Innovation and Commercialization Report: Business and Innovation

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the 'Essence drink' company and its mango lassi product in the UK market. It begins by comparing innovation and invention, highlighting the roles of leadership, vision, and teamwork in shaping commercialization efforts. The report delves into the 4Ps of innovation, examines frugal innovation with real-world examples, and explores the commercial funnel for product development. It also discusses how to foster innovation within an organization and the tools used to protect intellectual property. The report covers aspects like efficient resource use, competitiveness, and staff retention, with detailed explanations of innovation's impact on business growth. The analysis includes the importance of leadership styles and the role of teamwork and culture in driving successful innovation and commercialization. Additionally, the report examines sources of innovation, the importance of processes, and how companies can apply innovation funnels to improve innovation management and achieve their goals. The study emphasizes the impact of frugal innovation and presents a case study of Samsung, highlighting the importance of adapting to diverse customer preferences.

INNOVATION
AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
The comparison of innovation, invention or its values..........................................................3
Roles of leadership, vision, teamwork and vision help to give shape commercialisation and
innovation...............................................................................................................................5
4P's of innovation...................................................................................................................7
Examine how to develop innovation frugal............................................................................9
The commercial funnel for product development................................................................10
Build innovative for an organisation....................................................................................13
The different tool's organisation used for develop to protect knowledge............................15
CONCLUSION .............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation is introducing and implementing ideas, techniques ormethods. It is the process
which is involves various activities for uncover the new ways of doing things. It creates the
biggest opportunity to company and also to business. Other hand, the commercialization is
process which is introduce new product in the commerce. Present study show the “Essence
drink” which is operate Akshay kumar. Company is lunch drink which is mango lassi in the UK
market. Study lays emphasis on innovation's importance of organisation in compare by
invention. Its show organisational culture, leadership, vision, and teamwork give proper shape to
innovation and commercialization (Chand and et.al., 2018). Report will cover by the 4 P's
innovation to use its funnel to analyse and shape the ideas of innovation. The development in
frugal innovation with specific example of organisation. The importance of commercial funnel.
This will apply on new product innovation with showing business case for organisation. It is also
highlighted by the different tools that are use by organisation for develop, protect knowledge or
property intellectual.

TASK 1
The comparison of innovation, invention or its values.
Innovation thing which is help to create and make change to the exists product, services
or process by introducing new way or ideas. It refers the development of new thinks, product,
process, technology, services are improved or redesign the current and existing products.
Innovation is essential for growth of Essence drink. It is important for giving new ways to
business and spread all over organisation and business. The intensity of competition is
determinant by innovation and productivity (The importance of innovation, 2017). It is help to
make combination of view, ideas, objects that are leads the innovation result new business ideas
for the Essence drink.
It has significant for employees who are working with Essence drink. Itt is help to firm
for assure its practices and benefits from the opportunity which are not only related to firm and
also to employees (Beard and Burger, 2017). It is necessary for organisation, processing an
independent business. Increasing in innovation tended to rise the staff retention a profitability
with culture. Innovation has effective and advantageous for future growth of the company and
also to achieve goals or objectives of it. The importance and benefits are as follows:
Illustration 1: importance of innovation
(source: The importance of innovation, 2017)

 Efficient and effective use of resources
 Enhanced competitiveness
 Attract customers towards business
 Develop retention of staff.
Enhanced the competitiveness are approached with the higher and bigger skilfulness of
employees, are delivered advanced quality of services at lower costs and prices. The difference
in innovation and invention are as follows:
Basis Invention Innovation
Significance It is refers the creating,
designing and discovering a
method or process that has not
existed before.
It implies an implementation
of ideas for product and
process first time.
Concept In that has idea and working in
theory (Chun and et.al., 2015).
At that have idea and its
practical implementation of its.
Concerned with The invention is concerns with
a single commodity and
process.
It is focus on the combination
of various product and
services.
Actions It has limited with research
and development department
and team of Essences drink.
It is spread the all over
organisation.
Roles of leadership, vision, teamwork and vision help to give shape commercialisation and
innovation.
Creating idea and think which is important for innovation and for that invention helps to
actual innovation and new things. The main goals innovation, invention is commercialize
product ad its services. It is very important to make effective and valuable product which is help
to attract customers towards the Essences Drink (Datta, Mukherjee and Jessup,2015). Innovation
and commercialization interrelated to each other and it is beneficial for company. The following
description is help to make it in proper ways:

Vision
Every company has vision which is help for achieve goals and objectives to firm. Like
that, the Essences drink company also have vision is to provide best and healthy drink to peoples
which is not harm to them and also not create any heath issues. This vision is help to give proper
and effective shape to innovation and commercialization. A mango lassi is product of Essences
Drink company (McPhee, 2016). A vision, to avail chance to the company, aims for run
individual business. In order to commercialization, the investing opportunity is serves to
expertise and marked a evidence for firm to gain goodwill. Visions are help to run their business
independently.
Leadership
Leadership style is method of providing direction, implementing plans and motivating
peoples. The Essences drink company is follow transformational leadership style. It is positively
related to commitment of employees, by these employees are work in collaborative ways. In case
of Essences drink, the company is always seeks for superb, talented employees who able to
think. This give positive impact on workforce and leadership style is help to give proper shape to
innovation and commercialization.
Culture and
A culture and teamwork is help to make an effective and valuable innovation and
commercialization to product and services. In order, to fulfil and achieve goals and objectives of
firm have to make the best workplace environment and team work. The employees works in
Essence drink is well-trained for cooperative work format (Heeks, Foster and Nugroho, 2017).
Like when employees are work with happy faces then they are able to satisfy customers. The
culture of essence drink related work with that they happy face and the training to employees
which conduct a collaborative teamwork. Essence drink follow the task culture and roles culture
in their organisation for the maintain the their work at the time of work. With the help of task
culture management is able to complete their task within the time. Other hand the roles culture
help of play their effective role at the organisation as per the role and job position.
Teamwork
With the help of team work employees are able to give their hard contribution to give
proper form to commercialization and innovation. With, help of teamwork, by this have benefit

to self management team work. This is effective and valuable all the team members are plays
their role in effective by managing them self.
Those vision, leadership, culture and team work is help to give proper shape to
innovation and commercialization. In order to satisfy the customers by motivating employees.
Source of innovation
The unexpected
The marketplace is look for opportunities. Good manner is perpetually studying the
market. The unexpected innovation source is make organisation foster and develop environment
and culture of Essence drink. It is effective and valuable because of most of the time manager of
company have to take fast decision for innovative product. In that they are not able to take
correct decision and also not don any planning for innovation. But most of the time this can help
to get successful innovation in terms of creating culture innovation. The innovation is useful and
effective using by company in unexpected manner. Most of time it can work in order to get
success.
Process need
Process is very important for making and doing innovation. Process is follows the step
by step instructions. It helps to make effective and valuable for every business and organisation
because this help to done work in proper and effective manner. Process includes the
identification of company process and also correcting or redesign to them (Haudeville and Le
Bas, 2016). It is the task oriented solution and that sources of innovation is help to make the best
quality of products and goods by innovation.
With the help of different sources of innovation company is able to make and develop an
environment and culture of innovation. Both sources can effectively help to meet successful
innovation development and culture of innovation.
4P's of innovation.
Innovation deals with process which Essences drink company creates very effective ideas
and thinking for product and services which is new and effective. The company want to rise sales
volume for the product and services. The 4 P's innovation that is innovation mix that are used by
organisation. That are as follows:
Product

Product is a element which is for upcoming business concern with goals. However,
Essence drink is make their services as per product serves to customers. A product fulfilled a
need of customers. Marketing of any product required to ensure that product is unique and
valuable for needs and wants of customers (Haudeville and Le Bas, 2016).
Paradigm
It is a planned process by which Essences drink is face changes of take innovative ideas
and thinking or the process of organisation. By this company is face new challenges and threats.
It is a plan for done changes as per their needs and wants of customers and also market needs.
Process
Process provided clear instruction to employees for work. Clear and effective process of
work is help to done work within a time and also with the best quality of result. Company is
faces problems with delivery of product process. For that company have to use best and effective
tools and techniques for improve their delivery process.
Position
Position referred which is sets in customers mind and also in marketplace and
promotional activities. By this organisation performance establish in competitive edge. In
Essences drink, the position innovation is deals with the advertisement for firm (Haas and
Cummings, 2017).
Innovation funnel

The aim of product and service are to develop the project and new ideas for growth in
positive manner. Its process are identify the ways of developing ideas by describing step by step
process. That is provided better services to the customers. It is also helped to maximizing the
goals and objectives essences drink company. It is use by company to improve their innovation
management and also achieve goals and objectives of company (The innovation funnels, 2017).
For applying in context of Essence drink is to collect information, it deals with the ideas and
select which one is best as per want and preferences of customers. Innovation funnel is important
to Essences drink company because of its is help to examine and also give proper shape to
innovation. Managing development innovation funnel involves task and challenges.
Illustration 2: innovation funnel
(source: The innovation funnels, 2017)

Examine how to develop innovation frugal.
Frugal innovation is reduced complexity and price of good and its production. Through
with frugal innovation, non-essential remove for achieve the quality and exact economic process
of customers (Chand and et.al., 2018). It is depends on the factors of country like environment,
political and social factors drive to forces on frugal innovation. These factor is helpful for give
shape to innovation process. It is process of produce product by decreasing expenses in low
level. It is also important for product and services by lower level to buyer.
For example: the Samsung company renowned brand product different smart phone for
attract customers in UK and also in India. It is a frugal innovation because country's customers
are different by their preference, demands and choice. In the UK customer are worldly and
knowledgeable for that company lunched product by adding new features and complex. In the
India peoples are poor from the UK customers.
However, in case of Essence drink, CEO Akshaya Kumar marks various features in order
to reduce complexity of investment opportunities. Management has take care of quality of
product, distribution network, affordability, performance of product and services, adaptability,
input cost and scale up. The quality of services is best and effective which are fixing the
requirements of customers in order to satisfied needs and wants of customers. Distribution
network is refers the services which are used by customers at different place and time. For that
distribution channel is best for providing services to customers. Innovation funnel is helpful for
new product development in the market. This will apply by the innovation funnel for introduce
new product at marketplace.
With the help of this, there are different aspects which are related to the frugal
innovation. These are related to the performance, servicing, cost of raw material or inputs and
scale goes through hard work of employees. Other hand, Essence drink engage with the audience
by using social media. This help to creating compelling interaction between business and public.
Social media is the best ways to connect with each other in market. Therefore, through the take
care of each factor frugal innovation if develop and company able to reduce complexity within
their selling of practices.
The innovation funnel
The innovation funnel is best and effective which has aim to develop best and effective
product and services at company for growth and success of company. In context of Essence drink

is to collect information, it deals with the ideas and select which one is best as per want and
preferences of customers. Innovation funnel is important to Essences drink company because of
its is help to examine and also give proper shape to innovation. This has various steps like
process of screening in order to ensure about there idea to match and achieve goals of firm.
Roles of frugal innovation
The innovation plays a very important role in organization for success by creativeness.
The frugal innovation have role to develop product by checking their quality services, growth
factors, analysis all the cost of products and performance of product and services.
The commercial funnel for product development.
Commercial funnel are refer the buy process of company. That help to leads customers
by purchase product and services. Commercial funnel is responsible for responsible to visually
represent the customers.
 The main importance of commercial funnel consider awareness of customers and
identifying their problem.
 It is funding respective solution of those problems by use social media marketing.
 It increases the interest of customers which ensure that decrease in customers prospects.
 It is lead to close understanding process to innovation and commercialization by ensuring
competitive advantage in market.
The Essences drink is the healthy drink company at UK. Its distribution capacity and innovative
which is help to achieved intense rise in sales of product. There are various steps which is help to
make new product development are as follows:
Step 1: Generating:
it is the means which is internal or external SWOT of company, as well as current
marketing trends. Idea generating is help to make the effective and valuable for lunching new
product. Company is lunch mango, orange and so on lassi. At that customers want papaya lassi
for make changes in their drink (Cadeddu and et.al., 2016).
Step 2: Idea screening:
screening the idea is help to take overview of market according to new product
development. Like customers are like this new flavour lassi. By this manager is able to innovate
and lunch this product in market.
Step 3: Test concept:

The test concept is apply after the screening ideas. It is important and also different from
the marketing test. This is effective and valuable for concept test because without checking it is
can be fails.
Step 4: analysis of business:
development of product is build system which is help to monitor progress of product. The
Essences company is includes the input matrices for developing their business and its growth.
That are help to provide valuable feedbacks to company.
Step 5: marketability test:
this test is help to make analysis the market like private test group, launching beta test
and other forming test. Product and products are provided the valuable test and getting
information for improvement.
Step 6: product development by the technologies:
for the innovation, company have to provide technical aspects which are perfected
without alterations. The production is make plane to produce product. Other hand marketing
department is make plan for its advertisement. Finance department is allocate funds to them for
their expenses.
Step 7: commercialize:
new product papaya lassi is placed in market and customers use and purchase it and other
hand the technical department are monitoring progress. At that company is keeps their
distribution in the pipelines located with product is an internal part.
Step 8: post launch critique and perfect pricing:
NPD process efficiency and look for continues improvement. At this step product is
introduced by introducing price and the final price of product is sets after customers are using
this product (Bhutto and Vyas, 2017).
New product development at Essence Drinks:
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