Innovation and Commercialization: A Case Study of Essence Drinks

Innovation and
commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................4
TASK 1............................................................................................................................................4
Innovation and comparison with invention.................................................................................4
Organisations vision, culture, leadership and teamwork shaping innovation and
commercialization........................................................................................................................5
4P’s of innovation and innovation funnel....................................................................................7
Development of frugal innovation...............................................................................................7
Commercial funnel and development of a new production.........................................................8
CONCLUSION..............................................................................................................................11
References......................................................................................................................................12
Books and journals:...................................................................................................................12

INTRODUCTION
Innovation is an essential element and practice for every organisation who aims to achieve long-
term business growth during the whole business life. Innovation is a process of developing new
product ideas and concepts to give them a new life by using creative and innovative mind set.
The more innovation takes place in the organisation the more it will provide customer
satisfaction. Whereas, commercialization is a process of regulate innovative product and services
into new or existing market. This report is going to present on the case study of essence drinks
the company was established before 2 years ago in UK (Addie, Angrisani, and De Falco, 2018).
The main product of the company was a (healthy mango lassie) which is an innovation that took
a high growth into the market. Now the company is facing many losses and declining of sales. So
that, this report is going to present innovative solutions with regards to innovate and invention by
showing companies culture. Also, the suggestion for new product by analysing the concept of
innovation funnel, 4 P's of marketing and innovative business case with the evaluation of
different organisation property. Moreover, the report will present the importance of commercial
funnel and frugal innovation in respect of new product development.
MAIN BODY
TASK 1
Innovation and comparison with invention
Innovation: It is the concept of making new product by giving it new features, size and shape
colour and price also. A product will be come out with an innovative feature that the organisation
launches into market with a brand tag and its property right. This innovation is not only leading
to product change but also gives change in company's culture and operations. The essence drink
will try to make innovation in their drinks by giving it a new life. The term innovation can be
more clearly state by below definitions:
Innovation is a process of taking actions to bring a positive change which shows a magnificent
outcome. Innovation performs a drastic role into organisations to with the demand of market and
consumers.