Unit 8: Innovation and Commercialisation Report - Business

This report presents a comprehensive analysis of an innovation case study involving Essence Drinks, a company facing declining sales of its mango lassi product due to market competition. The report explores the company's background, the importance of the commercial funnel, and how it can align its goals with its resources and capabilities to launch a new product. It delves into frugal innovation strategies, applying them to develop a low-cost drink that meets customer needs. The analysis includes a summary of the new product idea, its impact on stakeholders, and various techniques for testing the effectiveness of the new drinks. The report also outlines the resources required for proceeding with the innovation, including funding options, desk-based research, product development, and intellectual property rights. The report concludes with a list of references.