This report examines innovation and commercialization strategies for Essence Drinks, a healthy beverage company. It defines innovation and its significance compared to invention, emphasizing the role of vision, leadership, teamwork, and culture in fostering innovation. The report analyzes various sources of innovation and discusses developing an innovative culture within Essence Drinks. It also explores the 4 Ps of innovation (product, process, position, and paradigm) and the application of the innovation funnel for shaping ideas. Additionally, the report delves into frugal innovation, providing examples of its use in an organizational context. The report aims to develop a business plan to address declining sales and provides a detailed understanding of innovation and its development process.
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