Innovation and Commercialization 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