Innovation and Commercialization

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This presentation discusses the importance of innovation and commercialization in business. It covers topics such as company overview and problems, industry competition, funding sources, capital funds, testing effectiveness of new drinks, and protecting intellectual property rights.

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Innovation and Commercialization
(PART B)

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Index
Introduction
Company Overview And Problems
Overview Of Industry Competition.
Conclusion
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Introduction
Innovation is a method of involving new ideas and technique to invent new
product which is yet not developed. In other way, it can be explained as a
process in which multiple activity are discovered by the help of new technology.
On other hand commercialisation can be defined as introducing new product
and service with more feature to encounter the competition present in business
environment. It comes with various features such as sales, production,
distribution and promotional tools which are important part before launching
new product in market.
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Company overview and problem
Present report covers, Essence drink scenario within UK. Organisation is offering
flavoured mango lassi. Organisation initiate there business operations three years ago
while achieving high growth prospective within UK marketplace. Within their starting
stage organisation launched mango lassi have observed increase in sales because of
their distribution and innovation channel. Nowadays, organisation have seen issues in
their sales of lassi due to cut throat competition. As to tackle this problem
organisation is launching flavoured lassi within UK marketplace.

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Commercial funnel is termed as a strategic framework with the help of which effective
utilisation and development of existing products by execution of various policies, plans
and procedures in Essence drinks. It mainly include three phases that are illustrated
that are demonstrated:
Use of Commercial Funnel for finding solution to problem
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Importance of commercial funnel
Use of commercial funnel Can be made by Essence Drink to
have better marketing and focus on converting prospects into
target market to develop a high interest in customers to
warrant them into sales funnel segment. The consumer funnel
is divided into three parts I.e marketing funnel, sales funnel
and customers funnel and played an important role in
converting target audience into actual audience through
retaining customers and obtaining repeating orders from
consumers
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Details of innovative new drinks product proposed
Essence drink manger is looking forwards to launch innovative and new product as to compete in UK
marketplace. New products will include flavour of blueberry, kiwi and strawberry. Mentioned below plan
of innovative drink include.

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Summary of marketing opportunities.
The organisation have opportunity to effectively get success within international
platform with the help of their innovative and new products except UK provinces
With the advantage of new and latest technology, organisation can get large holding
of market share by offering qualitative products and services.
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Overview of Industry and competition
Essence drinks operate their functions within food and beverage industry. Within
this industry there are numerous form of organisations those who effectively
perform their operations while having exactly same substitute product. It has been
evaluated that, present industry has been facing fierce competitions.
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Funding sources available to Essence drinks
As to effectively conduct smooth and effective organisational functioning it is essential
for company to recognize nee funding sources. In this regard there are wide range of
funding sources that can be consider by Essence drinks.

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Requirement of Capital funds to be raised
In order to effectively conduct business operations, it is essential for business
organisations to consider wide range of fund sources. As with the assistance of
adequate amount of capital organisations can effectively able to conduct their
functions relating to promotion, marketing and development.
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Techniques for testing Effectiveness of new drinks produced
In order to effectively consider and measure effectiveness of their flavoured lassie
product, it is essential for Essence drink manager as to effectively take formative review
of customers feedbacks. In this, company can further offer sample products as to conduct
customer survey after selling their products of flavoured lassi.
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Different tools to protect intellectual property rights of new
drink
There are wide range of tools and techniques included in intellectual property rights which
are required to be effectively consider as to protect their products and services. In terms
with, Essence drinks it is essential for company to take use of wide range of government
tools as to further protect their product from getting copied or theft.

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Continue ….
Use of following ways and tools can be made by Vodafone to protect and retain its intellectual property rights on its new innovation and
product:
Patent- Patent acts as a tool with the help of which organisation can effectively able to provide rights and authority and licence to the
owner as to prevent their product from exploring.
Trademarks- it is basically a word, symbol, phrase or design that differentiate a products or service of one organisation from its
competitors existing in the market. Use of a distinctive trademark can be made by Essence Group to protect and retain its control and
right over its new innovation and invention
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Continue ….
Copyright- It is termed as a legal terms, that effectively
protects originality product for number of years. This tools
can be effectively consider by Essence drinks, while
utilizing copyrights within their all flavour of Lassi to
protect and secure product from any harm. It give
authority for company and provide legal support form
governances in case rivals copy your product and selling
them.
.
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Conclusion
As per the above mentioned report, it has been concluded that innovations acts as an one
of the most important segment within each and every business organisational sector. As
it effectively aid organisations to gain maximum amount of profitability while satisfying
customers with best. In addition with this while considering innovation organisations can
further able to gain large amount of market share that in turn allow companies to increase
their overall rate of profitability along with market share.

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References
Boruah, D. and Das, A. K., 2017, January. Exploring Grassroots Innovation Practices and
Relationships to Drivers of Start-Up Success in a Multicultural Context. In International
Conference on Research into Design (pp. 569-583). Springer, Singapore.
Easter, M., 2019. Mitigating Ruminant Methane: Exploring the Commercialisation of
Technologies for Reducing Livestock Methane Emissions.
Ferasso, M., 2018. The representativeness of exportations for local development: evidences from
family-owned SMEs. International Journal of Research, Innovation and Commercialisation.
2(1), pp.38-57.
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Thank you
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