University Report: Innovation, Commercialization and Business Case

This report examines the critical aspects of innovation and commercialization within a business context. It explores the commercial funnel and new product development processes, emphasizing their significance in achieving profitability and customer satisfaction. The report delves into the creation of an innovation business case, including the needs and requirements, proposed solutions, and investment considerations for a new product launch by ESSENCE drink. It also highlights the importance of protecting intellectual property through tools such as trademarks and copyrights. The analysis underscores the role of innovation and commercialization in gaining a competitive edge and ensuring long-term business sustainability. References to academic sources such as journal articles and books are provided.

INNOVATION AND
COMMERCIALISATI
ON

Table of Content
 Introduction
 Importance of the commercial funnel and New Product Development.
 Innovation Business Case.
 Tools for developing , retaining and protecting knowledge and
intellectual property.
 Conclusion
 References

INTRODUCTION
The success of the organisation mainly
depends upon the satisfaction of the
customers needs and expectation
through their quality products and
services. Innovation and the
Commercialisation is the only factor
which every association has to deal
with. Innovation is coined as the
process of yielding new methods to
operate, to create, to produce etc. in
the very effective manner.

Importance of the commercial
funnel and New Product
Development.Every organisation is required to implement both these factors as these would help
them in achieving higher margin of profits and sales.
Commercial funnel is the wide term that is used by the organisation to identify and
determine the failure and success of the stages in the process of the innovation
funnel. These are the term basically used by the retail or manufacturing department
so that the sales volume can be identified and the customers can be retained
towards the business.

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New product development : The concept of new product development has been
introduced in the market in order to launch new products of the better quality
standards and services. The commodities are produced by analysing the market so
that the changing requirement of the customers can be fulfilled in the most
appropriate manner.

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Idea Generation : this step is the foremost step that is to be considered by the business
of ESSENCE drink while launching their product that is organic juice in the market.
In this the idea regarding the product requirement is taken with the help of current
market scenario and the stakeholder. This phases is more about gathering of the
information from various areas and sources(Walsh and Nagaoka, 2016).
Idea evaluation- This step is the step that involves the evaluation of the ideas which
have been generated in the first stage. The business of ESSENCE drinks will select
the most suitable idea among all the ideas so that the profitability of the business can
be enhanced and the product in the market can be launched in the successful manner.

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Commercialisation: This progression includes the choice with respect to the item to
be dispatch or not in the market after the test advertising of the item. In the event
that the items prevail in the market, at that point the organization here chooses to
dispatch the item in the market in the effective way.

Innovation Business Case.
Innovation business case is the one which is the blue print for the business which
provide them with the detailed information about how to run the business so that
the accomplishment of goal can be done in the most suitable manner. This is
prepare by the association in order to determine whether the newly developed
product will be at level of success or not.

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Executive summary : ESSENCE drink is known as the largest supplier of the
beverages and soft drink in the UK economy. The company was formed in 2014
by launching the first product in the market that is Mango Lassi which termed to be
the successful launch by the company as via this the association has gained success
within the shorter duration of time is that 3 years. Further the company have
decided to come up in the market by bringing new products of organic juice in the
industry.

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The needs and requirement : The needs and requirement for the new product in the
marketplace has been generated due to the decreased rate in the sales and revenue
of the business. Here the company will focus more on targeting the segment which
consume more organic product so that the growth can be attained(Jamil, Ismail and
Mahmood, 2015).
Solution : The business of ESSENCE drink must concentrate on the sector which
consume more of fruits and organic products so that the problem of decreased sales
can be minimised. It also focuses on the rendering of solution for marketing of the
new product in the most efficient way.

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Why it is innovative: This factor of the innovative business case involves considering
about the uniqueness in the product so that the customer base can be increased and
the process of decision making can be enhanced in the business.

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Investment Requirement: Here, the ESSENCE drinks must ensure that the
funds from the different sources has been allotted in such manner so that the business
can carry their execution in the most effective manner. This allows the business to
determine where to invest and from where the funding will be extracted. Business can
also be enhanced with the proper investment and funding(Miller and French, 2016).