face decrees in their growth because they have not done any type of innovation for the
few years and was selling the same product. This have been resulted in lack of the innovative
mind that were arises in the young people who are the soul and the heart of the company. On the
other hand it has also resulted in affecting the company because of their lack of innovative ideas.
The organization culture and the leadership of the company is not very efficient as the leader of
essence drinks don’t know how to motivate and encourage their members that is to bring

different types of new and innovative ideas which will result in aching the goals and desires of
the company (Kastelle and et.al., 2018). Further the culture of essence drinks is also very bad
because of this the member in the organization have to face or are finding different types of
difficulty at the time of communicating with each other. They should also adopt different types
of the techniques which are very important for the organization that is to build up confidence in
their employees towards their working. Hence for this the company needs to introduce more
types of innovative ideas and the flavors in their new products which will result in increasing its
growth.
Examining different types of innovation and 4Ps of innovation along with their support ability
and managing of innovation
Innovation is the process that is termed as the procedure of doing new things. The 4ps of the
innovation that is used to support the capability and management of innovation are discussed
below:
 Product innovation: it is related to redesigning the products that are already having been
existing in the markets are termed as product innovation (Li and et.al., 2020). The
innovative ideas in the minds of the company can be easily changed in the manner of
smart and creative product. Essence drinks are being serving the same product that is
mango flavored lassie that is from last three years. Today the people and the individuals
want new taste and flavor that is with the changing time. For this the company must hire
the individuals to work on adding new flavor which can be included in new range of the
products.
 Process innovation: it has been identified that this method keeps its focus on how the
products are manufactured. The company was started by kasha Kumar and also has
gained as much popularity in the markets but has fallen down because there was no
innovation of the new products. However if the company have to improve its innovation
they should also keep their focus on the products that are available to the customers along
with this they also offer home delivery by using time method.
 Position innovation: it is related to the renovation of the existing; product in the new and
particular context. The owner kasha Kumar don’t want that the company should exclude
their mango flowered lassie so that the repositioning of the essence drinks will result in

proving beneficial. For this the company can make different types of the innovative ideas
that are to keep their brand of lassie.
 Paradigm innovation: this type of the innovation is related to the changing of products
and services completely. For this the company can also hire new candidate which have
new and innovative ideas that will result in success of the essence drinks.
What are the different types of approaches that can be taken as the process of innovative ideas
along with innovation funnel and frugal innovation with examples?
It is used by the essence drinks to take the ideas for the different tapes of the concepts to reality
that is by converging in particular product which will result in aiming of products and process.
The different types of approaches that can be taken as the process of innovative ideas along with
innovation funnel and frugal innovation are used by essence drinks. Development of the
innovation funnel is based upon the three steps that are discussed below:
 Wide mouth of funnel: it has been identifies that in their point the essence drinks keep
their focus upon taking more knowledge of increasing the information base. If the
company will have new and innovative ideas then it will result in giving more quality in
its products. Therefore the company must start keeping their focus on gathering
innovative ideas which can be done by the hiring talented and young staff on the other
hand they can also take the ideas and suggestions from the people who are using the
products (Kuznyetsova and et.al., 2019).
 Narrowing segment of funnel: after the executing the innovation it is the duty of the
innovative idea that is to do screening to whether the changes that are made by them have
resulted in the reaching the goals and objectives of the organization. Further now the
company will start making the assessment that what is idea they will select which will
result in full success. For this the company has to focus on all the aspect which will result
in matching the odes with the loans that are set for improving the growth.
 Narrow segment of funnel: It has been identified that the ideas that essence drink has
selected must result in meeting all the objectives of the essence drinks and then the
company must launch their new brand products that will be released in the markets. It is
the end process which is regarding that the company can finally launch their products in