Commercial Funnel Innovation for Business Case and IP Report

This report provides a comprehensive analysis of commercial funnel innovation for Essence Drinks, a company founded by Akshay Kumar. The report examines the company's background, mission, and the problem of market competition. It explores opportunities for new product development, focusing on creating innovative drinks while maintaining the company's existing product line. The report details the commercial funnel process, including commercialization, stages in new product development (idea generation), and techniques for testing product effectiveness. It outlines the resources required for innovation, including financial plans, and discusses competitors, competitive advantages, and intellectual property considerations. The report highlights the importance of innovation for attracting customers and increasing profitability, covering various techniques and methods used in product development, and emphasizes the need for efficiency and effectiveness to boost sales and profitability.

• Commercial Funnel
• Innovation for Business Case
• Intellectual Property
(Sources + Application to Essence Drinks)

 Company Background, Mission and Problem
 Innovating a new product
 Commercial Funnel
 Commercialization of innovation
 Stages in the New Product Development (NPD) process
 Three steps that must be implemented during the commercialization of new product
 Techniques for testing the effectiveness of the new drinks produce and where this
will fit into the process.
 Resources required for proceeding with the innovation
 Financial Plan
 Competitors and Competitive Advantage
 Intellectual Property
 Conclusion
 References
Table of content

Background: Essence drinks is the company which is founded by the Akshay Kumar 2 years ago.
He launched the company with one drink which is a healthy mango Lassi into the United Marketplace
in order to increase their sales and profit stability. Now he wants to create innovative range of drinks
but does not want to move from the lassis. So he hired brand strategy innovation consultant in order
to innovate new product according to the market requirement.
Mission: To develop 2to 5 products in in every year in order to increase their profitability and create
more customer base.
Problems:
 Huge competition in the market
 Product economics
 Dynamics closent or marker place
Company Background, Mission and
Problem

Opportunity
The biggest opportunity for this product is the increasing market
perception of goods that do not emit toxic contaminants inside the
material while still reducing emissions.
How the product will meet the need
Reusable and safe bottles are made of materials that do not leak toxic
pollutants into the contents inside, keeping the contents safe. Aside from
that, it is conveniently degradable and does not emit infectious gases.
Competitive edge of product
This product is a natural blend of modern technologies and
environmentally sustainable materials that represents the active lifestyle
of urban areas while being cost effective.
Innovating a new product

Commercial funnel is the concept which describes the procedure that
is applied before the manufacturing and introducing of the new or
fresh products in the market. it help the organization to manage the
sales and profit of the company(Aquilani, Abbate and Codini, 2017).
This is also called as graphical representation of fresh goods and
services in which there are several products and services which are
manufacturing and this process include few steps which are
mentioned below:
Commercial Funnel

 Commercialization: This is step is the final step which is
applied by the company in order to promote their product
and services and to motivate the company to launch their
product in the Marketplace. There is a requirement of
maintaining the aggression on promotion of their products
and services by using digital marketing or advertising on
social media platform.
Commercialization of innovation

 Idea generation:This is the first step that is applied by the organization
in order to generate new ideas about the product and modification in the
product. In order to innovate new product this Finance team is always
engage in so that they can maintain the budget and accordingly innovate
their product.
 Generation of ideas: Generation of Idea is the step in which is
described as a managing the development and enhancement of fresh
products and services for the essence drinks organization so that it will
become easier for them to attract a huge customer base and by using this
is type the company can increase their revenue (Mishra, 2017). This is
very important for the organization because it helped them to manage
the sales and generate new opinion and ideas for increase their market
value in the Marketplace.
Stages in the New Product Development (NPD) process

◦ The target Market: The target market is also called as a number of
potential consumers. The target market of the organization which is
drinks are the individuals home age is in between 5 to 40 years
(Ciriello, Richter and Schwabe, 2018). As drinks are the things which
is used by every individuals in every age.
◦ Timing: In every 1 year in order to develop new products so that
they can get more opportunities and increase customer base
◦ Location: The founder of the company wants to develop their
product in Uk.
Three steps that must be implemented during
the commercialization of new product

This is also known as a phase in which a financial firm
engages in testing of products and services in order to
improve the organization's viability and performance. It is
critical for the company because it aids in the
management of many production measures that can be
used to sustain the organization's efficiency and
implementation.
Techniques for testing the effectiveness of the
new drinks produce and where this will fit into
the process.

◦ Executive summary: Essence drink company is a very popular and
powerful organization of UK (Bouncken, and Fredrich, 2016). It
involves several activities like managing excellence in functioning of
the organization by providing brings product to the customer.
◦ Mission: The mission declaration of the company is to provide
satisfaction to the consumer by capturing the products and services
in the Marketplace. Vision of the company is to maintain the
effectiveness and efficiency of the business in order to increase the
revenue.
Resources required for proceeding with the
innovation

Target market: The target market is also called as a number
of potential consumers. The target market of the organization
which is drinks are the individuals home age is in between 5
to 40 years (Ciriello, Richter and Schwabe, 2018).
Sources of funds: Essence drinks company is acquiring
effective funding so that they can maintain their financial
stability of the organization.
Marketing: Target consumers

 Benefits: The major and chief advantage the company will
have adopting recyclable plastic bottle. This is very
supportive for the organization in order to manage the work
and achieve success in the organization..
 Monitoring and controlling: This is also called as
evaluating and managing the practices and activities of the
company which engaged in preparing the product and
services. There is a requirement of coordination and
teamwork for the company to develop more new innovative
products in the market.
Competitors and Competitive Advantage

It is summarized that funding is a process which described at the most
important feature that a company applied for innovating their products and
services in the Marketplace. It is analyzed that every organization should
have financial stability and sufficient amount of money that help them to
innovate new products and services in the Marketplace (Etzkowitz and
Zhou, 2017). It is also needed that every funding and money that the
company is adopting for developing innovating product can be effectively
applied for maintaining and increasing the profitability of the company.
Bank loan: Bank is the source which is very important and helpful for the
company to manage the funding. It is very essential for the organization to
manage every process which is used for developing new products and
services so that they can accomplish the goals and objectives
Funding and financial plan

Expenses Amount
Labour £50000
Raw material £2000
Equipment £7000
Rent £14500
Total £73500
Basic Financial Plan

 Intellectual property is the thing or right which is described
as the property that have no physical presence but it is
applied by the organization so that they can manage their
assets. The intellectual property contains several factors like
patents Logon trademarks and many more. All these rights
are created by the company to control over the intellectual
Assets and manage them in order to maintain the financial
stability these intellectual assets are very important and
valuable for the company(Goffin and Mitchell, 2016
Intellectual Property

 Patents: Patents are the thing which is intellectual property
that is linked with the company and help them to protecting
their products and services which are linked with innovative
ideas. It is a registered on legal thing to maintain the value
of their sources in the Marketplace.
 Trade Mark: This is the thing which is linked with the
management of the intellectual property which is connected
to the product design logo and many more(Kardas, 2016).
This is very supportive for the organization to maintain their
image and uniqueness of the company in front of their
customer..
Types:

 Copyright: This is the thing which described as the
intangible asset that the company is using and it is also
very supportive for the organization to make or develop
their goods and services that are applied by the
organization to manage their product and services
(Kristiansen and Ritala, 2018
Types:

 From the above mentioned report it has been analyzed that
innovation is very important factor for the organization to get
more opportunities and attract more customers towards the
organization. There are several kinds of techniques or
methods which are used by the organization in order to
develop the new product. Moreover it is analyzed by the
complete that it is very important for the company to maintain
the efficiency and effectiveness of the product in order to
increase their sales and profitability.

Conclusion

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 Ciriello, R.F., Richter, A. and Schwabe, G., 2018. Digital innovation. Business &
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 Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government
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 Goffin, K. and Mitchell, R., 2016. Innovation management: effective strategy and
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References