Entrepreneurship: Innovation Report for Essence Drinks

This report provides a detailed analysis of innovation strategies employed by Essence Drinks, a company founded by Akshay Kumar. The report begins by defining innovation and its importance to organizations, differentiating it from invention, and exploring how organizational vision, leadership, culture, and teamwork contribute to fostering innovation. It then delves into the 4Ps of innovation, the creation funnel, and the concept of frugal innovation, illustrating its application with the case of Essence Drinks. The report further examines the significance of the commercial funnel, new product development, and the creation of an innovation business case. Finally, it discusses various tools used to develop, retain, and protect knowledge or intellectual property within the company. The report highlights the company's efforts to create innovative drink products and strategies to attract more customers.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Define innovation and its importance to organisation in relation with invention..................1
P2 Organisation vision, leadership, culture and teamwork can form innovation.......................2
TASK 2............................................................................................................................................3
P3 Explain 4Ps of innovation and use of creation funnel...........................................................3
P4 Describe frugal innovation and its use in Essence drinks......................................................4
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and usage of new product development........................6
P6 Innovation business case........................................................................................................7
TASK 4............................................................................................................................................8
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property.......................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is that process which create new idea and thought for maximisation of profit,
attract large number of customers and also help in maintain reputation in the market. The main
objective is to develop new product for fulfil all demand and needs of buyers in proper manner.
In these days, innovation is increased day by day for enhancing number of customers towards
firm products and services (Chesbrough, 2010). This report is based on Essence drinks which is
started by Akshay Kumar who is the founder of this firm. He establish the company with one
drink that is mango lassi in the UK. In this project they want to create an innovation item of
drinks which is totally different form lassis. This report will also role of 4Ps for achieving
desired goals and objectives in effective manner. Apart from this, it is describe the role of new
innovation idea for making attractive products which are liked by customers.
TASK 1
P1 Define innovation and its importance to organisation in relation with invention
Essence drinks are used innovation activity for effective growth and development of the
company and it will help in producing attractive goods in minimum time period. The creative
process should be done by organisation for producing unique products drinks which assist in
attracting large number of buyers towards their goods. It is necessary for an enterprise is to
analyse the demand and wants of buyers before making product. They should know about that
which drink is like, which flavour of drinking goods, taste and choice in drink products are liked
by customers (Dahlander and Gann, 2010). There are certain importance of innovation are as
under:
 Managers of Essence drinks are increasing their present strategy for covering the
attention of number of buyers.
 This will help in generating income and revenue in proper manner.
 Innovation assist in producing new product which is different form competitors
 For making creative products for accomplishing their goals and aims in limited time
period.
 The top management of Essence drinks are trying to applied new and fresh policies and
plans for modify their existing goods and services.
The difference in between innovation and invention that are as follows:
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INNOVATION INVENTION
This is that term which assist in alter and
modify present goods which are ready for
introduced in the large market place and also
focus on complete desired demands and needs.
Invention is that term where person can
develop and make unique product which are
never been produced by any one.
It is important for modification in Essence
drinks by increasing their ingredients value for
gaining attention of number of more
customers.
Essence drinks are focus on designing new and
fresh products which does not seen by anyone
and no is aware about this item it is known as
invention.
Essence firm will required for adopting and creating new products and also they should
do improvement in their present goods. This can help in satisfying customers demand and needs
in proper manner. Invention and innovation are essential for an organisation because it will
provide success and growth to the company (Drucker, 2014).These concepts are help in gaining
maximum profit for fulfilling wants and needs of different customers. Both are play an important
role for developing profitability and productivity and also adopt effective techniques for
maintaining goodwill in the market place. Essence drinks are enter its third year of trading by
this their sale of products are continuously reduces in comparison with competitors who are
newly entered in the market.
P2 Organisation vision, leadership, culture and teamwork can form innovation
Essence drinks are set their vision and mission for achieving desired goals and objectives
which are required for the firm. The way where vision, culture, leadership and teamwork are help
in giving shape to the innovation and business methods for play an important role in increasing
success and growth of the company. Vision- To clear about target and objectives of the firm for encouraging production team
for producing new and innovative through maximise and implement effective plans and
policies. Manager should share organisation vision with their employees for achieving
goals and objectives in proper manner. This is that term which shows short as well as
long term goals of company which help them in reaching the top position in the market
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place. The firm goals is to provide desired drinking items to their buyers for gaining trust
of them. Leadership- It is essential for company leaders is to motivate their team members for
producing effective products which are demand by buyers in the market. Also they will
introduced new and innovative products for attracting large number of customers.
Essence drink is hire talented and skilled candidates for implementing innovative opinion
for considering concept and figures (Edquist, 2010). They required for developing sound
environment by which employees are easily gain their aims and goals. Culture- Essence drinks are analyse working condition which help in show the direction
for achieving desired motives and objectives. This will addressed the behaviour of an
individual regarding cultural activity and firm also take care of each workers sentiments
in proper manner.
 Team work- An organisation will build team for accomplishing specific targets and goals
which are required for enterprise growth and success. This will evaluate the behaviour of
staff member who work within an organisation. Also leaders should motivate them for
reach the necessary goals and objectives. The role of manager is to provide right direction
to their employees for company maintain and manage all functions and activities in
effective manner. Team work is essential for staff members is to achieve the targets
which need to be completed properly.
TASK 2
P3 Explain 4Ps of innovation and use of creation funnel
Product innovation- Essence drinks are maintain and manage all products items which
required for changes in innovation process. An enterprise will work together for doing
modifications with the existing goods so that this help them for increasing their customers
volume and number in effective manner. Market are welcome for new individual who are enter
for making innovative products to their customers (Gassmann, Enkel and Chesbrough, 2010). An
organisation can report the new system operator for helping clients at specific time period. This
will help in build image for increasing growth and development and broaden experience of
employees.
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Process development- The process of development is play an important role for doing
effective working at workplace. It is important that continuous update of system are help in
generating maximum profit and also manage time in properly. When management take
utilisation for developing various tools and techniques for analysing which strategy is best
suitable for gaining accurate results or outcomes. Process is that term which help in smooth
running of business operations and functions for increasing profitability and productivity of
drinking products and items (Goldberg, 2013). Essence drink firm also invest money for
operating process of developing new goods and items which attracts large number of customers.
Position changes- This will focus on modification in situation of marketing manager and
company. Management get help by changing in current process which shows the improvement in
future time. Some changes which assist in providing correct outcome for successful business
growth and development. They should develop and create new ideas and thoughts which help in
transferring goods and services from one place to another. The management duty is to manage
and control all goals which required for the company. Administration can search customers and
clients who give them orders which maximise profit and productivity level.
Paradigm- This is the last concept which help in combining all 4Ps. This is essential for
firm is to progress in growth and success in proper manner. Channel advancement is an
combination of different process which required to be followed particular goals and aims
effectively. The process will also help management on growing and developing new ideas and
thoughts which satisfied needs and wants in proper manner.
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P4 Describe frugal innovation and its use in Essence drinks
Frugal innovation is suitable tool for invention which are mainly focus developing
various products for the customers in the large marketplace. Essence drink are introduced their
business with only one drink product that is healthy mango lassi among buyers (Huizingh, 2011).
Frugal advancement is also known as frugal engineering with the motive of implement new and
fresh marketing plans and schemes for gaining attention of buyers towards innovative products
of the company. The commodity which are made in minimum cost, this can purchase by weaker
section of the society people who will not afford high amount product.
In the present time period, there are various number of people who conceive in
qualitative goods which help in raising their standard of living. Essence drink required to
produce products which is qualitative raw material for fulfilling wants and needs of customers in
appropriate manner. Frugal innovation assist in developing and implementing various strategies
for creating unique goods to their buyers in the marketplace. There are certain points which
relates to growth and development in frugal innovation which are as under: Decrease in manufacturing amount- By using frugal innovation, firm will try to reduce
their expenditure cost for developing goods and services. Apart from this, Essence drink
are purchase raw material which cost is minimum and they are offer these products to the
poor people of the community. Develop reasonable and durable goods- The frugal innovation help in gaining profit
from their competitors (Kline and Rosenberg, 2010). They will produce durable and
reasonable rate products for their customers. Extra features of existing goods and products- Essence drink required to increase their
commodity quality by using effective tools and techniques and also they will make plans
and policies for satisfying desired needs and wants of the customers.
 Increase in innovative methods- As per the essence drink are try to make their products
by enhancing quality and standard of providing best equipments and tools for the buyers.
Funnel of innovation is mostly adopted by the firm for showing new ideas for their
employees of Essence drink are update their capability and ability (Tebbe, 2011). Company try
to focus on develop and creativity in making new and unique products which attracts large
number of customers. They also adopt latest techniques and methods for minimise cost of
innovation and manufacturing process in proper manner.
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TASK 3
P5 Significance of commercial funnel and usage of new product development
Business funnel is categorise into three stages for modification of existing and current
goods and services and also adopt strategies for attracting more buyers (Leonard and Rayport,
2011). For reaching the target goal and objectives, it is necessary for the Essence drink is to use
concepts of commercial funnel. There are certain explanation which help in showing the value of
funnel within an organisation that are as follows: Organise investigation program- Essence drink manager try to collect all information
and data for modifying the marketing strategies and services in proper way. An enterprise
required to implement necessary technology and methods and it is best suitable tool for
the company. Reputation- It is very important for firm is to establish their goodwill for making strong
relation with employees as well as their rivals in the market place. Tools for analyse minds- the firm will also desire to analyse the whole demand and
needs of consumers whether they are domestic or international for developing creative
and innovative products and services. Transformation in goods quality- Essence drink required to take changes in their
products quality, shape, structure, quantity according to the demand of customers. Remove all loss amount- This is necessary for an organisation is to reduces the unwanted
amount which does not required for them. Developing advanced technologies- An enterprise should introduced advanced
equipments with the addition of unique features and characteristics in proper manner
(Lundvall, 2010). They can also serve these innovative products in the market to their
willing buyers.
 Profit- This is one of the essential method which assist in making extra profitability and
earn maximum income or revenue.
New product development process will build laity of products for attracting large number
of buyers and also assist in maintaining reputation in the work place. There are some
improvement in products which has to follow certain steps that are discussed as under: Growth in various opinion- Before production procedures, it is important for firm is to
make new and unique products.
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 Shows the actual ideas- Essence drink required for developing creative and innovation
ideas and products which help in achieving desired goals and objectives. Investigation and development- This step will assist in implement methods for
eliminating active obstacle and errors. Enterprise analysis- Next step is to analyse the whole business operations and functions
for accomplishing targets goals and objectives.
 Development of products- Final step is assist in producing goods by Essence drink and
provide to their customers in effective manner.
Essence company will create innovative products that can also attract more buyers towards their
items in the large market place.
P6 Innovation business case
Business case is suitable method and techniques which is used by Essence drink for
earning maximum profit and also attracting more customers towards purchasing effective
products and services (Sawyer, 2011). The main objective for select business case is to manage
and control barriers of Essence company at the time of manufacturing process. Apart from this,
business case cover different steps which are discussed as follows:
Executive summary- Essence drink is that firm which provide drinking items for their
customers and also make different types of flavoured lassi which is made by mango. The founder
of this organisation is Akshay Kumar who start business in two years ago. Company develop one
drink such as mango lassi in the united kingdom and by this their sale of product are increasing
due to innovation process.
Objectives- The main objective is to provide new and modern technology goods and
commodities for attracting domestic and global customers who interact with each other in
appropriate manner.
Solution- Essence drink seeks to eliminate all issue or problems for developing
innovative products and services and offer to the buyers who willing to purchase them.
Research of customers- It is very essential process which help in providing similar
products to their consumers.
Development and design of plans- This is necessary for an organisation is to prepare
planning and support employees for making creative and innovative products which attracts large
number of buyers in the market place.
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Necessity of capital- This is essential tool for every enterprise is to manage and control
all functions and business operations in effective manner (Stokes, 2011). Whether it is large or
small organisation.
Expectable benefit- It is important for organisation is to make innovative products which
has reasonable price and this can be affordable by buyers.
TASK 4
P7 Different tools which are used to develop, retain and protect knowledge or intellectual
property
It refers to imagination of mind as innovation, artistic work, any customise symbol, name
and image which are used in commerce and not found in general way is known as Intellectual
property. This is protected by law, which facilitates persons to get recognition and financial
benefits through what they have created or invented. It provides right balance in between interest
of inventor and general people. This system comes with sound environment in which
moderation and ingenuity can flourish.
 Trademarks: It is a sign that is capable in differentiating enterprises from one to other.
owner can put his signature as 'mark' for that particular product. It could be word, design,
symbol or come as phrase and word. To give authorisation on goods and services. It
gives legal right to producer to distinguished his work in particular field, this makes thing
registered. For this, in UK registry took approx six month and renewal fee are taken in
every ten years.
 Copyrights: This means to protect original work of authorship. A legal term that depicts
rights of creator over his artistic work should be in tangible form or well expressed as
their work should be shown as words on paper, notes of music on sheet. registration of
work is voluntary and begins at point of time when creation are done. UK offering
enrolments to their people on online bases with average $ 35 non-refundable fee. It took
approx 2 ½ to more them 5 ½ month after filing form and procedures.
 Patents: This refer to exclusive right on an invention. It offers legal possession to owner
which helps them to decide how and who will use his work or property. Any one who
wants to take use of his patents needs to ask about it to owner. This can be a contract with
people and inventor.
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 Trade secrets: Here, a private data or information which company dose not want to
disclose to get advantage over their competitors. These can be a process, formula, other
business details. It includes list of customers, algorithm, or survey results
 Confidence: An automatic generation to protection for confidential information and trade
secrets. It includes company's revenues, accounting data their employee's salary and all
those financial tools or information that have been use in organisation, will not be
showcasing in front of other firms.
 Design: It can be three dimensional feature, means a extension of copyright for one's
new work. This could be said, for innovation owner needs to submit his raw design or
outlay in UK design registry to get right on it.
CONCLUSION
From the above mentioned report it can be concluded that innovation is that process
which create new idea and thought for maximisation of profit, attract large number of customers
and also help in maintain reputation in the market. Managers of Essence drinks are increasing
their present strategy for covering the attention of number of buyers. Essence firm are set their
vision and mission for achieving desired goals and objectives which are required for the firm. An
organisation will maintain and manage all products items which required for changes in
innovation process. Frugal innovation assist in developing and implementing various strategies
for creating unique goods to their buyers in the marketplace. The main objective for select
business case is to manage and control barriers of company at the time of manufacturing process.
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REFERENCES
Books and journals
Chesbrough, H., 2010. Business model innovation: opportunities and barriers. Long range
planning. 43(2). pp.354-363.
Dahlander, L. and Gann, D. M., 2010. How open is innovation?. Research policy. 39(6). pp.699-
709.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Edquist, C., 2010. Systems of innovation perspectives and challenges. African Journal of
Science, Technology, Innovation and Development. 2(3). pp.14-45.
Gassmann, O., Enkel, E. and Chesbrough, H., 2010. The future of open innovation. R&d
Management. 40(3). pp.213-221.
Goldberg, D. E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huizingh, E. K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kline, S. J. and Rosenberg, N., 2010. An overview of innovation. In Studies On Science And The
Innovation Process: Selected Works of Nathan Rosenberg (pp. 173-203).
Leonard, D. A. and Rayport, J., 2011. Spark innovation through empathic design. In Managing
Knowledge Assets, Creativity And Innovation (pp. 355-369).
Lundvall, B. Å. ed., 2010. National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). Anthem Press.
Sawyer, R. K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Stokes, D.E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Tebbe, J., 2011. Where good ideas come from: The natural history of innovation.
Teece, D. J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
<http://keydifferences.com/difference-between-invention-and-innovation.html>.
[Accessed on 20th November 2017].
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