Analysing Innovation and Commercialisation for Essence Drinks

This report examines innovation and commercialisation strategies, focusing on Essence Drinks and their introduction of strawberry flavoured lassi. It differentiates between invention and innovation, highlighting the importance of innovation for competitive advantage. The report explores how vision, leadership, culture, and teamwork shape innovation and commercialisation within Essence Drinks. It also discusses sources of innovation, including demographics, perception, and industrial structure changes. Frugal innovation principles, such as finding opportunity in adversity and doing more with less, are analysed, along with the 4P's of innovation: product, process, position, and paradigm. The report concludes that organisations should prioritise creating new ideas to meet market demands and sustain long-term business growth.

INTRODUCTION
Formulation and implementation of new ideas is an essential factor as it is useful in
maximization of values of business and maintaining the level of satisfaction of customers. Along with
this, innovation helps the organisation in gaining competitive benefit. Below mentioned report is based
on the Essence Drink which are going to introduce strawberry flavoured lassi in the market. This report
deals with the concepts of innovation and invention, shaping of innovation, 4P's of innovation and frugal
innovation.
Innovation & invention
In order to continuous maintain the level of satisfaction of employees, it is necessary to
formulate and implement the new ideas at work place which result in innovation of product or services.
In other words, it can be said that the innovation is the process of generating new ideas which result in
the improvement of performance of overall organisation. Essence Drinks is not performing so good in
the market. Hence they should focus on the innovative approaches which result in the attraction of
customers. Otherwise it is not an easy task for organisation to hold the existing customers along with
attracting new customers.
It is suggested to do invention rather than innovation at their work place because invention is the process of creation
of new product or services for the very first time and organisation work only on the assumptions as they do not have
any appeal of the product to their potential customers. The second phase of innovation is invention. There is a
difference between innovation and invention which can be analysed by the below given table:
Difference between invention and innovation
Basis Invention Innovation
Meaning The process of creating new product or
services for the first time without
knowing about the potential customers.
For the purpose of increasing the satisfaction
level of customers and maximizing the values
of organization, the management formulate
and implement some new ideas at work place,
is known as innovation.
Generalization Invention refers to the introduction of
complete new product.
Modification or changes in current product or
services.
Concept Raw ideas and people are not concerned
about that
Making various ideas in order to increase in
appeal.
Skill It can be considered as a scientific
approach
Technical, strategic and marketing skills.
Concern It is concerned about the unique product
or service.
Mixture of various products.
Activities Activities of research and development
are included in invention.
All the departments and functions work for
innovation.
Example The first stock market crash followed
quickly on the heels of this invention.
Dollar Shave Club made it easier and cheaper
to buy razors, and they did it with style. They
were successful, in part, because of their
innovative approach to advertising.
Innovation and Commercialisation (LO 1 & LO 2)

Importance of innovation
Innovation is vital in the workplace because it gives companies an edge in penetrating markets faster
and provides a better connection to developing markets, which can lead to bigger opportunities,
especially in rich countries. Innovation can also help develop original concepts while giving the
innovator a proactive, confident attitude to take risks and get things done. When a company has an
innovative culture, it'll grow easily, despite the fact that the creative process isn't always simple.
Tried-and-tested methods may be reliable, but trying out new things is a worthwhile experiment.
Vision, leadership, culture and teamwork can shape innovation and
commercialization.
Commercialization is the process of of introducing or communicating new product into
commerce or and say it is the process that is adopted by the firm for developing a product or a
process into new market place. There are various elements which are associated with the Essence
Drink that shape the innovation as well as the commercialization within the business enterprises and
these elements are described below:
 Vision: the vision statement of Essence Drink is to provide the healthiest and quality e food
product in order to ensure healthy well being of the individual. There are various
advancement in terms of health and quality which encourage the company to adopt these
practices in order to offer high quality food and beverage with the immense health benefits
to their potential customers. these are the factors which promptly shape of the innovation
and the commercialization within the organization.
 Leadership: In context of leadership it is quite evident that Mr. Wilbur is the autocratic
leader who take their own decisions and producing a food and beverage within the
organization and set the policies and strategies with their on that how we could sold their
product in the large market in order to sustain with the coordinates of innovation and
commercialization (Tsironi and Taoukis, 2018). Essence Drink mustard of a democratic
leadership style so that they can take the valuable feedback and suggestions from there
potential customers in order to adopt a new change within the organization.
 Teamwork: each task within the organization cannot be solely accomplished so it is
important for every form to form an effective team that can perform their task in order to
shape the innovation and commercialization within the organization.
Innovation and Commercialisation Culture: it is the integrated aspect of certain believes norms attitude and values of the employee within the
organization. In context of Essence Drink, they are supporting innovation as well as the
commercialization at their workplace that will positively impact on the company profile as well as reflect
the shape of innovation and commercialization. The adoptive working culture it is easy to adopt an
innovative idea in order to retain the effectiveness in their business operation.
Moreover, where are different sources of innovation which help the company in developing an environment as
well the innovative culture that leads to adopt new things and these factors are described below:
 Industrial Structure Change: this is the aspects in which company change their structure in order to
implement the technology. This could be in terms of infrastructure technology and working
culture(Tambo, 2018). These sources help the Essence Drink to implement the innovation in an
appropriate manner.
Demographics: This is the another source of elevation in which several changes acres in the demographic aspects of
business environment like human capital, population, income level etc., Which let the company to another weight or
adopt the change in an effective manner.
 Perception: It is the aspect in which deals with the requirements of the customer from the company or in
other words it is the perception of the potential customer for a specific product or services. As the people
within the UK are having health consciousness which will create a high demand for the products of
Essence Drink.
 Paradigm: This involves a change which is considered for a particular target that needs to be attained.
Hakim group pays their focus upon the investment opportunities that are delivered to company's
practitioners.

Funnel Innovation
Frugal innovation always discuss regarding the process which being applied to remove the complex
necessary in the process of manufacturing of drinks and services. Majorly it focus on doing innovation for launching a
new product by minimizing the waste of manufacturing process in a cost effective manner. It support neglecting the
redundant feature which do not give any benefit to the organisation. Below mentioned is the process of frugal
innovation:
Finding the opportunity within adversity: For the purpose of improving the performance of organisation this
process helps them a lot as it focus on selecting the various opportunities for some problems which are currently
present in the organization. The newly launched product strawberry flavoured lassi be essence drinks result in
maintaining the good and healthy environment within you touch or taste. This may lead to the improvement of a
performance of organisation so that they can maintain the position for a long term business sustainability.
Use simple methods: This mentions about the company's operations or their workings is supposed to not to be
much complicated or requires to be effective. This is done in order to develop appropriate understanding form the
perspective of company's customers. Also, with a combination of regular enhancements or simplicity which is
highly demanded to have a good competitive advantage within the market (Neumeyer and Chen, 2021).
Innovation and Commercialisation
Include the margin: This stage mentions about the aggregated customers who all are
considered for the procedure of organisational development. This is done in an order to
support the business in respect to identifying and analysing the customer needs and wants in a
constant manner.
Follow your heart: The last step talks for the business management that is pursued with
an activities combined with emotions or the passion of a business. This is beneficial for the Essence
Drinks management company in modifying their current offerings or developing market share
through fulfilling the customers needs.
the group. For example, the selling of a practice in the staff assists the firm in maximising the
professional way of the practitioners. On the other hand, adaptability creates the loyal support that
the group develops for their practitioners. They also believe that once the sale is done, the real
investment is made through hard work. Hence, by considering each factor of frugal innovation, the
Hakim Group also strives to minimise the complexities in their selling practices to their
practitioners.
Frugal Innovation
As a process frugal innovation discovers new business models, reconfigures value chains, and
redesigns products to serve users who face extreme affordability constraints, in a scalable and
sustainable manner. It involves either overcoming or tapping institutional voids and resource
constraints to create more inclusive markets. Below mentioned are the principles of frugal
innovation:
 Find opportunity in adversity: Reframe the problem. Take something that is a threat or
seems like adversity and turn it into an opportunity.
 Do more with less: Don’t default to asking for more. Think about what you already have
in a new way to create even better solutions.
 Think and act flexibly: Be improvisational rather than rigid.
 Keep it simple: Complexity can cause problems. More choices are not necessarily better
than fewer.
 Include the margin: Know your customers and include them in your problem solving
process.

CONCLUSION
From the above report it is concluded that the every organisation should focus on the creation of new
ideas at work place as it leads to the creation of higher demand of their product and services. Essence Drinks use
vision, teamwork, leadership and culture for the purpose of doing some innovation which is going to meet the
needs and demand of the target market. The 4 P's of innovation have been also analysed which include product,
process, position and paradigm. Commercial funnel is also considered as the important tool for the organisation as
it create awareness related to the innovative product.
REFERENCES
Books and Journal
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4 P’s of Innovation
4P's process of innovation are discussed below:
 Product: This P show that how any organization make their products much better which the
use of technique of innovation. It leads to the successful addition of the productivity of the
organization in the terms of innovation. Essence Drink is going to offer strawberry flavored
lassi, this is the product which is going to innovate in the market.
 Paradigm: It refers to the improvement of techniques of performing business operations with
the use of innovation. Basically it highlight that what is necessary for the organization to
change in the product or how the innovation is going to support the business organization. In
the context of Essence Drinks, paradigm framework provide complete support to the
organization so that they can manage all the activities in a successful manner.
 Process: This element highlight the manner which an organization accept to provide the new
product in the market. In simple words, it can be said as the process of manufacturing which
is very useful in satisfying the needs and requirements of customers. Essence Drinks are
enhancing the supply and manufacturing process so that they can increase the revenue of the
organization by the introduction of strawberry flavored lassi.
 Position: This factor of 4 P's of innovation decide how the organization is going to present
product in front of the audience. All the factors such as employees, public, users comes under
this P. By doing positing the strawberry flavored lassi, the Essence drink is going to take a
huge benefit of in the market.
INNOVATION FOR ASCENSION VENTURES (LO1-LO2)