Unit 08: Innovation and Commercialisation Report - Essence Drinks

This report examines the concepts of innovation and commercialization within the context of Essence Drinks. It begins by defining innovation and its significance compared to invention, exploring how vision, leadership, culture, and teamwork contribute to both processes. The report delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and the application of the innovation funnel to shape ideas. It also covers frugal innovation strategies, illustrating their use within the company. Furthermore, the report highlights the importance of the commercialization funnel and fresh product development processes, including funding access for innovation. Finally, it discusses techniques for acquiring, protecting, and defending cognition and intellectual property. The report provides a comprehensive analysis of these elements, offering valuable insights into the innovation and commercialization practices of Essence Drinks.

Innovation and Commercialisation
Student Name
Unit Number and Title 08:Innovation and Commercialisation
Learners Declaration:
I certify that the work submitted for this unit is my own and the research sources are
fully acknowledged.
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Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Innovation as well as its significance in comparison with invention ....................................1
Innovation and commercialization form vision, leadership, culture and team work ...........3
LO 2........................................................................................................................................4
4P's of innovation and use of innovation funnel to shape innovative ideas ..........................4
Improvement of frugal innovation as well as it illustration utilised in company...................6
Significance of commercial funnel as well as applications of fresh product development
processing for invention ........................................................................................................7
Including access ways of funding for building the innovation case.....................................12
Various techniques that company utilise to acquire, keep and defend cognition as well as
intellectual property .............................................................................................................13
CONCLUSION ............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
Innovation can be defined as procedure which includes multiple actions to expose new
modes to do things. It can be outlined as the activity of creating, inventing or producing
Products. On other hand, commercialisation is the procedure of brining new goods and services
to the market (Vaghjiani and et.al., 2017). The wider activity of commercialisation is to change
production, marketing, sales, consumer support and other key activities which is accomplishing
the commercial success of the new goods and services. This study is based on Essence Drinks.
Report will include the explanation about the creation and its value in comparing with invention.
It will explain vision, leadership, civilisation and team work can form innovation as well as
commercialisation.
LO 1
Innovation as well as its significance in comparison with invention
Innovation:
Innovation is procedure of brining fresh thoughts about the goods and services into the
company which has large effect on the success of Essence Drinks. It is the transformation of
thoughts into reality. There are various drivers which push innovation procedure in company
context, courage, thinking and identifying can be the driving force of innovation procedure. On
other side, invention is the procedure of putting real new thoughts into activity which is
secondary stage of inventing fresh goods and services (Maritz and Donovan, 2015). It can be
fresh procedure of producing good or can be improvement upon goods and new products.
Innovation and invention both are important for achieving the objectives and goals of Essence
Drinks.
Invention:
Invention is the procedure of putting real new thoughts into activity which is alternate
stage of opening fresh goods and services (Abdul Razak and Murray, 2017). It can be new
procedure of manufacturing good or can be betterment upon goods and new products.
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Comparison among Innovation and Invention:
Basis Innovation Invention
Meaning It is first stage to bring about the
goods. It deals with bringing new
thoughts of the Essence Drinks.
As compared to, it is dealing with
procedure of ways of bring the
good to the consumer actually.
Importance It is essential to depart conclusion of
all business want to be more creative
or innovative.
As opposed to, it is important
element to aesthetic and design
creativity.
Actions Innovation spread across the company. Besides that, invention is
controlled to research and
development in firm.
Concept It is the practical enforcement of new
thoughts.
As compared to, it is the primary
thought and its working in theory
(Adelowo, Akinwale and Olaopa,
2017).
Concerned with Innovation is concerned with
collection of different products as well
as services.
Invention is obsessed with the
single products and services.
Source of Innovation:
An innovation is in-depth procedure than simply improvement and it brings also long
lasting and full of impact. There are different sources of innovation such as market structure,
demographic, population changes etc. An existing market structure can also provide for
increasing to opportunities for innovation. Modification in market structure and industry
normally take places as outcome of changing preference, taste and values. Demographic and
population changes are one of the most reliable predicator of the future and offer chance for
innovation (Ahn, Minshall and Mortara, 2015). These kinds of sources helps to increase the
profits and sales of Essence Drinks. Another source is changed perception which are rarely
indication of unexpected success and failure. Improvement is making betterment to an existing
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good or services to aid better respond to the market demand. It also refers superior returns and
improbability of limitation. It can give competitive advantage in the short term.
Innovation and commercialization form vision, leadership, culture and team work
The aim of invention is creating of the fresh thought which aid to actualise this creation
and to rewrite these new reasoning. The primary objective of innovation is to commercialised the
goods as well as services. Commercialise is procedure of collective to complete creation and
invention, merchandising and human activity to the consumers (Roe, 2018). It is procedure if
introducing fresh good into market. In order to that, vision, leadership, culture and team work
can be form innovation and commercialization within the Essence Drinks.
Leadership shape innovation
Leadership is the technique of conducting firm according to mission and aims than
becoming attainment and planned standards as well as attitudes of Essence Drinks.
 In order to that, there are various kinds of technique of leadership such as autocratic,
democratic, laissez-faire that is the top-grade suited for the company.
 Leaders are active and aggressive to obtain qualities, so that utilizing the leadership
process which ca be successful (Fredriksson and et.al., 2017).
 It is wide because biases largely influence solutions. It is farming problem as threat or
chance has bearing on the level of innovation which ensures.
 Leadership can make of break company and emotional security of leaders which is
determining factor which easily kills innovation.
 In the Essence Drinks, leaders play essential role through adopting the democratic
leadership style which help to increase the participants and involvement to employees in
the decisions making process of company.
Organizational Culture shape innovation:
Organizational culture is collective values, standards and attitudes of workers that are
preserved by the firm for many years.
 Culture can be formed by beliefs as well as behaviours, sometimes it is seen because of
cultural differences.
 It is valid for one nation and can be void in other (Dhewanto and Sohal, 2015). Cultural
quality has effected on procedure of invention and commercialization of goods and
services.
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 Essence Drinks is aggressive and agile to meet their goals and objectives, so culture can
aid to shape the procedure of innovating and commercialization.
 In selected company, role and task culture has been followed which can shape innovation
for improving the culture of business. They has assigned role and task as per the skills
and experience within the firm.
Teamwork shape innovation:
Team is impulsive conception to solve issues in outcomes of the Essence Drinks and
compete specific activity according to designing.
 For completing every kinds of job, Essence Drinks has any team who performs whole
needed activity to creative and commercialise the goods (Lutton and et.al., 2015).
 If teams perform according to goals and objectives by giving the new thoughts and the
best service to the consumers, so that Essence Drinks can able to accomplish objectives
in effective manner.
 In the Essence Drinks, self management team working with innovative ideas and
thoughts. This can help to increase the sales and profits of company.
Organizational Vision shape innovation:
The vision of Essence Drink is to provide the best drinks for taking care of health of the
people. According to that, company needs to create innovative idea or thought for achieving the
visions by introducing new Drinks into the existing market.
Commercialisation:
It is the procedure of handling and running something mainly for financial gain. It is the
procedure of delivering fresh goods as well as facilities to market. The wider action of
commercialization changes production, distribution, sales, consumer support which are
important to accomplish the commercial success of the new goods and services.
LO 2
4P's of innovation and use of innovation funnel to shape innovative ideas
Innovation is to deal with the procedure by that company makes new thoughts as well as
opinions for fresh product as well as services. The application of 4 P's of innovation can be
referred in relation to analysis effect led by creation as entire. Invention can be implemented
every place and thing can be included (Weyrauch and Herstatt, 2017). Thus, innovation direction
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is multidisciplinary field which covers every views of the Essence Drinks to which it has been
implemented. 4 P's innovation deals with the following elements:
Product: It is the primary factor on that the upcoming objectives of company are
mutualist. However, there are companies which score their facilities goods being provided to the
end users. Thus, in relation to draw more customers towards the company innovative
components of the good is always anticipated and appreciated by the possible consumers of the
Essence Drinks.
Process: It is term of innovation means to the improvement of procedure for creating it
cut-rate and expeditious for both workers and consumers. The procedure innovation can be
mentioned to the self-directed skilled worker conception which attends to act with whole
exemption (Tran and Ravaud, 2016). The knowledgeable team at Essence Drinks are dedicated
to aid business to thrive well in the future.
Position: It deals with the promotional actions which company perform to set this
beingness in competitory world. The position innovation further deals with the ads of the
Essence Drinks through billboard and TV advertisement. This creates company to change more
target audience within less time.
Paradigm: It refers to particular invention collection. It regards the modification to
accomplish specified target of Essence Drinks. The company is focused on investment chances
being delivered only to professionals rather than another business person (Tiwari, Fischer and
Kalogerakis, 2016).
Innovation funnel:
Innovation funnel is performance which allows continual current of thoughts which can
be screened for viability. It is technique which aids firms and single persons to innovative
successfully (Innovation Funnel, 2016). It is also mentioned to funnel management procedure
which is most essential approach for innovation that is utilised by companies to create innovative
action plan.
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Application of Innovation funnel at Essence Drinks:
The effect led by innovation funnel is other assistance to be utilised to shape innovation
thoughts for workers of Essence Drinks.
 Innovation funnel is utilised to determine stages which take point in evolving procedure
and good.
 There are three steps marked for innovation funnel which involve collect as many
thoughts as possible regarding the particular conception (Busch and et.al., 2018).
 The next step includes procedure of showing in relation to assure the thoughts to lighter
the objectives of the Essence Drinks.
 The third step deals with the figure of choosing thoughts to deliver the goals set by
company as whole.
Improvement of frugal innovation as well as it illustration utilised in company
Frugal innovation means to fixed of methods which are implemented to decrease
complexness as well as price of products and its production. Frugal innovation is the procedure
of invent of goods and services thoughts in relation to rare resource of nation (Prabhu, 2017). By
frugal innovation, the non-essential characteristics are abstracted in relation to accomplish the
quality and exact demand of consumers.
 Essence Drinks follow characteristics to decrease their complexness of investment chance
for professionals. Such as: quality, arrangement, expend, ability, execution,, sign cost.
 The quality of services transfered by Essence Drinks needs fixing the requirements of the
consumers (Tran and Ravaud, 2016). Arrangement further dealing to techniques which
are implemented for making facilities to accessible to the consumers of the company.
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 Also, it depends on other factors or nations like social, environmental factors that are
driving force of frugal innovation.
 Other element pronounced are output cost which regards to element of expend marked by
company for their possible consumers (Weyrauch and Herstatt, 2017).
 It is also gives the significance for the goods and services by moving to the lower level to
purchaser and its act as procedure of decreasing the cost of product and difficulty of
production.
For example: Essence Drink create innovative idea like sponsor community events
which help to increase the growth and development. Company can accomplish the marketing
chance which can offshoot all members with business in its immediate market. Essence Drink
can take different stages to deduce innovative and new drink that is Banana Lassi. Those stages
are as find the market and price, reshape the portfolio, link the execution of activity, do not get
cornered through balance of power which company can handle it, target and efficient utilise of
commercial investment (Tran and Ravaud, 2016). This can aid to increase the sales and profits of
business. Also, this can aid to increase the brand image and market share of Essence Drinks.
LO 3
Significance of commercial funnel as well as applications of fresh product development
processing for invention
Commercial funnel are accountable to modality correspond the travelling of consumer.
Therefore, depiction their sales procedures that starts from knowing to activity. It is also called
as sales and revenue stack which depicting the different thoughts attendant to the starting of sale
where large proportion of consumers are regarded as well as ways to take care to get smaller
during the time of buy (Parker and Van Alstyne, 2017). The significance which lies with
commercialised funnel involve consciousness of consumers as well as determining their
problems thoroughly.
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They are further included in discovering respective solutions to those difficulties by the
utilization of sponsorship of events for increase marketing of firm.
 The attempts are created to raise curiosity of consumers to assures which even with
reduce in customers expectations and increase sales.
 It leads to more involvement of consumers with the Essence drink in the kind of
information and inquiries.
 Also, it can lead to close knowing of procedure of creation as well as commercialization
for assuring competitive edge in the marketplace.
 Essence drink has been capable to follow commercial funnel approach to increase
skillfulness of workers further delivering better choice goods at low cost (Biemans,
2018).
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Illustration 1: Commercial funnel
Source: (Commercial funnel, 2017)

 For that, company can be raised employees retentive as well as efficiency of their
employment environment. The worker together are able to take accurate decisions to
raise their consumer base and sales.
Application of commercial funnel:
In the commercial funnel, there are four elements like awareness, incentives, lead and
close. Essence Drinks need to follow different ways to create awareness like Facebook
Advertisement, videos, blogging and other ways. In order to that, company also provide the
different types of incentives like discount, bonus goods, coupons, free advisor and free call for
connecting with the consumer. After that, company turns into lead which can be social media
fans, email subscribers and people in stores. Lastly, close which is largest mistake people are
creating in their sale funnel.
New Product Development:
It is procedure of delivering new goods to marketplace. Business requires to involve in
this procedure due to modification in consumer tastes and preference, raising competition and
capitalises on new chance. The company selected the new product because this will help give the
nutrition and improving the well-being of people. Also, this provides Vitamin C and Vitamin B-6
in relation to protein in the human body.
Application of New Product Development Processing
Essence drinks launch fresh good that is Banana Lassi in the UK. Therefore, company
needs to follow all the applications of the new product development processing which involves
different stages like
Idea Generation:
It is starting step of fresh good development process in which Essence Drink generate the
idea which is launched the new products that is Banana Lassi. In which, company is utilised the
SWOT analysis of business, current marketing trends and so on (Vaghjiani, K. and et.al., 2017).
Idea Screening:
It is second step of fresh goods development procedure in which Essence Drink screening
the idea which is launched the new products that is Banana Lassi. In which, company needs if
market and consumers, details of consumers behaviour and expectation, technical feasibility of
ideas and identify the competition and their existing goods within the market.
Strategic Analysis:
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It is third step of fresh product development procedure in which Essence Drink which is
strategic analysis for launching the new products that is Banana Lassi. In which, company
ensuring the thoughts fit into their business strategic programs and defining demand, costs as
well as profits margin (Ahn, Minshall and Mortara, 2015).
Product Development and testing the Concept:
It is next step new product development process in which Essence Drink strategic
analysis and testing the concept for launching the new products that is Banana Lassi. In which,
concept development includes convenience, quality, functionality, performance, price and
values. Concept testing is procedure which aids assess consumer retention for proposed goods
and services.
Market Testing:
It is next step new product development process in which Essence Drink marketing
testing for launching the new products that is Banana Lassi. In which, company is changing
product and services according to consumers and support feedback of company. Good
examination is essential throughout the design and development procedure (Roe, 2018).
Commercialization:
It is next step fresh product improvement procedure in which Essence Drink
commercialization for launching the new products that is Banana Lassi. In which, company is
determined the pricing for goods and services and finalising the marketing plan.
Product Launch:
It is last step new product development procedure in which Essence Drinks launch fresh
good that is Banana Lassi in the marketplace. In which, detailed launch plan can aid ensure that
smooth introduction to market. This can help to evolve the fresh products as well as services in
marketplace. This aid to raise the profit and sales of the firm.
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