Innovation and Commercialization Strategy Report: Essence Drinks

This report provides a comprehensive analysis of Essence Drinks' innovation and commercialization strategies, focusing on their new product development, specifically the vanilla essence lassi. It explores key concepts such as the importance of innovation, vision, leadership, teamwork, and culture in shaping innovation and commercialization. The report delves into the 4Ps of innovation, the innovation funnel, and frugal innovation, illustrating their application within Essence Drinks. Furthermore, it covers the commercial funnel, new product development (NPD), and the innovation business case, including funding access. Finally, the report examines tools for knowledge development, retention, and protection, as well as their effectiveness in safeguarding intellectual property. The analysis aims to provide a detailed understanding of how Essence Drinks approaches innovation and integrates it into their business model.

UnitNumberandTitle 08:Inn
ovatio
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Table of Contents
INTRODUCTION................................................................................................................................
LO1.......................................................................................................................................................
Innovation....................................................................................................................................3
Importance of Innovation in Essence Drinks...............................................................................5
Vision, leadership, teamwork and culture which will shape innovation and commercialisation 5
LO2.......................................................................................................................................................
4P's of innovation........................................................................................................................8
Innovation funnel.........................................................................................................................9
Use of Innovation Funnel at Essence Drinks...............................................................................9
Frugal innovation:......................................................................................................................10
LO3.....................................................................................................................................................
Commercial funnel:...................................................................................................................11
New Product Development (NPD):...........................................................................................11
New product Vanilla Essence Lassi at Essence Drinks:............................................................13
Innovation business case:...........................................................................................................13
Access Funding ways:...............................................................................................................15
LO4.....................................................................................................................................................
Tools for development retention and protection of knowledge.................................................15
Effectiveness and ineffectiveness of tools to protect knowledge and intellectual property:.....17
CONCLUSION..................................................................................................................................
REFRENCES.....................................................................................................................................

INTRODUCTION
Innovation refers to process of creating new thoughts, innovative plan& latest thoughts in
appearance of techniques or strategy. In other terms it is procedure that consists of various
actions for revealing fresh behaviour for undertaking things. Commercialisation on the other
hand is defined as procedure of framing financially viable values for company (Abdul Razak,
Murray and Roberts, 2014). Through utilisation information and transforming those into finished
products and merchandise desires related with consumers can be fulfilled. This description is
done on the basis of Essence Drinks that was established by Akshay Kumarand innovation of
new vanilla essence lassi. In before Time Company effectively made towering trade-in context of
ground-breaking modern formulation. This project encompasses of vision, culture, teamwork,
innovations importance, and leadership which will effectively aid an organisation to outline
commercialisation and innovation. Furthermore, 4Ps of innovation and progression in frugal
innovation contains in this report. Apart from this, significance of the concept of commercial
funnel and formative appliance are covered in this report. Lastly, business case is covered in this
report by considering funds and a range of tools which further helps in developing and retaining
information.
LO1
Innovation
Innovation is a formative procedure in which an organisation adds more value to its
company products and service in order to gain more competitive advantages in the marketplace.
It is attained as on the whole result of commercialism and invention. Innovation termed as a
process with the help of which alteration and modifications can be done in the existent services
& products of corporation by adding together something fresh in their production process.
Modification and alteration made by an organisation in its products and services can be made in
the form of a size and design. Innovation is done by a company to provide some extra benefits to
its consumers by evaluating their recent perception and needs. Process of innovation can
effectively aid companies like Essence Drinks to increase its consumer base which
simultaneously lead towards increase in company profitability. In context with Essence Drinks,
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company keeps on adding something unique and extra to their products in a continuous way so to
increase value of their services.
Invention: Invention is defined as a method for creation of new devices, products and
procedures are carried off. In simple terms it is mainly an activity in order to bring something
new.
Difference between invention & innovation:
Basis Innovation Invention
Concept The procedure of accumulating
together worth to services and
produce that are served by
organisation. They implement
creativity in their production
process by which efficiencies
and competitiveness can be
improved within marketplace.
Invention is termed as a
method of commencing of
something innovative which is
new. By this company can
effectively aims towards
budding a new market for their
specific creation (Chun, Chung
and Bang, 2015).
Scope There is a wide scope for
company as dissimilar actions
can be undertaken with the
help of innovation, technology,
cost, theme and market
(Dincer, 2017).
It holds a constructive
approach which can be taken
into deliberation a single
service.
Occurrence It is essential for Essence
Drinks to create enhancements
within their existing
commodities.
Distinctive ideas is required to
be use by scientists with the
help of which company can
discover brand new goods
Skills required Dissimilar kind of abilities is
required to adopt by persons in
terms of technological and
adaptive skills that will help
them to prepare policy and
This is essential for company
to have effective technical
skills which will help them to
offer something new and

strategies that will effectively
benefit in providing guidelines
for workers.
innovative within marketplace.
Importance in organisations With help of this process
Essence drink can effectively
able to offer their new vanilla
essence lassi within the
marketplace of UK in best
effective manner.
Invention is a process within
which essence drinks is
required to take advantages of
new techniques and unique
ideas as to offer totally
different product in market.
Importance of Innovation in Essence Drinks
This is imperative within a company to adopt originality it’s their functioning actions in order
to achieve success and rivalryin marketplace (Dodourova and Bevis, 2014). It is crucial for
Essence Drinks forgetting benefit of innovation in order to compete with others and stay
sustainable in marketplace withinthis forceful world. It helps in increasing ROI and customers.
Their significance is elaborated underneath:
 Enhanced imagination between employees: Prompt and incisive methods in innovation
helps in enhancing profit to workers and their creativeness are also increasing. Essence
Drinks offer mango lassi in marketplace of UK. Via diverse inventive methods can create
momentous confirmatory influence on competence and output of workforce.
 Augmented profit: This is an important function of a company to perform business
efficiently sobuyer’s and retribution can be increased. ModernismAid Company for
rendering fresh in their active merchandise (Fuertes-Callen and Cuéllar-Fernández,
2014). Essence Drinks can formulate incisive methods within their manufacture
procedure. They can offer consumers with diverse aroma in lassi like pan flavour,
chocolate or orange. It will adjoin worth in their goods through which they attract interest
of diverse consumers, company effectively increase ROI.
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Vision, leadership, teamwork and culture which will shape innovation and commercialisation
Innovation refers as a most crucial element of organisation with creativeness as well as
promotes their growth. This is the procedure for constructing of new facts. In context of Essence
drinks, innovation will effectively help them to offer unique products within market place and
increase benefits which they further utilize for rendering effectual services. Essence Drinks can
bring different types of innovation in their production process go like, expansion of merchandise
and their administration which will aid them to increase their creativity. There are different types
of innovation that include technical, Administrative, and process. Essence Drinks can take
advantage of different forms of innovation for instance, selling their drinks products online. For
this they are require take use of uninterrupted enhancements in their working systems (Fuertes-
Callen and Cuéllar-Fernández, 2014).
Commercialisation:
Commercialisation is mainly a process of running and proper managing of something in
order to gain a financial gain. Thus, it is a process which is done to introduce a product and
services in a general market.
Some offerings which are done by Essence Drinks in terms of their teamwork and
leadership, culture, vision are defined below:-
Innovation and vision:
When a company possess strong vision then they can effectively able to spend their
money time on innovation and energy. If entity does not have a suitable vision, then it will lead
them towards their failure. Innovation can be creative when leaders have methodical
visualization and have appropriate strategies for communicating with workers (Greenaway and
Rudd, Eds..2014). Essence Drinks vision of is to offer their consumers with healthy lassi
combined with exotic essence of vanilla lassi and savour to persons of UK. They endeavour at
give their consumer’s finest and treasured services. By this company can effectively able to earn
more profitability and competitiveness along with this it will also help them to increase their
commercialisation value by strengthening their overall economic base by brining innovative
ideas.
Leadership and Innovation:

For carrying out of numerous techniques in innovation, it is liability of a leader to
effectively encourage and direct their workforce so that their level of day-to-day performance
can be increased.
It is crucial for leaders of the company Essence Drinks to provide profit to them which will
further help them to increase their overall skill and innovative nature of creativity. Workers are
not tending to be innovative when they keep on busy in their day-to-day usual activities in order
to meet deadlines. It is essential for company leaders to adopt the tool of alterations in their day-
to-day organisational practices which will further guide them to create a stupendous creative
environment. This will help company to increase their company commercialisation value in the
marketplace. (Gulbrandsen and Aanstad, 2015).
Leadership at Essence Drinks is situational and democratic and it aims to bring innovation into
the products.
Innovation and Culture:
Culture is clear as principles and attitude which are opted by a company or person.
Diverse kinds of culture are there present within company which leads them towards innovative
culture. It is the fundamental accountability of leader of Essence Drinks to have effective
coordination in the middle of workforce so that they can have supple working surroundings. It is
essential for a company to formulate trust in between their management and workers. Innovation
is a direct result of invention and commercialisation where all the perspectives of organisation
are taken into account. Innovation aids organisation to identify best ways through which
organisation can have innovative culture in work place. For this it is necessary for the company
(Essence Drinks) to provide workforce lack of restrictions so that they can attempt different
innovative things.
Teamwork and Innovation:
It is essential for leaders of company to perform their organisational functions by taking
advantage of various different techniques of innovation in order to make their team culture
strong and encourage team members to perform their works in successful and collaborative way.
It is must for Leaders of Essence Drinks to make sure that their actual vision of offering vanilla
essence lassi will be effectively adopted workers and they efficiently contribute to their point of
views associated with particular topic. This will assist in effectively accomplishing their tasks in
suitable manner (MacGillivray, 2014). In addition to this it will further help to ensure their
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sustainability in market also in tough situations. By this company will effectively able to increase
its profitability and productivity which will automatically increase their base of
commercialisation.

LO2
4P's of innovation
It is mainly a tool of mix innovation which deals with required improvements and
improvement process within business environment. It consists position, process, paradigm, and
product. By this effectual course can be specified to workforce of a company with the help of
which they can carry out inventive steps. By this trade organisation can develop new and prompt
ideas. This stepladder will smooth the progress of company to attain extensive term edge.
Mention below there are 4Ps:
(Source: 4P's of Innovation, 2018)
Product Innovation: In this diverse way are formulated to improve the efficiency of
existent products. Essence Drinks have adopted new methods and newest technology in order to
improve their services or extend new stuff (Mohannak and Samtani, 2014). This can be dogged
by taking help of efficient steps with the help of which effective satisfaction can be offered to
consumers that will simultaneously lead towards increase profitability.
Position Innovation: It is combined with new market segments in order to offer services
and products. In this a company discover out diverse ways to classify new marketplace for their
new services and merchandise in order to bring innovations. By taking use of this, Essence
Drinks can study a range of market segments and recognize their potential consumers. This will
make sure their widespread term sustainability within marketplace.
Process Innovation: In this company discover different types of innovative method with
the help of which they can create and add value in their production process and increase their
procedure so that they can construct cost effective products with improved quality. It is internal
procedure which will aid Essence Drinks to boost their productivity. For this they are required to
effectively evaluate whole process of invention and allocation of their drinks (Pellikka and
Malinen, 2014).
Paradigm Innovation: It comprise of doctrines, beliefs, values and theories. Theories
and models are covered in this effectively assists to construe ways. In this various mode with the
help of which company can effectively able to operate their operations are covered. Along with
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this, paradigm innovation includes formative creation of paradigms by with the help of which
development process of company can be effectively enhanced. With help of this Essence Drinks
can increase superiority and quality of their services.
Innovation funnel
It is a process which is adopted by a company while the development of services and
goods. Underlying principle behind convention of this process is to boost and have capable
services and merchandise which are demanded by their consumers (Pellikka, 2014). This
comprises of three stepladders which is required to be obliged to by company. Primary step is to
have well-built information pedestal which will assist company to have effective information
with respect to current prevailing trends within marketplace.
Use of Innovation Funnel at Essence Drinks
Illustration 1: Innovation Funnel

Essence Drinks can effectively tale advantage of this step to assembly information which is
related with their rivals and consumers with creation use of surveys and questionnaires.
Next step in this progression is to monitor ideas of company. It is essential for entity to
have proficient ideas for creating effective services and produce within marketplace. By
transmission ideas organisation can find most excellent way and use it boost overall rate of
interest (ROI). At final, this scheme will assist organisation to attain organisational objectives
which are recognized after decisive assessment. After this merchandise are being presented to
consumers. Essence Drinks must put into practice spirited strategies with the help of which they
can effectively able to achieve needs of their consumers in bendable way. Innovation funnel will
smooth the progress of Essence Drinks to boost their prosperity and efficiency.
Frugal innovation:
Frugal innovation termed as a measure with the help of which a company can effectively
able to get rid of cost of unnecessary production and complexity. This modernization will reduce
cost of services and goods by removing unneeded elements from long-term goods. Usually
innovation impacts on various factors including, political factors social and environmental which
is normally prevailing in a country or a region in which they are performing their business
operations. Organisations implement frugal innovation inside their functioning structure in order
to lower down the cost of services and offer that same within marketplace at low level of prices
range. (Sengoku, 2015)
Frugal innovation and Essence Drinks:
It is very important for Essence Drinks to boost their rate of return on investment. This is
further used by company in which they have insufficiency of resources. It will support them to
diminish cost of invention process. This will further help them effectively increase its consumer
base within marketplace as in this modern world there are large number of health conscious
individuals.
It is obligatory for Essence Drinks to implement concept of frugal innovation technique
within their working structure on daily basis which will further aid them to boost profitability
and raise ROI. As Drinks that are provided by company consists high nutrients and natural
vitamins which is important for a health perspective for all age group of consumers. It will help
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Essence Drinks to create a strong consumer base and boost quality & efficiency drinks that are
offered by company. In addition to this, it is the main responsibility of company to formulate a
positive and healthy relationship with their employees which will further help them to earn their
loyalty. It will further help them to increase growth of organisation (Abdul Razak, Murray and
Roberts, 2014).
Suggestions for Essence Drinks to further apply Frugal innovation:
As a junior brand strategy innovation consultant, I suggest to build healthy and
positive form of relationship with their workers in order to increase their productivity and
boost sale simultaneously. Along with this, they are required to take advantages of new
new innovation on continuous basis.
LO3
Commercial funnel:
Commercial funnel defined as sales and revenue funnel. Basically, it is a graphical representation
in which sales process of customer which they undergo when they buy products is provided.
Initial step comprises of awareness stage and final stage implies post purchase evaluation. It is an
effectual process for carrying out business to international market from domestic level.
In context of Essence Drinks, for attaining additional growth opportunities can be taken
into account by which they can maximise performance of their sales. They are about to bring
new product within market of UK and rationale behind providing nutritious drinks is to focus on
health conscious customers (Ahmadi and O'Cass, 2016). By this Essence Drinks can improvise
their performance in terms of sales and achieve high competitive assets within market. They are
moving towards global market; by this they increase their operation in different countries for
obtaining more customers by which they can launch their product fruitfully. It is obligatory for
management of Essence Drinks to have appropriate guidelines for their employees for delivering
their job responsibilities in best possible manner.
New Product Development (NPD):
It is a formative process on which bringing of a new product is done in a marketplace.
That product is totally new and are not sold by an organisation before. This is considered as a

preliminary process of development for company. There are mainly three gates in NPD process
that include, screening of opportunity, evaluation of idea and Go/No-Go.
Steps of New product development are mentioned below:
Idea generation: It is preliminary stage of new product development in which
management will bring in innovative ideas to enhance their sales margin. Vanilla essence lassi is
being offered by essence drinks which will effectively attract taste buds of individuals. They also
make sure that needs of individuals are fulfilled.
Idea Screening: Management of Essence Drinks will check feasibility of their products
which includes response of customers towards their drink within market. This will aid them to
remain ahead from their potential competitors. This will also assist them to recognize areas
where their product can fail and how they can overcome this (Chun, Chung and Bang, 2015).
Testing Concepts: In this measure R&D department of company can effectively able to
investigate demands, desires and requirements of consumers with the help of which they can
efficiently able to earn their loyalty and hold them for longer period of time. It will also help in
making sure that (Essence Drinks) invention will be unbeaten within marketplace.
Analyse needs of product development: It is very important action, in which strategy
are framed to commence launching of a product successfully within marketplace. Also Vanilla
essence drinks will help in gaining attraction of those individuals who are more tended towards
flavours which will further assist them to expand their positive company image.
Commercialization: It is closing or final step in which Essence Drinks can effectively
able to introduce their creation within marketplace with an endeavour to produce huge market
share and boost their profitability. This will build surety that their invention is launched
effectively by utilizing suitable strategies and techniques (Dincer, 2017).
New product Vanilla Essence Lassi at Essence Drinks:
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Ingredients: Different types of flavours in a customised way as per consumer demand. Some of
the flavours are, Strawberry, mango, chocolate etc.
More flavours: Eliachi, mint, Guava etc.
Nutritional values: Highly nutritional as ingredients are natural.
Organic: Natural ingredients
Packaging: Clay and glass mugs.
Marketing and sales: Promotion on T.V, Social media sites, newspapers, pamphlets etc.
Competitive price: Starting range of 10 Pound.
Innovation business case:
Business case is defined as the organisation which assembles all the requisite and
significant things which are indispensable for attainment of required business objectives and
goals. It is essential for organisation to take into account all the required substances by

whichgoals can be easily attained and execute their activities by providing functionalities in
enhanced way. Beside this, business case is described in both forms which comprises of written
& verbal that consists of exact information related with business environment (Dodourova and
Bevis, 2014).
Executive summary– Organisation aims at broadcasting their personalized lassi
(according preferences of customer’s alteration can be done) within great market of UK. For
carrying out this particular product, for this an administration must plan suitable marketing
strategies which comprises of SWOT, PESTLE and Porters five force model. Following the
execution of modernization, outcomes obtained to attain enhanced success& growth.
Mission statement: Contribute in health based customised lassi with the aromatic
essence of vanilla which is good is taste, real and contains natural ingredients which are full of
nutritious, theses drinks will have affirmative impact on people in terms of health and happiness
and attract those individuals who attract towards soothing flavour. The major motive of this
declaration associated with Essence Drinks is described below:
 Expand customer pleasure to supply goods that goes beyond prospect of
their customer’s (Fuertes-Callen and Cuéllar-Fernández, 2014).
 To make sure about the quality of raw material for development of
flavoured lassi.
 To set up trademark with making use of marketing strategies.
Resources – There are a variety of possessions which are needed to be considered by
firm in effectual manner so that they can administer their innovation performance in flourishing
manner. With respect to this, it is necessary for an organisation is to organise and make use of
proper resources that are compulsory for meeting with regular activities.
Market analysis– This is obligatory for Essence Drink is to scrutinize and inspect whole
market place in suitable manner in order to distinguish major competitors and point of view of
buyers in context of lassi and their taste.
Cost and benefit analysis – Cost of modified lassi will be assessed by conducting
analysis related with identification their preference related with different prices of drinks with
the help of cost effective benefits Essence drinks can effectively able to compare. their actual
cost with expected benefits of past preceding years which will simultaneously aid them to further
increase their overall ratio of benefits. (Fuertes-Callen and Cuéllar-Fernández, 2014).
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Financial projection – For having innovative product of customised lassi within market
of UK there is requirement of around £30,000.
Access Funding ways:
This is a spine of business and without this organisation cannot carry out their functions in
required manner. Essence Drinks needs suitable funds by which they can bring their customised
lassi within market of UK. For this they can make use of different resources to generate funds,
they are:
 Bank and Financial institute: Organisation can attain recognition from financial
institutes and banks to raise their funds. It is one of the most secured methods through
which funds can be attained. In context of this, privacy can be attained when loan is taken
from bank. But with respect to Essence Drinks they have to pay a certain amount of
interest. (Greenaway and Rudd, Eds..2014).
 Benchmarking: A tactical tool which is utilised by organisation for doing comparative
analysis between various business processes and methods which are carried out by them
either inside or outside of their working premises.
 From Family and friends: Organisation can take currency from their identified people.
Incase of Essence Drinks they do not have to pay any kind of interest as well as security.
Essence Drinks can opt for loan from bank raise their funds and generate revenue
as it will provide relevant security (Gulbrandsen and Aanstad, 2015).
Investors:
Business partners, employees, stakeholders are main key investors.
LO4
Tools for development retention and protection of knowledge.
Intellectual property refers to group where elusive conception which includes human
intellect. This encompass of different types of rights, they are industrial property as well as
copyrights (MacGillivray and et. al., 2014). In context of Essence Drinks to secure rights and
properties they need to widen and hold on to diverse sort of legal properties they are mentioned
below:

Copyrights: They refers to legal term which describes privileges which must be provided to
holder to defend their unique services, products & various other mythical works which are
extremely imperative for an proprietor. In this case Essence Drinks employ of copyright for their
services i.e. lassi and they focused to initiate it in inventive way within market of United
Kingdom that have certainly not provided in such a manner. Thus, it is mainly essential tool or
technique for protecting the most vital belongings of an individual to protect their product in
terms of its duplicity (Mohannak and Samtani, 2014).
ADVANTAGE It gives right to owner of intellectual right for
producing and reproduce the material which is
copyrighted and also gives right to authorize.
DISADVANTAGE This is very costly to apply for copyright
protection.
STRENGTH They act as evidence of ownership in terms of
intellectual property.
WEAKNESS Copyright is granted for limited time and it
becomes very costly each time when they
apply for the same.
Trade secrets: They are undisclosed data & information which is apprehensiveamid
mercantile norms. Several phases which are not integrated in trade secrets that comprises of
employment law, contract laws & there are various others. They are inappropriate for Essence
drinks to benefit trade secrets.
ADVANTAGE There is no registration cost and protection is
not restricted for limited time.
DISADVANTAGE It is not an effective tool for invention of new
product.
STRENGTH Acquiring its security is faster and is less
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costly.
WEAKNESS Limited remedies are available and they can
eb even patented by others.
Patent: They are considered as one of the main right, whereproprietor is responsible for
protecting their services & products by making use of patent. By use of patent no one else can
take unlawful use of products which are being offered by others. With respect to Essence Drinks,
they can make use of patent if they want to sell their products to other individuals for money, by
which they both can harvest benefits from them. Therefore, all are imperative sources for
protecting valuable information and products from various kind of malformation within
organisation (Pellikka and Malinen, 2014).
Patent can prove to be very beneficial for Essence drink as with the help of this they can
effectively, patent their aroma, mixture of flavour they use. It will help them to gain more
consumer base as they are only seller who have unique essence of lassi.
ADVANTAGE It provides exclusive rights to the owner and
acts as tool against imitators.
DISADVANTAGE Cost of registration is high as compared to
others (copyright, trade secret and others).
STRENGTH It provides protection up to 20 years, which
longer as compared to others.
WEAKNESS Invention which is done by organisation can
be disclosed.
Effectiveness and ineffectiveness of tools to protect knowledge and intellectual property:
There are different types of tools and techniques with the help of which intellectual
property and knowledge can be effectively protected some of that include patent, copyright and
trade secrets. This will help individual to safeguard their interest. While on the other hand,
ineffectiveness of these include high cost.

CONCLUSION
It has been analysed that innovation is essential element which is reason for success of each
organisation in market. It will assist organisation toimprovise rate of interest and shares within
market. Furthermore, frugal innovation will aid in improving number of customers by providing
effectual and innovative services at sensible amount. Organisation can gain vantage by business
case to assess complete plan for execution of their innovation. Apart from this, leadership,
vision, teamwork & culture are causative aspect through which business can make use of
processes related with creativity. This is indispensable for an organisation to defend intellectual
property rights, knowledge & maintain original ideas and innovation to attain competitive assets
in marketplace. This will create trenchant and efficient impact on organisation.
Recommendations:
As a junior brand strategy innovation consultant, I recommend Essence Drink to take
advantages of innovation on regular basis as this will help them to gain attention of customers on
regular basis. Further, it helps them to gain more advantages over their competitors.
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REFRENCES