Innovation and Commercialisation in Essence Drinks

Unit-8
Innovation and
Commercialisation

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................1
P2) Explain how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................4
TASK 2............................................................................................................................................5
P3) explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................5
P4) Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................7
PART B............................................................................................................................................8
Covered in ppt........................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The innovation and commercialisation is the process of transforming the new ideas and
inventions to generate more wealth not only for an individual but with the company as well.
Innovation is the broader aspect while commercialisation is the subset of it with this the
uniqueness and creativeness will get indulge within the business (Bagley, 2018). It will not get
based of the size of business as it is needed for all the business in order to make the deepest
understanding of the surround and get survive for the longer period of time. This report is based
on the Essence Drinks that is the beverage company of UK and produces the healthy mango
lassi. They have to create the innovative range of drinks and added more flavour as per the
climate changes and produce the new packaging strategy that is free from any bacteria. This
report includes the innovation and its importance with comparison to invention, 4Ps innovation,
development in frugal innovation and importance of commercial funnel and its applications.
PART A
TASK 1
P1) Explain innovation and determine its importance to organisations in comparison with
invention.
The invention is related to the development of the new and creative products that get
offered by the business to their customers. It is the process under which the business will make
more modification in their services that is basically in order to fulfil the need and demand of the
customer by which the long term sustainability will get maintained that brings the continuous
success and profit as well
In addition to this, innovation is the concept through which the transition will get formed in
which the additional features will get added on in the already present product and services and it
is done to get attract the larger number of customer based for continuous period of time. It is the
process that is required to get performed within the business by which the initiative has been
taken in which the business and its employees have make their imagination and ideas into reality.
In this the preferences will be provided to the viewpoint of the customers and with this induce
more innovation (Çengel, 2019). It is more appropriate procedure through which the utility and
capacity of the business will get enhanced by which sustainable surround will get attained that
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helps to make more advantage from the competition. Essence Drinks also get used the innovation
within the business and it
Brand Image: It is the major advantage of the innovation by which Essence Drinks have
make more uniqueness within the business by which have offer the various services to the
customer by which have make the effective relationship with the customers. They have offered
the diverse range of products to the customer by which they better image in the market will get
developed.
Profit Maximisation: It is also be more vital for business and with this have earn more sales
and better profit as due to the innovation the customer will keep attracted with the company and
with that their demand and requirement also get fulfilled (Clausen, 2018).
There is the comparison in between the innovation and invention on the basis of the
importance that will gained by the Essence Drinks and that are as defined below as:
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