Innovation and Commercialization Report for Essence Drink Company

This report examines the concepts of innovation and commercialization, focusing on their significance in business growth, particularly for the Essence Drink company operating in the UK. The report differentiates between invention and innovation, highlighting the importance of organizational vision, leadership, culture, and teamwork. It delves into the 4 Ps of innovation (process, product, position, and paradigm) and the use of the innovation funnel to generate ideas. The report also explores frugal innovation, its applications, and the tools for managing intellectual property. Key aspects include the importance of innovation in attracting customers, enhancing product quality, and achieving a competitive edge. The report analyzes how organizational elements such as vision, culture, teamwork, and leadership contribute to innovation and commercialization, offering insights into the practical application of these concepts within a business context. The report aims to provide a comprehensive understanding of innovation and commercialization strategies for businesses seeking to thrive in a competitive market.

Innovation and
Commercialization

INTRODUCTION
Innovation is a vast concept which play crucial role in the growth and development of
firm. Innovation is a process of translating an idea, thought, plan into proper action as to
attaining high growth and success. Innovation is considered as an key element that is
significantly used by each small and large business enterprises as to making an effective and
good image at market place. Innovation and commercialization’s are the two contrary aspect
which helps in making an organizational product and service more attractive in nature (Ambec
and et. al., 2013). Essence drink is a chosen company for this particular report; the company runs
its business operations and activities within the geographical area of United Kingdom. The major
purpose of Essence drink is to developing their performance and productivity by utilising
innovative ideas and thoughts within the working environment. This report contents the study
about the significance of innovation and commercialization, difference between invention and
innovation, the huge contribution of organizational vision, mission, leadership, and team work, 4
P’s of innovation which is widely applied by organizational management as to making the
product of firm more familiar with the people, importance of innovation funnel and application
of new product development and different tools which are applied by an organization as to
managing their intellectual property.
TASK 1
P1 Difference between innovation and invention and importance of innovation to organisation
Innovations is an important element for each business firm as it helps in implementing
new ideas and thoughts into proper action. In the world full of competition the major purpose of
each business enterprises is to making their self stand out among their rivals in respect to
providing high competition to their competitors. Organizations are concern on implementing
innovation within work place in respect to grabbing the attention of individuals towards the firm
or its offered products and services (Battistella and Nonino, 2012). In this modern business
environment the potential objectives of each business organization is to satisfying the desires of
people through offering variety of products and services to them as innovation plays effective
role in developing more effective and satisfactory products and services for their significant
buyers. Innovation and invention are different element and have their on importance and
effectiveness in the functions and operations of firm. Both the elements refers to the effective
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aspect that is focused on developing the ability and efficiency of organisational performance and
productivity. As small business enterprises Essence Drink has its small ventures through
company attain small amount of profit and in order to enhancing its operations and sales the
higher authority and management department of firm are concern on implementing innovation
within work place so that sales can be enhanced at market area. There are various importance of
Innovation within an organisation in which some are described as under:
 Innovation is mainly based on developing the feature and quality of available products in
respect to making them more attractive in nature so that buyers can easily be attracted
towards the product and service (Yoo and et. al., 2012).
 Innovation also helps the company Essence drink in developing more energetic and
innovative drinks as to fulfilling the basic desired of the people within the market area.
The another essential purpose of firm for implementing innovation at work place is that it
create value in development of profitability through increasing the sales of firm.
 Innovation is also effective in attaining competitive edge through producing more
innovative items and services as per the dynamic need and demand of buyers at market
place.
Innovation and invention is different from each other and has comparatively different benefits
for firm. The difference between innovation and invention is described as below:
Innovation Invention
Innovation and Development encourages the
business to enhance the attractiveness of their
items and increment the benefit of company.
Innovation incorporates about the way toward
enhancing the current items and
administrations of organization. For this reason
administration of firm utilizes different
advances, forms which expands the current
highlights of their item which contributes in
fulfillment of upper hand in showcase.
Innovation is the procedure which incorporates
about making of item, process or innovation for
first time. It adds to organization to finishes
their assignments all the more viably and
effectively by utilization of these new advances
and procedures (Boudreau, Lacetera and
Lakhani, 2011).
Innovation is also considered as the process of
providing effective and appropriate solutions to
Invention is effective in implementing the ideas
into proper action through applying any theory
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the problems and issues which are faced by
organisation or its employees. This helps the
management of company to compete with their
rivals through producing more effective
products and services.
and practice.
P2 Contribution of organisational vision, leadership, culture and teamwork in innovation and
commercialization
In a business organization management and its higher authority plays effective in setting
up some goals, objective and vision as it is essential for the business concern to utilize all
business operations in appropriate manner. Organizational objectives are considered to be the
predetermined statement which plays effective role in providing a significant direction to the
firm or its operations as to completing work in effective way. The management department of
firm is concern on creating some specified vision and mission statement in respect to attaining
organizational targets and objectives in appropriate manner (Breznitz and Murphree, 2011). The
elements of culture, vision, leadership and teamwork plays vast role in development of business
activities. As a small business organisation Essence Drink is concern on implementing these
elements in appropriate manner in respect to attaining their desired goals and objectives. These
elements are briefly explained as below:
Vision: vision is consist to be an effective element which can be described in the form of
statement in which the major motive of firm is mentioned. Vision statement is future forecasting
in nature as it is based on the objectives and plans which are focused to be achieved by firm in
future. The vision of Essence drink is to expand their business operations in large area through
offering variety of products and services to their significant buyers. For this reason
administration of organization makes the arrangements to utilize the imaginative plans to add
new features and advancement in their items and utilization of new innovations to create them
which spares the cost of tasks.
Culture: This is also an another essential element of firm as culture helps in providing an
appropriate environment to organisational employees as to establishing collaboration and
coordination so that work can be done with more passion and effectiveness. In this area
management of firm plays vast role in reduce the culture differences in respect to attaining
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targeted goals and objectives. The Essence Drink has its business operations within UK and its
based on the culture and norms of UK and it is essential for firm to remove culture differences as
to providing equality to the employees who are belongs to different geographical area.
Teamwork: This is most effective aspect of attaining organizational objectives in appropriate
manner. In this competitive business era each organization is focused on creating teams as to
completion of organizational task with the collaboration and coordination of employees at work
place. Team work helps in completing the task with appropriate efforts of employees. Essence
Drink is concern on implementing teams in which they appoint people with similar set of
knowledge and skills in order to performing a task with ore collaboration and knowledge.
Leadership: Leadership is consisting to be a process of commanding other for attempting
assigned duty and tasks in effective manner. Essence drink is a small company which is focused
on delivers new creative drink in showcase that is conceivable if the group pioneer has authority
quality to propel the workers to utilize their new plans to involve some extra component in drink
which adds to expand the deals and achieve upper hand.
TASK 2
P3 4P's of innovation and use of innovation funnel to develop innovative ideas
Innovation is determined as the significant element which is required to be applied by the
business firm as to attaining competitive edge at market place. Innovation is also effective in
maintaining the advancement and uniqueness in the products and services which are offered by
firm to their buyers (De la Mothe and Paquet, 2012). The 4 P’s of innovation is based on
different elements which create value in introducing new and innovative products at market
place. 4 P’s of innovation helps in motivating employees to work with more coordination and
collaboration. The elements of 4 P’s of creation are represented as under: Process innovation: This incorporate about the change of advancements and the
technique which is connected by the administration of organization to create more
successful result of organization which are offered to their purchasers. Quintessence
drink needs to expand the offers of their items and increment the gain fullness through
growing more powerful and appealing items at commercial center. This will be
conceivable if organization lessens the cost of activities.
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 Product Innovation: This is the key element of innovation process as innovation has to
be done in the existing products and services of firm in respect to enhancing the demand
of products at market place. As a small beverage company the administration department
of firm is concern on introducing variety of drinks as to gaining attention of people which
create benefit in reaching at targeted goals. Position Innovation: It is also important for an organisation to positioned their products
and services at significant market in which the demand of product is high as it create
benefits in enhancing the profitability of firm. The management of Essence Drink is
concern on setting up the stores and outlets near to the institutional area and colleges as in
this area the demand of product is high. Paradigm Innovation: This element is based on the shape of company as it encourage
the employees t work place as to putting their vast efforts In the growth and development
of firm. The company Essence Drink is concern on implementing changes in the structure
of firm as to providing opportunities to the employees to apply their own set of
knowledge and skills at work place (Gawer, 2011).
Innovation Funnel: This is also an effective process which is based on the development of
new technologies, ideas and thought to perform organisational activity with more easy and
smooth manner. This process has include three major steps which are described as below:
Wide of Mouth: This incorporates about gathering of data and thoughts from the market.
Essence drink organization gathers the information from the market about the perspective of
client for their items.
Selection of idea: In this idea has to be selected in order to developing the performance of
firm at market place.
Implementation of Idea: In this section the selected idea has to be taken into proper action in
respect to providing a significant direction to firm as to attaining higher profitability.
P4 Development in frugal innovation and its uses
The process of frugal innovation is mainly connected with the activities of firm as frugal
innovation and frugal engineering is consisting to be a process of reducing conflicts and
complexities within the business operations (Díaz-García, González-Moreno and Sáez-Martínez,
2015). Frugal innovation is effective in attaining high growth for firm without facing any kind of
issue and complexity. The desires and preferences of people are changed as per the change
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occurs in the market trend so frugal innovation is effective in producing goods and services
which are having significant features to satisfying the desires of customers. As a small business
organization Essence Drink is applying this method in order to expanding their business
operations in large area trough offering more attractive and effective products to their buyers.
There are different usage of frugal innovation within an organisation in which some are
described as below:
Implementing Advancement in products: Innovation is directly connected with implementing
some advance features in the existing goods and services of firm as to attaining attraction of
people which create benefits for higher profitability and productivity.
Adoption of new technologies: In this competitive era the potential aim of each business firm is
to adopting new and advance technologies within work place which has a huge influence of the
productivity of firm. New and advance tools are effective in producing more innovative and
effective products at market place.
Reduction of cost: This is the fundamental objective of firm as it is the major focused area of
firm as to producing more effective products without emerging any kind of extra cost as this
helps in removing the expenses and cost upon the production.
TASK 3
P5 Importance of commercial funnel and application of NPD for commercialization and
innovation
Goods and services are the representative of firm as the appropriateness of products is
helpful in increasing the sales and revenue of firm at market place. Commercial funnel is
considered as a vast concept which performs vast role in influencing the decision making of
customers at market place (Gennaioli, Shleifer and Vishny, 2012). This is a significant process
which provides advantage to the firm as to retaining employees for long run of business
activities. Essence Drink company is concern on producing new drinks as per the demand and
needs of buyers which create value in satisfying their needs and wants in effective manner. There
are various importance of commercial funnel in which some are described as below:
Improve the quality of product: This provides a significant direction to the firm as to producing
more qualitative products as to satisfying the desires of people at market place.
Research: This incorporates about the examination of market and client inclinations. It gives the
helpful data to the administration of organization. Essence drink requires directing the
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exploration about the market to think about the contenders, their methodologies and the
assortment of beverages which are givens by them, so make their arrangements as indicated by
that.
In this modern and competitive era the major purpose of each business organization is to
fulfilling the needs and wants of people at market place through offering them new products and
services at market place. The process of new product development is significantly applied by
each business firm as to attaining a higher competitive edge at market place. The process has
involved various elements which are described as below:
Idea Generation: This is the primary stage of new product development as in this an effective
idea about product has to be generated by the management of fir as per the new needs and
demand of people. The company Essence drink is concern about the choice of people while
introducing new product at market era.
Idea Screening: In this generated idea has to be analyzed as in this suitability of has to be
measured.
Define concept: This stage involves about experiment of the tools and techniques of new idea
which is implemented by the firm to producing more effective products and services. This helps
in identification of the viability of new idea.
Marketing Strategy: In this an effective strategy has to be generated as to providing benefits to
the generated idea of firm. The strategy needs to be effective in nature as it covers about the
distribution channels and all marketing tools use by the firm for ultimate sale of the product
(Lee, Olso and Trimi, 2012).
Business analysis: Determining the effectiveness of company at market place as in this strength
and weakens of firm are analyzed.
Product development: In this stage the final stage feature and design of the product has to be
selected as per the needs and wants of people at market places.
P6) Innovation business case for an enterprise
The major purpose of each business enterprise is to attaining higher growth and success
at market place through producing more effective and appropriate goods and services. Business
case plays crucial role in explaining the aims and objectives of an enterprises in an effective
manner. This is are useful in representing the new and imaginative products at commercial center
that meets with necessities of buyers (Metcalfe and Miles, 2012). New inventive item encourages
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the organization to build their picture between the clients and hold them for longer time frame.
Such new advancement business instance of Quintessence drink isn't just incorporate about the
improvement of new item however it additionally incorporates about the utilization of new
advances and procedures which lessens the task cost and enhances the execution of
representatives. As a small business enterprises Essence Drink provides variety of drinks within
the UK market and also concern on expanding their business activities at large scale as it is
effective in attaining huge amount of profitability and growth. It is also essential for firm to
maintain proper flow of resources as well as funds in order to invest in introducing new and
variety of products at market place as to sustaining a competitive position at market era.
Executive summary: As per the case of Essence Drink, it is a small beverage company which is
established in UK and very much concern on offering variety of products and services to their
customers. The major focused area of firm is to attaining high growth and success at market
place through gaining attention of various buyers and customers who are very much willing to
taking benefits of offered products and services of firm. Management of firm plays effective role
in analysing the current market situation and produce more effective goods and services which
are helpful in satisfying the basic desires of people at market place.
Risk: Risk and clashes are undesirable in nature as it is fundamental for associations to lessen the
factor of hazard through actualize inventive thoughts and considerations. As a substantial
business endeavors Essence Drink is worry on diminishing the possibility of hazard as to
achieving development through delivering more creative items which are powerful in fulfilling
the necessities and needs of individuals at commercial center. Complete transfer of the risk isn't
possible anyway it very well may be directed through various drugs. Extraordinary Hazard
Administration is along these lines greatly noteworthy and a foremost perspective for
progression.
Identifying requirements of skills and Resources: It is a best among the most troublesome task
for any association to assess the kind of capacities and resources with respect to reserves, Human
resource that will be required to develop another thing or to make any progression. If a same
kind of thought is associated elsewhere the advantages that are being used by such firm or
association can be taken for example for achievement of the thing.
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Business plan checklists: It involve Issue, Hazard, Abilities and resources, accomplishment. It is
a deliberate strategy for masterminding another headway and completing the same ensuing to
contemplating each one of these components.
TASK 4
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property rights
In an organisation management is responsible for all activities and operations that are
held at work place. It is the major responsibility of organisational authority to sustain skilled
employees at work place in respect to implementing more innovative features and ideas at work
place (Owen, Macnaghten and Stilgoe, 2012). Management needs to providing assurance about
the safety and security of innovative ideas of an organisation as to protect them from the outsider
users. There are various measures that are adopted by Essence Drink as to maintain their
intellectual property more safe and secure in nature some measures are described as under:
Patent: This spares the development of organization from not being utilized by some other
individual or organizations. To accomplish the patent, organization needs to apply to government
with respect to qualification of patent for their advancement.
Copyright: these apparatuses causes in offering help to securing the licensed innovation for a
predefined timeframe. In this it is basic for firm to refresh their copyright in regard to
accomplishing long haul development and benefit (Schaltegger and Wagner, 2011). It can be
denoted by the sign on'©'.
Trademark: It is a basic identity of any business firm, it can be as pictures, logo, get-together of
words that are used through manufactures as to picking up consideration of individuals. It helps
in perceiving a specific brand. The picture of trade stamp is "TM".
CONCLUSION
As per the above mentioned report it has been concluded that advancement and
development expect differing part in every business firm. These two rely upon each other
anyway they are differing terms. Development are regularly investigated as the execution of
proper arrangement that aides in achieving unstated necessities, existing prerequisite of market,
needs and needs of clients.
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REFERENCES
Books and journals
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