Innovation and Commercialization in Essence Drinks

This report discusses the importance of innovation and commercialization in Essence Drinks. It explores the 4Ps of innovation and the use of innovation funnel to shape and examine innovative ideas. The report also explains the concept of frugal innovation and its application in Essence Drinks.

8 – Innovation and
Commercialization

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Innovation and its importance to Essence Drinks to comparison with invention................................3
P2 Importance of leadership culture, organisational culture and teamwork towards commercialisation
and innovation.........................................................................................................................................6
TASK 2.......................................................................................................................................................7
P 3 4P’s of innovation and use of innovation funnel to shape and examine innovative ideas..................7
P4. Explanation of developments in frugal innovation and its use in Essence Drinks...........................10
TASK 3.....................................................................................................................................................10
Covered in PPT.....................................................................................................................................10
TASK 4.....................................................................................................................................................10
Covered in PPT.....................................................................................................................................10
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11

INTRODUCTION
For every industry, innovations are playing prominent role in the development of the
business so that they can obtain more productivity and profitability. Innovation considered as the
practical application of specific ideas which can be apply in product and services of the company
which can improve its marketing in term of market place. Organizations can apply innovation in
their new and existing products and services and conduct its processing and implementation
which going through various multiple stage. This report is considered Essence Drink, which is
most famous beverage firm in UK that providing energetic healthy mango Lassi to their
customers. Now Company is about to plan to implement some innovation in their products like
Zinc that is added in the Lassi & develop specific drink with new range of packaging which will
attract the customers. The main motive of this report is to discuss about innovation and apply
innovational practices to prepare essence drink, conduct comparison with innovation and
invention. This report also determines the importance of leadership culture, culture and
teamwork in context of innovation and commercialization. This report also discuss about specific
tools which are essential to save the innovation.
MAIN BODY
TASK 1
P1 Innovation and its importance to Essence Drinks to comparison with invention.
Innovation & invention both are two different concepts which determine the specific manner
that demonstrate in any product and services. In term of innovation, it can modify specific
product and services that are offered by the organization on the basis of current trend off the
market so that it can fulfill the requirement of the customers of a specific region (Albert, 2019).
In context of invention, it is generally considered as the systematic approach which introduced
appropriate product and services and addresses the requirement of specific problem which arise
in the society for specific region.
Basis Invention Innovation
Meaning Invention mainly comes up
with the new ideas in term
Innovation mainly leads
some modification in any

of products and services of
the operational company or
it can address the specific
problem which arise in the
society and provide specific
solution. As per the Essence
Drink, manager of the
company analyze the
requirement of the drink on
the specific area (Appio and
et. al., 2017).
products and services as per
the latest trends of the
market so that firm can full
fill the requirements of the
customers. In case of
Essence Drink, those
employees who are
connected with this project
then they are dedicated
towards their work and do
best efforts to make specific
energetic drink with healthy
ingredients so that their
practical and Innovation
become successful.
Innovation becomes
prominent for the firm
because their products are
outdated because of more
Competition.
Objective The main objective of
invention addresses the need
or solves specific issues that
arise in society due to the
lack of specific products &
services. For instance,
before few decades, people
used candle then torch
invented to replace the
candle.
The main objective of
Innovation is that it mainly
dedicated towards producing
best products which provide
effective suitability to the
people. For instance,
company manager formulate
some strategies in which it is
necessary for employees to
take training and Sharpe
their skills so that they can

effectively access
technologies and use
advanced technologies to
prepare cost effective
products which can help to
take more Competitive
advantages.
Relation It is a fact that invention is
just like a Toy without
application of Innovation.
Lack of innovation in the
invention can provide lack
of reliability of the
customers on a specific
products and services.
Innovation is a systematic
approach and use universal
application that provides
independency to the
company. Sometimes it is
necessary to consider some
dependency on the
invention. (Bandera and
Thomas, 2018). (Demirkan,
2018).
On the basis of above discussion it is evaluated that invention and innovation both are
different concept but their applicability are really important. Innovation is something which is
mainly related to the specific new ideas which can be applied in a specific product and services
in term of business. On the other hand invention is mainly related to the growth and development
of the product and some kind of services which is also beneficial for the companies businesses
and also supports the economy of the country (Fukuda, 2020).

P2 Importance of leadership culture, organisational culture and teamwork towards
commercialisation and innovation.
Importance of leadership culture
There are various importance related to the leadership culture towards the Innovation and
commercialization are discussed below-
 Set specific Baseline - Importance of leadership culture is more in term of organizational
growth. Manager need to prepare a specific strategy which can helpful to engage leaders
with their respective team members so that they can perform well. Leadership culture set
specific baseline for leaders and employees so that they can effectively perform their task
without any pressure so it is important to spread innovative leadership culture within an
organization (Gabriel, 2019).
 Closing innovation gap - Leadership culture is very effective to closing the innovative
gap within an organization so that all the leaders, managers and employees can do their
regular activities in an effective way. Culture can remove the gap between the desire
innovative activities and maintain a specific strategy which can help full to produce more
innovative products on the basis of appropriate suggestions of the employees and other
team members.
Importance of organisational culture
There are many importance of organizational culture considered by the company which are
explained below-
 Spread Understanding of innovation - Effective organizational culture helpful
appropriate understanding about the innovation so that all the employees can adopt all the
specific consideration of innovation and produce specific innovative product and
services. Innovative culture is helpful to maintain innovative organizational structure so
that employees can effectively develop their skills and knowledge as per the innovation
with proper following structure (Hernandez-Vivanco and et.al., 2018).
 Productive wworking environment - it is also considered as the main importance of
organizational culture because it can help you to provide productive working
environment to their employees so that they can practice effective innovative activities

and also share their innovative ideas and thoughts to their leaders so that they can apply
most appropriate idea in their product and services. Effective environment lead the
collective team working so that all the employees can collectively work on specific
innovation.
Importance of teamwork
Importance of teamwork is more in contacts of development of the employees and
organization. Specific point considered in term of company appropriate for the innovation and
commercialization.
 Development of employees - Team working is helpful in the development of the
employees so that they can consider their career growth effectively. Manager can provide
appropriate training sessions to their employees and assign specific project so that they
can work collective on a specific Innovative products with the all innovational
considerations (Walsh, Murphy ,Horan, 2020).
 Improve productivity level - Team working is also prominent for the organization
because it can remove the miscommunication activities and helpful to improve the
productivity level of the employees. Organization can share specific information about
the requirement and preference of the customer so that employees can understand the
requirement of the customer and then produce some innovative product which can fulfill
the expectations of the customer (Kovalenko and et.al, 2019).
TASK 2
P 3 4P’s of innovation and use of innovation funnel to shape and examine innovative ideas.
As per the Essence Drink, it is very prominent to use 4 Ps of the Innovation which can help
full to maintain the effective consideration and understanding about the innovation. There is
involvement of 4 elements which useful to maintain the innovation in term of organization. The
description about 4 Ps in term of company which are given below-
 Person - With the help of this element company can represent those persons who are
involved in a specific kind of innovation. In context of Essence Drink , their founder that
is Akshay Kumar he is the person who is responsible each and every activities of the

company and hired most talented employees so that they can provide their contribution in
the development of the innovative changes.
 Process - This element is totally dedicated towards the process of the innovation so that
employees can adopt specific methodology produce specific innovative drink for the
people. This element is also considered as the problem solving process in which
employees can apply specific solution to formulate particular innovation.
 Product - The main concern of this element is on the products of the company. In term of
Essence Drink, their manager mainly concerned about their products and also looking
forward to do some innovative changes in their drinks so that they can provide healthy
drinks to their potential customers and gain more profit advantage (Monotti, 2017). Press - This is also considered as the most prominent element of the innovation which
can represent the environment functioning in term of innovation. On the basis of Essence
Drink product that is mango lassi, press mainly represent those conditions which regulate
conducive or prohibitive for specific sorts of innovation. Owner of the company
considered best practices adopt for their employees.
These 4Ps are more appropriate for the smooth functioning of Essence Drink . It is necessary
for the owner of the company to adopt all these elements which can help full to create effective
organizational culture so that all the employees can share their viewpoints and innovative
thinking which can help full to produce new innovative products.
Innovation Funnel
Basically innovation funnel considered as the specific techniques and procedure which can be
utilized by the owner to maintain all the innovative operations within an organization. The main
motive of innovation is to produce effective product and services which can help full to address
the requirement of the customer. Essence drink uses this concept to produce new product and do
some modification in the existing product. Innovation Funnel mainly involve three steps that are
developing, embedding & analyzing the innovation. Some specific steps are involved in
innovation funnel which are explained below-

Figure 1, Illustration 1: Innovation Funnel
 Assessment of the Opportunities - This is considered as the first step of innovation
funnel which can help full to fulfill the requirement of the organisation in context of
performance execution at the whole market place. Market research is helpful and it can
allow the organisation to collect specific information about their customers. With the help
of specific survey and questionnaire, company can do some assessment which can help
full to gain new opportunities.
 Ideation Process - After the assessment, it is necessary to consider the ideation process,
this process is more appropriate for the capitalization of specific of opportunities. This
process is done with the help of brainstorming that is totally depending upon the insights
of the potential customers (Pan and et. al., 2018).
 Conceptualization - This is third steps which can helpful to design specific ideology e
that involve in advertising, packaging and effective distinctive configuration which can
formulate the specific features of the product.
 Benchmarking - In this stage, company can screen the idea of innovation and determine
this idea so that they can consider the benefit of the innovative idea for the people which
can help to gain more profitability. In this stage company can perform various
performances testing method which can help us to test the innovation and forecast the
long-term sustainability of the specific Innovative products. On the basis of test specific
outcomes can be developed.

 Go or No Go & Launching - This stage is considered as the last stage of Innovation
funnel which can helpful to evaluate and select the specific Idea against organizational
objective. After the specific idea is evaluated, then it is necessary to develop the specific
offering which can help full to launch a innovative product in a market.
P4. Explanation of developments in frugal innovation and its use in Essence Drinks
Frugal Innovation is considered as the specific procedure which can useful for the
organization to develop specific product and services with the help of high technologies that can
be available at the low cost. Some specific external factors of the business environment of the
firm's like political , environmental , social and legal and many more can helpful to driving the
Innovation. The main purpose of frugal Innovation conducts specific offering which can helpful
to reduce the cost. Its results are quite favorable for the organization as their offers can available
for the customers so that they can afford effectively (Razak and Murray, 2017). Frugal
Innovation is quite appropriate for the Essence drink that can lead effective improvement in their
productivity. Company can reduce the cost of the product so that customer can easily take
advantage of their products. One specific example of the frugal innovation considered by the
company such as antimicrobial packaging that can allow the effective packaging of the beverage
so that they can maintain their healthy effects and contains long durability and also giving in
immense advantages.

TASK 3
This report is considered Essence Drink, which is most famous beverage firm in UK that
providing energetic healthy mango Lassi to their customers. Now Company is about to plan to
implement some innovation in their products like Zinc that is added in the Lassi & develop
specific drink with new range of packaging which will attract the customers. The main motive of
this report is to discuss about innovation and apply innovational practices to prepare essence
drink, conduct comparison with innovation and invention. This report also determines the
importance of leadership culture, culture and teamwork in context of innovation and
commercialization. This report also discuss about specific tools which are essential to save the
innovation.

These steps are helpful to influence the customers in the purchasing decisions. For new
product development, Essence Drink considered some specific health related issues in
UK so now new product development it is helpful to maintain their damage and harms. In
their new product, company e do some changes in their drink like Zinc which can help
full to maintain the health of the customer. Company will use Antimicrobial packaging
which can lead the durability of the product. Essence Drink adopt some specific steps in
the product development which are discussed below-
Idea Generation - In this process tab it is necessary to generate the idea of the product
development. Essence Drink conduct market research and also analyze the external
factors which can help full to consider the requirement of new product development.
Screening - This step is all about screening the idea of the new product development in
which employees of the organization can share their ideas and the best idea will be
considered by the company. Essence Drink select new develop product that is lassi.
Marketing Strategy - Essence Drink needs to use specific marketing strategies in their
new product development. With the help of marketing mix process like product, price,

place , promotion is essential in the development of product. Antimicrobial packaging is
considered the requirement of the company.
Business Analysis - It is necessary for Essence Drink to conduct business analysis, which
can help full to analyze the new range of product that is lassi with the specific
Antimicrobial packaging. It is necessary for the company to review the cost of the new
product.
Test Marketing - It is important to test the marketing of the new product development.
Essence Drink is about to launch new product that is lassi so it is necessary for the
company to test their effectiveness of marketplace.
Commercialization - this is considered as the last stage in which new product will launch
in the market.

Innovation is considered as the imperative part of the company it can improve the effectiveness.
Essence Drink considers specific innovation that can help full to gain more competitive
advantage. Company come up with new Innovation in the form of Lassi and adds some Zinc
elements which can provide very cell benefit an appropriate using Antimicrobial packaging.
Company need to develop specific details about the business case so that company can
implement all the innovation activities.
In additionally, there are specific techniques also applied which can help full in the testing of the
new product. For example, artificial intelligence is helpful to determine the add value how
appropriate and waste this new antimicrobial packaging. Company can conduct in-house testing
which can determine some specific issues so that they can address all these issues and try to
solve them.
TASK 4

Different tool being used by Essence Drinks to protect their idea from being copied in give
region:-
There is a description of some specific tools which used by the company to utilized by the
Essence Drink to protect idea from their competitors. Company adopt some specific
consideration to protect their idea which are given below-
Copyright - For specific innovation it is necessary for the company to conduct copyright
process so that they can save their innovation from their Competitors. With the help of copyright,
no one can use Essences Drink Company innovation so that company can differentiate
themselves from the other in term of innovation.
Patents - In order to protect some innovation from the others it is necessary to use this specific
tool which can help full to save an authorized activity in term of innovation. Company can use
patent tool to save their innovation that is Essence Drink so that no one can innovate same drink
ok India organization.

This reports also discussed about 4 Ps of innovation which can help full to maintain the product
development process so that company can gain more profit advantage. This report is also helpful
to identify the innovation and commercialization in term of success of the organization.
CONCLUSION
On the basis of this report it can be said that innovation is become the requirement of each
and every organization because it can provide more value in the market position of the
organization. This report discussed about importance of innovation and also conducts
comparison between innovation and invention. This reports also discussed about 4 Ps of
innovation which can help full to maintain the product development process so that company can
gain more profit advantage. This report is also helpful to identify the innovation and
commercialization in term of success of the organization.

REFERENCES
Books and Journals
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perspectives.
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Management.
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Research, Innovation and Commercialisation, 2(2), pp.105-114.
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Kovalenko and et.al, 2019. Key indicators of innovation activity of Russia (from 2011 to
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Monotti, A., 2017. Funding Innovation and Commercialisation. Commercialisation of
Intellectual Property.
Pan, X. and et. al., 2018. Innovation resources integration pattern in high-tech entrepreneurial
enterprises. International entrepreneurship and management journal, 14(1), pp.51-66.
Razak, A.A. and Murray, P.A., 2017. Innovation strategies for successful commercialisation in
public universities. International Journal of Innovation Science.

Walsh, P.P., Murphy, E. and Horan, D., 2020. The role of science, technology and innovation in
the UN 2030 agenda. Technological Forecasting and Social Change. 154. p.119957.