Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................1
P1Briefly describe innovation and its importance to Essence Drinks in comparison with
Invention.................................................................................................................................1
P2Explain how vision, leadership, teamwork and culture of an Essence Drinks contribute
towards innovation and commercialisation............................................................................2
Analyse different sources of innovation and how innovative culture and environment can be
develop in Essene Drink.........................................................................................................3
Task 2...............................................................................................................................................4
P3 Analyse the 4 Ps of innovation and explain the use of innovation funnel to examine and
shape innovative ideas............................................................................................................4
P4 analyse the development in frugal innovation and provide example of how it is used in
organisational context.............................................................................................................6
Task 3...............................................................................................................................................7
Covered in PPT.......................................................................................................................7
Task 4...............................................................................................................................................7
Covered in PPT.......................................................................................................................7
Conclusion.......................................................................................................................................8
References:.......................................................................................................................................9
Books and Journals.................................................................................................................9

Introduction
While running and manage their business operations, organisation comes across a several
challenge that impede their success and growth in long run. Changes are natural and are integral
part of business environment, with the changes taking place at exponential rate business firms
adapt to these changes and respond with the aim of achieving its objective. Innovation is one of
the best approach for the organisation to meet the changing expectations of the customer which
are changing rapidly (Koukaki and Tei, 2020). Innovation is defined as bringing ideas into reality
and the outcomes are introduction of new goods and services, or bringing necessary
improvements into the existing offerings with unique features and added value. Essene Drinks,
founded by prominent actor Akshay Kumar, offers healthy beverages to the customers ok UK
and mango Lassi is there signature product. The objective of report is to develop a new business
plan to overcome the declining the sales of the company and detailed understanding of
innovation and process of innovation development.
Task 1
P1Briefly describe innovation and its importance to Essence Drinks in comparison with
Invention
Innovation: Innovation, in broader terms, referred to as the development and implementation of
unique ideas into business that improves the way through which business deliver the value to its
target audience. Innovation can be related to development of new products, adding unique
features to the product or improve the business process with the aim of delivering expected value
to the customers.
Invention: Inventions are the novel methods, techniques or process created by an inventor which
have not existed before and emergence of these inventions brings revolution in the market place.
Creativity plays an essential role in development of invention (Tjahjono and Cao, 2020). In fact,
innovations are the commercialisation of the invention that brings competition.
Importance of Innovation and Invention in Essence drinks
 Innovations brings necessary changes into the way of doing business that helps the
company to grow and succeed in the market and empower to face the cut throat
competition.
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 While adapting to the changes company brings new technology or process to produce the
goods and services, all these changes into the business helps the company to stay relevant
and meet the needs of customer in a unique way.
 Innovation increases the profitability of a company as they are distinct and unique in
executing their business operations as compared to other rivalry companies.
Difference between Innovation and Invention
Basis Innovation Invention
Meaning Innovation is to introduce
something new in the market
through manipulating existing
invention into a useful
products or services (Di
Guardo and et. al., 2021).
Invention is the introduction
of something new that has
never been existed before,
literal meaning of invention is
to discover new ideas,
methods or process.
Strategy Innovation is conducted with
the objective of enhancing the
competitiveness and
profitability of a company.
Unlike innovations, invention
takes place in blue ocean
market where company
created demand for itself and
there is no competition.
Skills Innovation makes the use of
marketing, strategic and
technical skills.
On the other hand, Inventions
requires Scientific Skills for
the development.
P2Explain how vision, leadership, teamwork and culture of an Essence Drinks contribute
towards innovation and commercialisation
Commercialisation of the innovation entails developing and bringing new products or services
into the market as per the demand, needs and expectation level of a target audience.
Commercialisation is a broad concept which consist of several activities such as production of
goods, channels of distribution, marketing and promotional campaigns, sales, customer services,
and several key elements which are crucial in the successful commercialisation of an innovation
(Wu and et. al., 2021). However, there are other aspects too that contribute equally towards the
commercialisation process which are mentioned below:
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