Innovation and Commercialisation

Innovation and
Commercialisation

Contents
Introduction.................................................................................................................................................3
Main body...................................................................................................................................................3
P1 describes Innovation and examines its importance with respect to organisation in comparison with
invention..................................................................................................................................................3
P2 elucidate how organizational 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
P5 Importance of commercial funnel and the process of new product development...............................9
P6 innovation business case for Organisational including numerous source of funds...........................11
P7 different tools to retain intellectual property for longer period.........................................................13
Conclusion.................................................................................................................................................14
REFERENCES..............................................................................................................................................15

Introduction
Innovation is the practical implementation of an idea which can be resulted in the
introduction of products and services or improvement in the existing goods which are offered by
the organisation. It plays a critical role in the growth of the business and helps them to expand
them at the global level. Every organisation needs to be stable in the cut throat competition in
competition then they are required to innovate their ideas in a different manner so that the
company can attract new targeted customers in a unique manner (Bengtsson, 2017).
Commercialization is a process which helps the company to bring their products and services
into the eyes of their targeted customers with the help of effective marketing tools. The company
can raise their value of sale by serving creative products in the domestic and international
market. The Chosen organisation in this report is Essence Drinks company which was
established by Akshay Kumar. Before two only he has stated his company with the innovative
drink known as Healthy mango lassi. With this product the company has enhance their sale and
increase their distribution capacity. The report covers the difference between innovation and
invention. Importance of innovation with respect to Essence Drinks and also focuses on vision,
leadership and cultural shape Innovation and commercialisation. The report also discussed the
several steps with respect to N DP in order to improve the organisation. Struggle innovation is
determined as it helps in reducing the cost of goods which resulted in low cost of production.
Main body
P1 describes Innovation and examines its importance with respect to organisation in
comparison with invention.
Innovation means something completely new to you with respect to creation of goods and
services or adding some features and characteristics in the existing products and services. The
organisation used innovate their products in order to satisfy their customers in a better way and
well as to deliver them many more benefits by the company which attracts the customers to avail
their products and services in the competitive market (Bolli, Renold and Wörter, 2018). The
company also used Different techniques of innovation in order to survive and sustain for a longer
period of time in the market. The Chosen organisation Essence Drinks also uses develop new
innovative healthy drink with innovative ideas and the importance of innovation is also
beneficial for the company in order to their survival and to profitability from the market.

Importance of innovation
Higher customer satisfaction: the company used to innovate their existing products or
new products in order to satisfy their customers in an effective manner. The basic requirements
must be fulfilled by the Essence Drinks through the new healthy drink project. It can be
successful because it helps the customers to maintain their health. It is beneficial for the
company with respect to the changes in the existing products will help in attaining the highest
satisfaction and buying their customers for the longer period of time (Cano-Kollmann and et. al.,
2018). This helps them to get the loyalty from their customers which directly or indirectly raise
their brand value in the market. The positive response from the customers helps in generating
more revenue for which the company also motivates their employees in order to get and
productivity from their side.
Competitive advantage can be gained: in the existing competitive market every
organisation must be able to defeat their competitors in the open market with the help of
innovative products. More creative products and services edit the companies to capture the huge
share of competitive marketplace. The Essence Drinks Company also innovated the healthy soft
drink which boosts the immunity level of people which helps them to give the tough competition
to the rival companies and helps them to enhance their market share.
Enhance the market share: the company uses innovation in their goods and services
which helps them to capture a huge market ratio with the help of attracting more customers
towards their offering products in an innovative and unique manner. The company has a healthy
soft drink project which helps them to capture large market share in the Global market because
this project is capable enough to boosts the immunity power of the individuals who are taking it
on the regular bases (Chandel and et. al., 2018). To analyses the success rate of the project the
company has gone through with different research and the administration Department has also
faced many challenges in order to create an innovative product in the market.
Invention: it means when any organisation has made a physical appearance of their idea
for the first time in the market. The company uses this in order to resolve the problems faced by
all customers in the market. The Chosen organisation of this report uses different ideas of
invention as it is important for the company and their growth. Due to the rise of Covid- 19 the
world the company is concerned with respect to inventing their goods and services in such a