Business Case Report: Essence Drink's Innovation and Commercialisation

This report provides a comprehensive analysis of Essence Drink's business case, focusing on innovation and commercialization strategies for new product development. The report begins with a background of the company, highlighting its initial success with healthy Mango Lassi and the sources of funding. It then explores a scope of ideas for new products, including diet and chocolate lassi, and the importance of competitor analysis. The report identifies solutions to business problems, including matching goals to resources and assessing risks. It details techniques for testing product effectiveness, such as unit tests, test cases, and test marketing. Finally, it emphasizes the importance of protecting intellectual property rights through copyright, trademarks, and patents, along with confidentiality agreements. The conclusion stresses the importance of well-defined innovation procedures for achieving business objectives, and the report includes a list of relevant references.

ESSENCE
DRINK STUDY

TOC
 Background of the company
 Scope of ideas for new products
 Identification of solution of the problem
 Determination of the techniques for testing effectiveness
of the product
 Protection of intellectual property rights
 Conclusion

BACKGROUND OF THE COMPANY
The company being discussed here is a company which
is known as Essence Drinks and the company started
with its only product which was healthy Mango Lassi.
This company started and in its first year of
establishment company earned significant profit and this
continued to its second year after establishment.

CONT..
Funding Sources for the company are;
 Personal Funding- This means that company invest its
own capital to fulfil the requirement of the fund.
 Banks and Financial Institution- This is another source
from where Essence Drinks can source its funding
requirements and this is one of most easy way to source
the innovation.
 Investment Capitalist- Essence Drinks can also source
its funding from investment capitalist.

SCOPE OF IDEAS FOR NEW PRODUCT
Essence Drinks currently have only one product which is
healthy mango lassi and this is why available options for
new products for Essence Drinks are many. Essence
Drink as presently offering drink and they can also
provide eatables in their product range. Some of the
Drinks they can add in their product range are;

CONT..
Diet Lassi
As people are becoming more health conscious this word has become very popular.
This is the reason that Essence Lassi can include this in their product range.
Chocolate Lassi
This is another product that they can being into the market. This is because
regardless of age, gender and any other characteristic chocolate is liked by most
of the people.
Other than this Essence Drink can also identify products which are being offered by
its competitors and they can be improved and innovated by the company in order
to ensure that it can increase customers for the product.

IDENTIFICATION OF SOLUTION OF
PROBLEM
This commercials funnel includes stages which are included in
selling a product to the prospective customers. The stages are-
Matching the goals to resource and capability
This stage involves that Essence Drinks has to match what are its
goals and on the basis of its goals do the company has
resources and capabilities required to achieve these goals.
Assessment of Risk
Risk assessment is important to enable company to plan and
implement strategies which can reduce and mitigate the effect
of risk on the achievement of goals.
Value Analysis applying frugal innovation
Value analysis refers to analysing the value which company will
be creating and selling to the customers.

DETERMINATION OF TECHNIQUES FOR TESTING
EFFECTIVENESS OF THE TOOLS
It is important that before product is offered to customers for sell its
effectiveness is tested and this requires determination of the techniques.
Unit Test
This can also be considered as the first stage of the testing and this
involves that product is tested before it actually gets tested. This method
involves that particular requirement is added with the product.
Test Cases
This means testing the overall product and its effectiveness by analysing
the product on the basis of what are the requirements of the products
and what was expected of the product.
Test Marketing
This will give idea about the market effectiveness of the product whether
the product is according to the requirement of the market or not.

PROTECTION OF INTELLECTUAL PROPERTY RIGHTS
It is important to protect intellectual property rights of the
new drink in order to save it from being copied. This is
possible by registration of copyright, trademark and
patent.
In this Essence Drinks can also create confidentiality, non-
disclosure contracts with its employees in order to save
the confidentiality of the Drink and its procedures.

CONCLUSION
From the above analysis it can be concluded that
innovation is important and this is why its procedures
should be well defined so that company and business can
achieve their main objective behind they are innovating
their products.

REFERENCES
 Bakhoum, M and et.al., 2018. Personal Data in Competition,
Consumer Protection and Intellectual Property Law. Springer.
 Kurtz, B and et.al., 2016, April. Are we there yet? How redundant and
equivalent mutants affect determination of test completeness. In 2016
IEEE Ninth International Conference on Software Testing, Verification
and Validation Workshops (ICSTW) (pp. 142-151). IEEE.
 Paschen, J., Wilson, M. and Ferreira, J.J., 2020. Collaborative
intelligence: How human and artificial intelligence create value along
the B2B sales funnel. Business Horizons.
 Skilton, P.F., Wiseman, R.M. and Glick, W.H., 2018. Managing for
Impact in Business Research Programs: Scope and
Collaboration. Current Topics in Management. 13. p.179.
 Villani, J and et.al., 2018. Sources of Funding for Research in
Evidence Reviews That Inform Recommendations of the US
Preventive Services Task Force. Jama. 319(20). pp.2132-2133.