Report: Innovation and Commercialization for Essence Drinks (UK)

This report provides an in-depth analysis of Essence Drinks' innovation and commercialization strategies within the UK market. It begins with an introduction to innovation and commercialization, followed by an overview of the company and its challenges, including increased competition in the flavored lassi market. The report utilizes the commercial funnel framework to propose solutions, focusing on marketing, sales, and customer funnels. It details the launch of new flavored lassi products (blueberry, kiwi, and strawberry) and outlines marketing opportunities. The report also examines the competitive landscape within the food and beverage industry and discusses potential funding sources. Furthermore, it addresses techniques for testing product effectiveness and protecting intellectual property rights through patents, trademarks, and copyrights. The report concludes by emphasizing the importance of innovation for business growth and market share, referencing relevant academic sources.

Innovation and Commercialization
(PART B)

Index
 Introduction
 Company Overview And Problems
 Overview Of Industry Competition.
 Conclusion

Introduction
Innovation is a method of involving new ideas and technique to invent new
product which is yet not developed. In other way, it can be explained as a
process in which multiple activity are discovered by the help of new technology.
On other hand commercialisation can be defined as introducing new product
and service with more feature to encounter the competition present in business
environment. It comes with various features such as sales, production,
distribution and promotional tools which are important part before launching
new product in market.

Company overview and problem
Present report covers, Essence drink scenario within UK. Organisation is offering
flavoured mango lassi. Organisation initiate there business operations three years ago
while achieving high growth prospective within UK marketplace. Within their starting
stage organisation launched mango lassi have observed increase in sales because of
their distribution and innovation channel. Nowadays, organisation have seen issues in
their sales of lassi due to cut throat competition. As to tackle this problem
organisation is launching flavoured lassi within UK marketplace.

Commercial funnel is termed as a strategic framework with the help of which effective
utilisation and development of existing products by execution of various policies, plans
and procedures in Essence drinks. It mainly include three phases that are illustrated
that are demonstrated:
Use of Commercial Funnel for finding solution to problem

Importance of commercial funnel
Use of commercial funnel Can be made by Essence Drink to
have better marketing and focus on converting prospects into
target market to develop a high interest in customers to
warrant them into sales funnel segment. The consumer funnel
is divided into three parts I.e marketing funnel, sales funnel
and customers funnel and played an important role in
converting target audience into actual audience through
retaining customers and obtaining repeating orders from
consumers

Details of innovative new drinks product proposed
Essence drink manger is looking forwards to launch innovative and new product as to compete in UK
marketplace. New products will include flavour of blueberry, kiwi and strawberry. Mentioned below plan
of innovative drink include.

Summary of marketing opportunities.
• The organisation have opportunity to effectively get success within international
platform with the help of their innovative and new products except UK provinces
• With the advantage of new and latest technology, organisation can get large holding
of market share by offering qualitative products and services.


Overview of Industry and competition
Essence drinks operate their functions within food and beverage industry. Within
this industry there are numerous form of organisations those who effectively
perform their operations while having exactly same substitute product. It has been
evaluated that, present industry has been facing fierce competitions.

Funding sources available to Essence drinks
As to effectively conduct smooth and effective organisational functioning it is essential
for company to recognize nee funding sources. In this regard there are wide range of
funding sources that can be consider by Essence drinks.

Requirement of Capital funds to be raised
In order to effectively conduct business operations, it is essential for business
organisations to consider wide range of fund sources. As with the assistance of
adequate amount of capital organisations can effectively able to conduct their
functions relating to promotion, marketing and development.

Techniques for testing Effectiveness of new drinks produced
In order to effectively consider and measure effectiveness of their flavoured lassie
product, it is essential for Essence drink manager as to effectively take formative review
of customers feedbacks. In this, company can further offer sample products as to conduct
customer survey after selling their products of flavoured lassi.