Report: Innovation and Commercialisation for Essence Drinks Company

This report delves into the concepts of innovation and commercialisation, using the Essence Drinks company as a case study. It explores the differences between innovation and invention, highlighting the importance of innovation for business growth, customer satisfaction, and competitive advantage. The report analyzes how vision, leadership, culture, and teamwork contribute to successful innovation and commercialisation. It further examines the 4Ps of innovation (product, position, process, paradigm) and the application of the innovation funnel. Finally, it discusses the development of frugal innovation to reduce costs and enhance market competitiveness. The report concludes with a summary of key findings and recommendations for the company.

Innovation and
Commercialisation

Contents
Introduction.................................................................................................................................................3
Main body...................................................................................................................................................3
P1 what is Innovation and examine their importance with respect to the chosen Organisation in
comparison with invention......................................................................................................................3
P2 Explain how vision, leadership, cultural and team work can figure in innovation and
commercialisation...................................................................................................................................5
P3 4Ps of innovation and use of innovation funnel.................................................................................6
P4 Development of Frugal innovation.....................................................................................................8
Conclusion.................................................................................................................................................11
Reference..................................................................................................................................................12

Introduction
Innovation is the process where the entrepreneurs use to innovate their Idea into physical
finished goods and services. It resulted in the introduction of products and services for
improvement in the existing goods which are already offered by the company. It plays a critical
role with respect to the growth of the organisation and also helps them to expand their businesses
at the global level. In this cut throat competition every company is required to develop
innovative ideas into their products and services which helps them to attract their targeted
customers in the interference manner (Agarwal, Brem and Dwivedi, 2020). Commercialisation
refers to the process which helps the organisation to bring their products and services into the eye
of the targeted customers. The organisation used to commercialize their products with the help of
different marketing strategies. The firms can raise their value of sale by serving creative products
into the local or international market.
It is being discussed about the essence drink company which is founded by Akshay
Kumar. Before this only he has started his company with the innovative drink Idea known as
healthy mango lassi. When he launched his product in the competitive market the company has
and hence increased their sales and increased the distribution capacity. This resulted in the huge
amount of profits to the organisation. The report discusses the difference between innovation and
invention and importance of innovation with context to the essence drink company and also
focuses on vision, leadership, culture and shape. Innovation and commercialisation is also
discussed. The several steps with respect to NDP which can be adopted by the organisation in
order to improve themselves in the competitive market. Struggle innovation is used to reduce the
cost of goods by which we organisation can reduce their cost of production.
Main body
P1 what is Innovation and examine their importance with respect to the chosen
Organisation in comparison with invention
Innovation means something completely new in the products and services with respect to
their creation aur adding some features and characteristics into the existing goods and services
which are offered by the organisation. The companies used to adopt innovation techniques in

order to attract their targeted customers towards the products and services. It is important for the
essence drinks to use Different techniques in order to survive and sustain for a longer period of
time in the competitive market place. The company has innovated healthy drinks and the
importance of innovation is also beneficial for the company as it helps in order to survive for a
longer period of time and enhance the profitability from the market.
Importance of innovation
Higher customer satisfaction: innovation plays an important role as it helps the
organisation to satisfy their customers in a more effective manner. For this the organisation used
to determine Different techniques in order to examine the needs and wants of the targeted
customers so that they can analyse what innovative ideas they are required to satisfy the
upcoming desires of their targeted customers. The basic requirements which always must be
fulfilled by the essence drink with the help of a new healthy drink project (Albats and et. al.,
2020). It is successful in the market because the healthy drink helps the customers to maintain
their health in this pandemic situation also. Due to covid-19 every individual wants to intake all
those products which helps them to boost their immunity system. It is also beneficial for the
organisation as the customers are demanding more healthy items so that they can defeat the
covid-19 bacteria in a more easy manner. This helps the organisation to get loyalty from their
customers which helps them to raise their brand value in the competitive market. The positive
response from their customers will result in revenue for the organisation and also helps the
employees to get motivated.
Competitive advantage can be gained: in the competitive market it is difficult for every
organisation to defeat their competitors but with the help of innovative ideas the organisation can
defeat The Other Revival companies in a more productive manner. The Chosen organisation of
this report is also using innovative healthy soft drinks which helps them to boost immunity level
on the consumption. The innovative idea of the essence drink gives tough competition to the
competitors and helps them to enhance their market share.
 Increase the share of market: vriddhi innovative products and services the organisation
used to capture of Huge market as the innovative idea helps them to attract more
customers towards their products and services. The essence drink organisation is also
providing their services in a unique manner as with the help of contact less service to
their customers and other techniques of digital payment. To analyse the success rate of

the project the company has gone through with the different Research and the
administration department has faced many of the challenges which resulted in the
development of an innovative product in order to satisfy the desires of the targeted
customers in a better manner.
 Invention: it refers to the process where an organisation has made some physical
appearance of their idea for the first time into the competitive market. The company uses
this in order to resolve the problems faced by the targeted customers while adopting their
products and services from the market. Essence drink companies also use different
innovative ideas which is important due to the rise of covid-19 in the world (Choi, Yeo
and Won, 2018). Every company is concerned in order to invent their skills and
knowledge of the workforce in such a manner which helps them to capture a more
competitive market. The innovative idea helps the organisation in order to gain a
competitive advantage against the revival companies. It is also beneficial with respect to
the customers that they can easily boost their immune system in a better manner.
The difference between innovation and invention is mentioned below:
Invention means when an organisation comes up with the idea for the first time in the
competitive market. It can be possible by any individual with his technical skills.
Innovation refers to additional changes into the existing goods and services. The
organisation requires some techniques of marketing and strategic skills.
P2 Explain how vision, leadership, cultural and team work can figure in innovation
and commercialisation.
Innovation commercialisation place and significant role during the growth of an
organisation as it helps the research and development activities of the company which helps them
to innovate their products and services in an effective manner (Yuen and et. al., 2020). The
organisation also determines the appropriate marketing techniques in order to promote their
products and services into the competitive market. Essence drinks organisations use different
techniques in order to develop innovative products. Such techniques are used to compete with
the tough competition by the competitors. Besan strings vision culture and teamwork helps the
organisation to shape their innovative and commercialisation which is discussed below:

 Vision Statement: essence drinks company used to provide healthy drinks to their
customers. The vision of the organisation is to keep every person healthy and safe in this
pandemic situation also. In order to attain the vision statement the organisation loses
different innovative ideas in an effective manner.
 Culture: it includes beliefs in other missions which helps the organisation in order to
govern how the staff members will use their skills and knowledge possessed by them in
order to behave properly within the organisation and accomplish the set targets
(Cunningham and et. al., 2019). The culture plays a significant role of the organisation as
it helps to develop innovative products and services with the help of understanding
certain things which includes communication, leadership, ownership, teamwork etc.
 Leadership: the company uses democratic leadership style which helps the managers to
manage their business around the globe. With respect to this leadership style the
organisation uses to invite their work force while making any decision in the process and
also from the pool of ideas the company used to determine and analyse the best idea
which helps the organisation to gain productivity (Ruiz-Molina, Gil-Saura and Servera-
Frances, 2017). This leadership style helps the organisation to motivate their employees
in order to get the productive ideas from them.
 Teamwork: the company used to make different groups according to the skills and
knowledge possessed by their employees in the organisation. It is done by the
Administration Department as it helps them to get an innovation idea from such workers.
The work of the workforce has plays are integral and communicated in which context to
maximize the quality of the assigned task which resulted in the profitability for the
organization (Daniels and Dosso, 2021). The Chosen organisation of this report used to
provide proper training to their employees which helps them to determine the skills and
knowledge possessed by their employees and with respect to that the team leaders used to
give them the specific tasks.
P3 4Ps of innovation and use of innovation funnel
In order to improve the innovation within the organisation the four P's process is to be
adopted by them, which is discussed below:
 Product: it is important for the organisation who create a new activity within the
organisation with the help of innovation of new product in the competitive market. For

this the company can also get assistance from there customers in order to determine their
Desire. With context to the essence drinks, the company uses innovation in order to
satisfy the needs and wants of the targeted customers and also produce the new
innovative products in the competitive market. The organisation can also make
modifications in the existing products in order to satisfy the issues faced by the
customers.
 Position: it is the method which is considered as the Marketplace on which the company
uses two forces and with respect to that customers are interested. Because of the fewer
features and less effectiveness the organisation faces many of the challenges which has
an impact on their sales of innovative products. The essence drink organisation try to
introduce the different drinks so that they can catch More market share in order to defeat
the competitors from the market.
 Process: the process means devay which must be followed by the organisations and use
them in order to deliver their products to their clients. With reference to the essence
drinks, the company used to improve their products and services in order to defeat the
competitors. To attend this it is important for the organisation to produce their products in
the minimum period of time so that they can satisfy the demands of the products in the
competitive market (Planes-Satorra and Paunov, 2019). This resulted in higher profits
while improving the manufacturing and supply process.
 Paradigm: this involves all the methods which an organisation adopts in order to make a
successful innovative idea. The model of paradigm can be used by the company in order
to determine the different ways which team management may adopt in order to complete
the task and attain the common goals of the organisation.
Innovation Funnel: is the method which includes the process and steps can be adopted by the
organisation while introducing the new products and services into the competitive market. This
helps the organisation to get long term profits with the help of innovative products. The research
and development department also used to control and dominate this process in order to evaluate
the feasibility of the innovative products and determine if such products helps the customers to
satisfy their Desire in an effective manner or not (Ebrahimi and et. al., 2018). There are several
stages of innovation funnel which is discussed below:

 Idea Generation: it is the first states in which Research and Development Department of
the organisation used to determine the idea with respect to the products and services
which are already propounded by the organisation with the help of proper monitoring
with respect to the threats which h are present in the competitive market (Ou-Yang and
et. al., 2018). It is important for the organisation to prevent such opportunities in order to
sustain the long-term goals with the help of innovative ideas which can be used by the
organisation to satisfy the designs of their customers.
 Concept of investigation: it is the second stage where the company used to process with
respect to the idea in order to attain the common goal of the company. The concept is
being in order to identify the future customers and the resources which are used in order
to complete the innovative idea in an effective manner.
 Feasibility of study: in this stage the company used to evaluate the idea which was
determined at the first stage and to examine the performance of the product in the market.
It is important to determine the techniques which will be helpful for the organisation in
order to attain the objective. Management department used to determine the loopholes
and the issues in order to get feasibility to resolve the issues.
 Development stage: it is the stage where the company is the stage where the organisation
has launched their product into a considerable manner.
 Post release phase: it is the stage where the company used to take proper feedback from
the targeted customers which help them to improve their products in order to fulfill the
requirements of their customers.
P4 Development of Frugal innovation
Frugal innovation means of process which helps the organisation to demolish the
complexness at some stage in the process of production of products and services (Muhos and et.
al., 2017). The main aim behind using this innovation is to analyse the effective products in order
to keep the healthy individual. This frugal innovation organisation eliminates several things
which are not making a positive result in the organisation. The process of innovation is
mentioned below:
 Find opportunity in adversity: it is important for every organisation to determine the
opportunities which are present in the competitive market. In order to prevent the

problems which are faced by the organisation during the process of providing their
production services to the targeted customer? With respect to the chosen organisation the
organisation used to manufacture the soft drinks which will be helpful in boosting the
immunity system. The innovative idea with respect to the name feature such as boosting
the level of immunity with the 200 ml of juice only. This helps in increasing the
performance of the business and allows the organisation to enjoy the long-term
sustainability in the competitive market place.
 Use less and perform more: at this stage the organisation used to determine these
resources which will be helpful in order to innovate their idea (Ferraris, Santoro and
Papa, 2018). They have to determine the strategies so that they can meet the demands
which will result in ringing higher efficiency in their operations. With context to essence
drink company, your organisation used to analyse the demands of their customers and
perform in a better way so that they can optimum utilise their resources which will be
resurrected in the reducing the cost of manufacturing.
 Think and act flexibly: at this stage it is important for the business enterprise to determine
and Strike and inflexible orders in order to examine the changes which are required by
the organisation in order to satisfy the needs and wants of the targeted customers. Many
times it is difficult for the business organisation to modify their strategies in order to
overcome the problems which are faced by the several departments. As these strategies
are used in order to improve their products which are offered by the company.
 Determine and use simple methods: this is stage talks about the methods which are used
by the organisation during the operations in order to complete their task in an effective
manner. This helps the company to create a proper understanding of the designer so that
they can analyse and develop their strategies accordingly. The simplicity which the
organisation is required to adopt helps them in order to get competitive advantages from
the market.
 Include the margin: with respect to the stage organisation used to determine the overall
requirements by their customers in order to analyse how search needs can be fulfilled in
an effective manner. The organisation also used to determine the benefits which can be
raised by the products for both customers as well as for the organisation.

 Follow your heart: it is the last stage which stocks about the management department
strongly passionate towards their work (Meissner and Carayannis, 2017). The department
used to manage the essence drink and helped them to modify the existing products in
order to and hence their market shares while satisfying the desires of their targeted
customers.
P5, 6 and 7 are covered in PPT

Conclusion
With context to the above report it can be concluded that Innovation and
commercialization plays an important role in order to the success of the organisation. These tools
help the organisation to gain the competitive advantage from the market because of their
introduction of innovative products into the Marketplace. Innovation helps the customers to avail
the modified products and services which help them to satisfy their Desire in a better way. It is
important for the organisation their activities with the help of frugal innovation, new product
development and 4 P's of innovation as this helps the company to satisfy the needs and wants of
their targeted audience. The business plan also plays a major role while executing their
innovative plan and gathering competitive wages.

Reference
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