This report, focusing on ESSENCE Drinks, a UK-based food and drink company, explores the multifaceted aspects of innovation and commercialization. It begins by defining innovation and differentiating it from invention, emphasizing its critical role in organizational success and problem-solving. The report delves into the importance and values of innovation, particularly how ESSENCE Drinks can leverage it to enhance productivity, beat competitors, and drive creative development. It then examines various types of innovation, with a focus on disruptive and incremental approaches. The 4Ps of innovation (Product, Process, Position, and Paradigm) are discussed, highlighting their support for capability and management of innovation. The report further analyzes the innovation funnel and the NPD process, illustrating how ESSENCE Drinks can use these to generate innovative ideas and products. Frugal innovation and intellectual property rights are also addressed to protect the company's new products. The report provides a comprehensive overview of innovation strategies and their practical application in the context of ESSENCE Drinks.
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