Innovation and Commercialization: New Product Development and Funding Sources

This document discusses the importance of innovation and commercialization for organizations. It explores the process of new product development and innovation in the context of essence drinks. It also analyzes different sources of funding for innovative products. Additionally, it evaluates various tools that organizations can use to develop, retain, and protect knowledge and intellectual property.

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:

Strategies tool and tacit-: Essence of company launch new product so must be plan
strategies to gain competitive advantages and product sustain in marketplace. Organisation must
be develop product strategy and pricing strategy.
Analysis consumer behaviour-: On that basis organisation must be examine customer
behaviour and know about the perception regarding product.
Commercialisation includes various step so which are mention below:
Create awareness-: Create brand awareness is essential element because without
awareness does not increasing sales. It includes must be create brand image in the mind of
customer. In reference of Essence drinks is must be use various promotional tool and strategies
to promote product so develop brand awareness and increasing profitability of company (Polzin,
2017).
Interest Action-: Essence drink must be develop a interest of customer because it is
essential to customer take interest in that way to requirement of particular product so accordingly
company plan the strategies.
Decision-: This is third step when customer take decision purchase this product. In
context of company. It impact on sales and increase revenue so pushing customer to purchase
that product.
Action-: This stage is come to final customer who finally purchase particular brand. In
relevance of organisation, Must be make relationship with customer to attract and retain for
future perspective (Beck, 2020).
Essence drinks conduct new product development processing in reference of new product:
Generating ideas-: It is first stage in that company generate new thoughts which is
related about new product. Create market research and identify opportunity in market.
Idea screening-: Company got ideas so must be evaluated on the basis of according
market trends. Discussion with their employees and choose appropriate idea.
Testing phase-: Essence drinks, It is third stage in that choose idea so test them on
market basis in effective and efficient manner.
Market strategy-: In that phase implementing strategy and evaluation market,
segmentation and targeted audience. Essence drinks, implement strategies in that manner to gain
competitive advantages and increase sales.
Analysis-: Company overall analysis on that basis market, manpower and resources.

Product development-: Under this stage, organisation use various promotional,
advertising strategy to promote product.
Test marketing-: Essence company, in that stage product come testing and then launch
in marketing.
Commercialisation-: After cover all the stage now product commercialised in market.
Company managing sale perspective on that basis and launch product.
Therefore, Essence company to use various method to promote product and create lot of
innovation in context of new product (Madsen, 2017).
P.6)Critically analysis sources of funding in context of innovative product:
Capital is essential for any company to smooth running of operations and function of
business. Essence drink company also funding from various source which is essential to examine
profile so which are mention below:
Executive summary-: Essence company main objective to provide standard product to
society and also protect environment.
Requirement-: Demand and need of customer must be analysis accordingly provide
product and services. Essence drinks, firstly identify the need accordingly provide products and
satisfy the customer.
Solution-: Essence drink company provide best solution to society in context of provide
good quality products and services and also not harmful for the environment. It is majorly
focused on that which is easily recycle product.
Consumer analysis-: In organisation must be analysis market trends and customer taste.
In context of company. It is must be analysis of customer taste and preferences accordingly
provide product. Essential to study consumer behaviour because it is easily target them and
attract towards product (Mohan, 2016).
Funding-: Funding is important part of business without funding cannot run a business.
Capital as a pillar of a organisation. To carry out activity of company so must be need of capital.
Essence drink, funding on the basis of different source like commercial bank. Financial
institution and government schemes which is help to promote start up.
Benefits-: It is provide high quality product to society and it is beneficial also
environment. It is also funding on the basis of bank and financial institution so develop
collaboration with the and make good relationship.

From above study. Examine the various aspect in relation of company. Essence drink
company provide high quality product and services to the society and main objective to deliver
smart solution to customer with utilize tool and techniques in context of innovative product. It
also involve does not harm environment recycling of product as well as waste management
(Chou, 2019).
TASK 4
P.)7 Evaluate different tools that organisations can use to develop, retain and protect knowledge
and intellectual property.
Intellectual property
Intellectual property is legally protected and owned by an organization tom perform
several business activities including innovations, logos and models. Rights are given to persons
over the creations of their minds. They usually give creator an exclusive right over the use of
his/her creation for a certain period of time.
Copyrights: It includes original work performed by an organization however if the work is done
then it cannot be copyright on an another. This tool can be used on the basis of drawing an
innovative ideas to increase growth of company because it is used as a source of fund by owner.
Advantages:
 It protects uniqueness of the work. It helps to modify, distribute and enables public performance.
Disadvantages:
 Limited dissemination: Copyright strictly avoid wide information because of the
possibility of similar sources. Cost: registration of Copyright tool can be the costliest for organizations.
Trademarks: Trademark is an intellectual property which helps to protect brand names and logos
that used for every goods and services. It enables consumers to make a quick, confident and safe
purchasing decisions. Especially in food and drink industry, trademark consider to be a
significant tool in protecting the intellectual property.
Advantages:
 It allows consumers to easily choice the product because there is no need of reading all
ingredients as trademark is clearly visible on the product.

 Trademark can inform consumer directly about product on the basis of terms and values. It can be also suggested that nowadays many organizations are using duplicate logos and
signs and copying the image of the brand however there is a genuine requirement to
register the company with trademarks.
Disadvantages:
 The register trademark is very costly. Sometimes customers forget to recognize the brand.
Design protection: It is a type of intellectual property which helps to protect the unique design of
products. The product can be any shape, colour, pattern and characteristics of the product.
Generally government regulate and protect the designs so that organization have safe and secure
designs.
Advantages: Protection of design symbolizes the overall look of the organization.
Disadvantage:
 An individual character is required for design
 If some other organization has similar design then there will be a difficulty in analysing
the product.
 Investment in protection of design must be thoroughly considered. Irrelevant information must be strictly avoidable.
Patent rights: It is a form of intellectual property which gives owner the legal rights to exclude
others from making, using, or selling an invention for a limited period of years in exchange for
publishing an enabling public disclosure of the invention.
Advantages:
 A patent gives right to an organization to stop their competitors in selling, manufacturing
or copying the products.
 It provides license property which suggest that a person who has license can sell the
product in market.
Disadvantages:
 Patent application suggest technical information which create difficulties.
 It can be a time consuming process or a lengthy process.

CONCLUSION
After brief analysis of the presentation, has been conclude that innovation and
commercialisation is crucial aspect from the organisation point of view. It is difficult to
organisation to identify the innovation and provide best solution to customer. It is essential to
business model because it help to growth of company and increasing profitability. It help lot in
context of company which is used various tools and techniques to develop innovation and
commercialisation of product. New product development processing provide new insight of
business and it helps to achieve organisational goal. In that company focused more on operation
and functions of organisation in order to increased productivity of company (Akoum, 2016). It is
protect their information which is related to service and product must be provide security and
safe because it uses intellectual property rights.

REFERENCE
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