Commercialization and Innovation Strategies for Essence Drinks

This assignment analyzes the innovation strategies of Essence Drinks, a company that initially experienced high sales with its mango lassi but later faced declining sales. The analysis focuses on how the company can innovate its product offerings, considering various aspects of innovation, including idea generation, screening, and concept definition. The assignment references several academic articles that discuss innovation funnels, intellectual property protection, dynamic marketing capabilities, and the importance of research, innovation, and commercialization for technological success. The goal is to identify strategies Essence Drinks can use to gain a competitive advantage by developing new products, specifically focusing on the concept of flavored lassi and its commercial viability. The assignment explores the application of various tools and techniques, such as the innovation funnel and commercial funnel, to improve product development and marketing efforts. The analysis also highlights the importance of protecting intellectual property and implementing effective business strategies to ensure long-term success.

Abdul Razak, A. and Murray, P. A., 2017. Innovation strategies for successful
commercialisation in public universities. International Journal of Innovation
Science, 9(3), pp.296-314.
Innovation-
Innovation does not only mean developing new methods or introducing new ideas. Innovation
refers to a process of generating new ways of performing things. Innovative ideas involve use of
creativity in creating a new product or to provide new service to customers. Innovation can be
use at various levels of an organization of different size Innovation of a new product should be
on the basis of trends prevailing in the market. Innovation provides an opportunity for
development of economy and for growth and success of the organization. It helps in finding new
solutions for complex problems. There are various theories that promote and support innovation.
Amponsah, C. T. and Adams, S., 2017. Open Innovation: Systematisation Of Knowledge
Exploration And Exploitation For Commercialisation. International Journal of
Innovation Management.21(03).p.1750027
Innovation funnel refers to the composition of various steps that are required to perform for
developing a particular product or a process. Innovation is related with implementation of a new
idea and thinking
Paradigm- It is a process that describes the changes in the way of performing job roles, changes
faced by the organization due to implementation of innovative process. It involves adopting a
new business model or new tools for improving the effectiveness of the process of innovation.
Dincer, I., 2017. Importance of research, innovation and commercialisation for
technological success. International Journal of Research, Innovation and
Commercialisation.1(1). pp.8-22.
Importance of innovation as compared with invention in “Essence Drink”-
Innovation refers to the process of practically implementing a new idea into action. Whereas, the
term invention refers to generation of new ideas. “Essence Drinks” has invented healthy mango
lassi at the time of establishing the company in U.K. During the first year of launching the
product sales was very high. Later on, in the third year of operations of Essence Drinks the sale
of mango lassi start declining. the innovation will be of brand strategy in which new strategy is
used to promote products.
Kergroach, S., Meissner, D. and Vonortas, N. S., 2018. Technology transfer and
commercialisation by universities and PRIs: benchmarking OECD country policy
approaches. Economics of Innovation and New Technology.27(5-6).pp.510-530.

it is necessary to protect IP so that they are not copied by others. besides, it helps in
gaining competitive advantage in industry. the IP are legally protected and it restricts other firms
to copy formula, logo, etc.
The company Essence Drinks can use the tools that will protect their innovation. Here are the
tools which provide aid to them are :
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training.57(1).pp.74-87.
The core idea behind using the innovation funnel is to as many ideas as possible and most of
the part of it will be converted into concrete plans. It can be considered as the best tool for the
purpose of prioritizing the ideas and also helps in ensuring that the best one will be fully
developed and the advanced projects can be launched. It is considered as the best way for
approaching innovation which helps the business organization to be more creative and innovative
which leads to a creative action plan being developed and implemented.
Tsai, S. P., 2015. Dynamic marketing capabilities and radical innovation
commercialisation. International journal of technology management.67(2-4).pp.174-
195.
the objective of business is to gain competitive advantage by developing new products. it
allows in implementing innovation in it. similarly, Essence drink goal is to innovate product
through NPD.
Commercial Funnel is visually representation process which make product of the company
available to the potential customers which affects their actions and buying decisions.
Commercial funnel is also known as Sales funnel. Commercial funnel includes following
importance and impact on Essence drinks by providing various benefits to the organisations :
Wu, W., 2017. Research and innovation in Chinese universities. In Universities in the
National Innovation Systems(pp. 157-184). Routledge India.
Idea generation - The Essence Drinks Company has come with the innovative idea of flavoured
Lassi which contains taste of Chocolate Lassi along with toasted almonds in their Lassi. They
come up with new flavoured Lassi which is their idea to start the business of Essence Drinks.
Idea screening - The company launch this product as a refreshing drink and fulfil this attributes
of the drink. Also, chocolate is liked by most number of persons. So, this flavour of Lassi is most
suitable for the company Essence Drinks (Wu, 2017). Therefore, the product of flavoured Lassi
should be executed as it has been passed test of Feasibility.

Concept definition - On this stage, the company will do all specification and design of the
product which is launched by Essence Drinks Company as a flavoured Lassi.