Innovation Report: Evaluating Innovation at Essence Drinks

This report delves into the realm of innovation within the context of a small business, specifically using Essence Drinks as a case study. It begins by differentiating between innovation and invention, highlighting their importance and value to a company. The report then explores how vision, leadership, culture, and teamwork contribute to innovation and commercialization. It analyzes the 4Ps of innovation (product, process, position, and paradigm) and the utilization of the innovation funnel. Furthermore, the report examines frugal innovation, providing examples of its application within a company setting. It also covers the importance of the commercial funnel and the application of new product development processes. A key aspect of the report is the development of an innovation business case for Essence Drinks, including ways of accessing funding. Finally, it discusses various tools that can be employed to develop, retain, and protect knowledge and intellectual property, concluding with an overall assessment of the company's innovative strategies.

Innovation in a small business
context

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
Innovation and its importance to company in differences with invention.............................1
Vision, leadership, culture and team can form innovation and commercialization...............2
4P's of innovation and utilization of innovation funnel ........................................................4
Developments in frugal innovation and give examples of ways of utilization in company
context....................................................................................................................................5
Importance of commercial funnel and application of new product development processing 6
Innovation business case for company involving ways of accessing funding.....................10
Different tools can utilize to develop, retain and protect knowledge and intellectual property.
..............................................................................................................................................11
CONCLUSION .............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Innovation is the new opinions, creative thinking and new vision in kind of strategy or
techniques. It is frequently aspected as utilization of amended result which meet new needs,
unjointed wants or existent market requirements. On other side, commercialization is process of
launching fresh product or production technique into commerce preparing it available on the
market (Tidd and Bessant, 2018). This report is supported on Essence Drinks. Company
introduce the one drink that is healthy mango lassi into the United Kingdom. Now company
wants to introduce new product Pineapple Ginger Lassi. Report will explain innovation & their
importance in comparison with invention. It will analysis the vision, leadership, culture and team
can form innovation & commercialization. It will explain the 4P's of innovation and utilization of
innovation funnel within the organization.
TASK 1
Innovation and its value to company in differences with invention
Innovation:

It is the adoption, relationship and utilization of value added originality in economic and
social domains, renewal and development of goods and services, growing of new product
production methods and set up the new management system (Etzkowitz and Zhou, 2017). It can
be defined as modification which add value to goods and services. This can fulfil the
requirements of the consumers. This can aid to develop new product Pineapple Ginger Lassi.
Invention:
It is specific or original device, approaches or procedure. The invention procedure is
activity within overall technology and product development procedure. It can be development
upon machine or good or new procedure for making an object or outcome. It can be patented as
it give security to the creators for intellectual property rights. It also determines as an original
invention.
Differences between innovation and invention:
Criteria Innovation Invention
Meaning It happens if individual
improves on or creates
important contribution to
existent goods, procedure or
services (Biemans, 2018).
As compared to, it can be determined
as the conception of product or
launching of procedure for first time.
Importance It is to carry thought to
productive orientation whether,
it is profitable goods or easy
better mode of doing something.
On other side, it is an essential
element of aesthetic and design
creativity.
Conception It is practical application of new
thoughts utilized in Essence
Drinks.
Besides that, it is an actual opinion
and its working in theory (Meissner,
Polt and Vonortas, 2017).
Activities Innovation activities are
conducted in across the
company.
As opposed to that, invention actions
are organized in research and
development department.
Skills needed Marketing, technical and
strategic skills are required for
Besides that, scientific skills are

innovation. needed for the invention.
Occurs when Innovation happens when
requirement accomplished for
new good or creation in existent
goods.
As compared to that, invention
happens when new thought strikes a
scientist.
The ability of invent the new thoughts or opinion of fresh good and invention is
procedure of actualized the thought into activity. Essence Drinks is the UK based organization
that has begun to sell healthy mango lassi for two years. When the company invents new
thought, fresh goods and services new product Pineapple Ginger Lassi then it will acquire the
competitive advantages in competitive marketplace (Bell and et.al., 2018). Innovation is the
procedure of original competitive edge into activity because creative goods are useful to be
success in competing marketplace. In case of Essences Drinks, when it seeks to discover new
product thought or different items of drinks a new thought or value adding facilities to their
services areas, so that it will ultimately be success.
Vision, leadership, culture and team can form innovation and commercialization
The important objective of innovations is to make fresh ideas. Innovation helps to realize
this invention & to decode these fresh ideas. Main purpose of creation is to exploit products as
well as facilities. Commercialize is the process of corporate to all innovation, marketing &
communication to the clients or users. On other side, commercialization is operation of
launching new product into marketplace (Petkovska, 2015). There are different aspects that can
form innovation and commercialization within Essence Drinks. Such as:
Vision:
 The vision is Essence Drinks is to introduce new product Pineapple Ginger Lassi in terms
of growing and improvement of business in the UK.
 The vision of company has large impact on invention process. Firm has their vision to
utilize investment chances which purpose to run their individual business (Tidd and
Bessant, 2018).
 Effective utilization of innovation and commercialization procedure which can aid to
achieve the vision of Essence Drinks.

Leadership:
 Leadership is the strategy of managing firm as per goals & objectives of company.
 After that, becoming success and formed modular & position of Essence Drinks.
 There are various kinds of leadership styles such as autocratic, democratic, laissez-faire
and so on. In this context, leaders of Essence Drinks follow the democratic leadership
style in relation to adopt innovation and involving in decision-making of new product
development (Etzkowitz and Zhou, 2017).
 Leaders are active and aggressive to obtain attributes, so that utilizing this leadership
procedure which can be successful.
 This can aid to develop new product Pineapple Ginger Lassi in the marketplace.
Culture:
 The culture of company is the collective values, norms and behaviours of the workers
that are participants through for many years.
 The procedure of ways of performing the things in company. It can be formed by nations
values and attributes, because of cultural differences. Thus, it impacts on the procedure of
innovation and development of goods and services (Biemans, 2018).
 For example: Essence Drinks make efforts to accomplish goals and objectives of business
in relation to introduce the new product Pineapple Ginger Lassi. so that, culture can aid
to shape the procedure of invention and commercialization.
Team work:
 Team is dynamical thought to solve problems in results of company as well as to
accomplish particular action as per preparation.
 For accomplishing every kind of job, Essence Drinks has some group who acts entire
required actions to innovate & commercialize products.
 If these group performs according to objectives by giving fresh opinion and best services
to consumers, Essence Drinks can capable to achieve goals in impressive manner in
relation to introduce the new product Pineapple Ginger Lassi .
 Thus, team work aids to shape the procedure of invention and commercialization of
company (Meissner, Polt and Vonortas, 2017).
 Effective team work aids to introduce the new products and its development which can
directly effect on meet the objectives and goals of company.

4P's of innovation and utilization of innovation funnel
Invention is to deals with process through which organization makes fresh ideas and
opinion, new products & facilities (Meissner, Polt and Vonortas, 2017). 4P's of innovation is
called as innovation mix that is much utilized by company. 4P's of innovation stands for product,
paradigm, process and position.
Paradigm:
It is formed process through that firm faces changes of being taken inventive ideas and
opinion as well as procedure of doing of all jobs of company in terms of doing work by facing
new situation and danger. Essence Drinks has to plan by ways of doing the business in relation to
development of new product Pineapple Ginger Lassi in changing environment and condition, for
that firm giving new goods to consumer, it has faced fake call and time services.
Product:
It is leading item that is offered to the consumer. It will be valuable to company. If it
capable to add value to the company. In case of Essence Drinks, if it introduces new product
Pineapple Ginger Lassi through innovation and give the best services to the consumers, so that it
will capable to add value to the firm by adding competitive advantages (Bell and et.al., 2018).
The product is the main item of innovation mix by which invention and commercialization is
done. Thus, company creative element of the goods is always expected and appreciated in
relation to attract more consumers towards the organization.
Process:
It is the mode by which good id given to the consumer which is essential issue because, if
the delivery procedure is long then possibility of success id decreased. But if delivery procedure
is short, so that chances of success is raised. For Essence Drinks procedure of delivery of drinks
or lassi is the criteria of being success. It involves hiring of people, supplying, workflow which
can aid to increase of profits of business.
Position:
The objective is to unique innovation and commercialization procedures by which
company wants to accomplish the positions. Essence Drinks needed to accomplish their position
through giving the best services to the consumers. For creating position, employees deals with
innovative promotional activities by which firm acts to set their position in the competitive world
(Petkovska, 2015). The position invention further deals with ads of company and their products

through television advertisement to communicate with public. This creates Essence Drinks to
inform more target consumers within lower time period.
Use of Innovation Funnel:
Innovation funnel is the procedure of developing new thoughts or new product Pineapple
Ginger Lassi. by defining the stages by which thought can be best for giving better facilities to
the consumers. It is the technique which aids firms and individuals to creative successfully.
 It is a famous concept for innovation which is utilized by many firms like Essence Drinks
to make creative and realistic action plan.
 There are different kinds of thoughts and funnel by which the thought can be driven and
processed as well as helpful to increase the objectives of the firm by developing new
product Pineapple Ginger Lassi. (Tidd and Bessant, 2018).
 The first stage of innovation funnel is to gather information which deals with how much
this thought best fitted for needs and demand then procedure comes to screen the thought
between different opinion.
Improvements in frugal innovation and give illustration of ways of utilization in company
context
Frugal Innovation:
It is process of reducing difficulties & cost of goods as well as their manufacture. This
means to remove non-essential characteristics from long-lasting good, like car or phone in terms
of sell it in processing nation. Designing goods for such nations can also call for raising
durability and when selling the goods, certainty on irregular distribution channels.
For example: The Essence Drinks refers different characteristics to decrease their difficulties of
investment chances for the new product Pineapple Ginger Lassi. It involves quality, distribution,
affordability, adaptability, performance, input cost and scale up. In addition to that, the quality of
service or products delivered by Essence Drinks needs setting of users as per new product
Pineapple Ginger Lassi. Distribution deals to the approaches that are applied for creating services
to be approachable to users of organization (Knorringa and et.al., 2016). Other factor noticeable
are the end product cost which regard to factor of affordability scored through the firm for their
possible consumers. For example: selling of new product Pineapple Ginger Lassi within the
manpower aid to company in terms of increasing the professional concept of the professionals.

On other hand, adaptability evaluate loyal raising which company creates for their
professionals. There are different other views related to frugal innovation. These relate to
performance, pairing, input cost and scale up action of Essence Drinks. The financial rewards
never arranged as barrier to sell any of activities of selected organization.
Importance of commercial funnel and application of new product development processing
Commercial Funnel:
It is the also called as sales, purchase and revenue funnel which means to buying process
that companies lead users through when purchasing goods. It is the visual creation of consumer
journey, portraying sale procedure from awareness to activities. The funnel means elaborates
thoughts that every gross sales begins with huge numerous of potential consumers a&nd finish
with much small number of people who really create purchase.
Importance of Commercial Funnel:
It is essential approach in the enterprise world. Also, commercial funnel is very essential
in different manners. Such as:
 Commercial funnel aids to decide marketing strategy in terms of understanding
marketing techniques or business model that Essence Drinks require helping succeed as
enterprises (Teng and et.al., 2019). Through this, company easily promote their new
product Pineapple Ginger Lassi.
 It aids to company the different ways by which build the relationship with the consumers.
 With commercial funnel, company generate the sales in the long run.
 This can aid to improve the ways by which the company grow their business.
Application of New Product Development Processing:
Essence Drinks have developed their approaches in effective manner, so that it acquires
fresh thoughts and perform them in procedure of product development. Many of goods are
entering the marketplace that further broad the scope of employment chances. The goods are
created of superior value to assure that systematic and well-planned consumer driven new good
enters the marketplace and allow the market to develop (Depping and et.al., 2017). In this
context, Essence Drinks want to introduce the new product Pineapple Ginger Lassi. Therefore,
firm needs to follow all utilization of procedure to develop the new products that includes
different steps such as:
Idea Generation:

It is the first phase of process of developing the new product in that firm will make
different ideas that includes SWOT analysis, current market trends etc. This can aid to launch
new product Pineapple Ginger Lassi by Essence Drinks.
Idea Screening:
It is second stage of new product development procedure in which company will need to
screen the ideas which includes details of consumers behaviour and expectation, technical
feasibility of thoughts and so on. This can aid to introduce the new product Pineapple Ginger
Lassi by the Essence Drinks.
Illustration 1: New Product Development Processing
Source: (New Product Development Processing, 2012)

Strategic Analysis:
It is the step of procedure of developing the new product in that firm will require to
strategical analyse that involves business strategic plan, describing the demand, costs and profits
margin etc (New Product Development Processing, 2012). This can aid to launch new product
Pineapple Ginger Lassi by Essence Drinks.
Product Development and testing the Concept:
It is fourth step of procedure of new commodity development in that firm will need to
develop the good and testing concept that includes quality, functionality, price, values etc. This
can aid to launch new commodity Pineapple Ginger Lassi by Essence Drinks.
Marketing Testing:
It is next stage of procedure of new product development in which firm will need to test
the market. In this stage, company will change products and services as per consumer feedback
of firm (Primus and Stavrulaki, 2018). This can aid to introduce the new product Pineapple
Ginger Lassi by the Essence Drinks.
Commercialization:
After marketing testing, company will need to produce and distributes new product on the
large scale. It promotes new product on the mass media like TV, newspaper and online
marketing which can aid to introduce the new product Pineapple Ginger Lassi by the Essence
Drinks.
Product Launch:
In this stage, company will need identifying the detailed launch plan can help to assure
that smooth introduction to market. This can aid to introduce the new product Pineapple Ginger
Lassi by the Essence Drinks.

Ingredients:
 Pineapple cubed.
 Skim Milk
 Greek yogurt, natural and vanilla flavour
 Almonds
 Ginger.
 Ice cubes.
Packaging:
Essence Drinks will direct packaging of new product, so that they will design the can for
Pineapple Ginger Lassi.
Innovation business case for company involving ways of accessing funding.
The effective business case for invention approach requires to display the fields of clear
communication. It needs to assure conclusions do decrease down the more motive portion. The
business case for more effective innovation which includes product value and great control of
innovation portfolio and idea generation procedure. This can aid firm to choose higher value
mixture of goods to brings to the marketplace (Bettig, 2018). In order to that, Essence Drinks can
selection can creative though to raise sales of the firm. The organization can personalize the
healthy and shipped drink to door of the clients. Organization can also use social media and
sponsorship for promoting the products and facilities in front of customers. The consumers will