Innovation and Commercialization: New Product Development and Funding Sources

Innovation and
commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK3.............................................................................................................................................3
P.5) Explain briefly new development processing of product and innovation in reference of
essence of drinks:........................................................................................................................3
P.6)Critically analysis sources of funding in context of innovative product:.............................5
TASK 4 ...........................................................................................................................................6
P.)7 Evaluate different tools that organisations can use to develop, retain and protect
knowledge and intellectual property...........................................................................................6
CONCLUSION................................................................................................................................8

INTRODUCTION
Innovation is a process which is essential to each organisation and it help to sustainable
business model in market. It includes develop new ideas, imagination and thoughts in order to
various changes in product and services. It includes in existing product because it develop in
more modification and fulfil the requirement of customer. It can be changed on the basis of time
and accordingly changes in market trend. It is considered for exploit new opportunity and ideas
which is help in business growth for future perspective. Commercialisation is a method which is
business utilize to promote their product and services in market and it is process to launch new
product. It introduce new product publicly and utilize various tool and techniques. In reference
Essence company, utilize various method to innovate new product and providing best solution to
its customer. Company recently launch new product which is fulfil the requirement of product
and also provide protection the environment. In the presentation involves that to launch new
product so use various method to promote product. It includes new product processing and
commercialisation of product in effective and efficient manner (Laurell, 2018).
MAIN BODY
TASK3
P.5) Explain briefly new development processing of product and innovation in reference of
essence of drinks:
Market is dynamic and flexible so it is essential to organisation must be analysis of
market. Innovation in context of product and commercialisation means that product is available
in the marketplace and it is ready for consumer. Market trends and demands of customer both are
changes so organisation must be proper research on different market trends. It is included when
firm to know about the requirement of customer so it easily increasing sales and capture market
share. Commercial funnel is also know as sale process of company which is help to determining
the need and wants of customers. Essence drinks is famous company on easily develop new
strategies and innovation in context of product. It provides high quality services and provide best
solution in term of innovation (Rainville, 2017). It develop new product which is presented by
company as super energy drinks. There are ample no of ways to promote a product so company
has start developing and commercialisation of that product so which are discuss below: