Importance of Innovation and Commercialisation in the Essence Drink Company

Innovation and
Commercialisation

Contents
Introduction.................................................................................................................................................3
Main body...................................................................................................................................................3
P1 what is Innovation and examine their importance with respect to the chosen Organisation in
comparison with invention......................................................................................................................3
P2 Explain how vision, leadership, cultural and team work can figure in innovation and
commercialisation...................................................................................................................................5
P3 4Ps of innovation and use of innovation funnel.................................................................................6
P4 Development of Frugal innovation.....................................................................................................8
Conclusion.................................................................................................................................................11
Reference..................................................................................................................................................12

Introduction
Innovation is the process where the entrepreneurs use to innovate their Idea into physical
finished goods and services. It resulted in the introduction of products and services for
improvement in the existing goods which are already offered by the company. It plays a critical
role with respect to the growth of the organisation and also helps them to expand their businesses
at the global level. In this cut throat competition every company is required to develop
innovative ideas into their products and services which helps them to attract their targeted
customers in the interference manner (Agarwal, Brem and Dwivedi, 2020). Commercialisation
refers to the process which helps the organisation to bring their products and services into the eye
of the targeted customers. The organisation used to commercialize their products with the help of
different marketing strategies. The firms can raise their value of sale by serving creative products
into the local or international market.
It is being discussed about the essence drink company which is founded by Akshay
Kumar. Before this only he has started his company with the innovative drink Idea known as
healthy mango lassi. When he launched his product in the competitive market the company has
and hence increased their sales and increased the distribution capacity. This resulted in the huge
amount of profits to the organisation. The report discusses the difference between innovation and
invention and importance of innovation with context to the essence drink company and also
focuses on vision, leadership, culture and shape. Innovation and commercialisation is also
discussed. The several steps with respect to NDP which can be adopted by the organisation in
order to improve themselves in the competitive market. Struggle innovation is used to reduce the
cost of goods by which we organisation can reduce their cost of production.
Main body
P1 what is Innovation and examine their importance with respect to the
chosen Organisation in comparison with invention
Innovation means something completely new in the products and services with respect to
their creation aur adding some features and characteristics into the existing goods and services
which are offered by the organisation. The companies used to adopt innovation techniques in

order to attract their targeted customers towards the products and services. It is important for the
essence drinks to use Different techniques in order to survive and sustain for a longer period of
time in the competitive market place. The company has innovated healthy drinks and the
importance of innovation is also beneficial for the company as it helps in order to survive for a
longer period of time and enhance the profitability from the market.
Importance of innovation
Higher customer satisfaction: innovation plays an important role as it helps the
organisation to satisfy their customers in a more effective manner. For this the organisation used
to determine Different techniques in order to examine the needs and wants of the targeted
customers so that they can analyse what innovative ideas they are required to satisfy the
upcoming desires of their targeted customers. The basic requirements which always must be
fulfilled by the essence drink with the help of a new healthy drink project (Albats and et. al.,
2020). It is successful in the market because the healthy drink helps the customers to maintain
their health in this pandemic situation also. Due to covid-19 every individual wants to intake all
those products which helps them to boost their immunity system. It is also beneficial for the
organisation as the customers are demanding more healthy items so that they can defeat the
covid-19 bacteria in a more easy manner. This helps the organisation to get loyalty from their
customers which helps them to raise their brand value in the competitive market. The positive
response from their customers will result in revenue for the organisation and also helps the
employees to get motivated.
Competitive advantage can be gained: in the competitive market it is difficult for every
organisation to defeat their competitors but with the help of innovative ideas the organisation can
defeat The Other Revival companies in a more productive manner. The Chosen organisation of
this report is also using innovative healthy soft drinks which helps them to boost immunity level
on the consumption. The innovative idea of the essence drink gives tough competition to the
competitors and helps them to enhance their market share.
 Increase the share of market: vriddhi innovative products and services the organisation
used to capture of Huge market as the innovative idea helps them to attract more
customers towards their products and services. The essence drink organisation is also
providing their services in a unique manner as with the help of contact less service to
their customers and other techniques of digital payment. To analyse the success rate of