Business Report: Innovation and Commercialisation - Unit 8 Analysis

This report examines the concepts of innovation and commercialization within a business context, specifically focusing on the fictional company, Essence Drinks. It explores the significance of innovation for gaining a competitive edge and differentiating products and services. The report delves into the commercial funnel, analyzing stages such as idea generation, business analysis, and development, and how Essence Drinks can utilize these stages to attract customers and strategize product development, including the introduction of new Lassi variations. Furthermore, it discusses the importance of an innovation business case, emphasizing how innovation can enhance a company's competitive advantage. The report also covers tools for developing, retaining, and protecting intellectual property, such as trademarks, and provides a conclusion summarizing the key points. References to academic sources are also included.

Unit-8
Innovation and
Commercialisation

Content
 Introduction
 Importance of the commercial funnel
 Innovation business case for an organisation
• The different tools that organisations can use to develop, retain and
protect knowledge and intellectual property.
 Conclusion
 References

Introduction
Innovation and commercialisation is more helpful for the
business as with this they could gain the better competitive
advantage and make their product and services more different
as compared to the already present services in the market.

The importance of the commercial funnel
The commercialisation funnel describes the overall journey of
the customers and with this the purchasing power of the
customer also get analysed. It is more important for the
Essence Drinks and in this they would analyse the different
manner through which get attract the larger number of
customer and induce different strategy and changes to attract
the potential customer as well.

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• Idea Generation: It is the initial stage in which the NPD will start
work to get collect the new ideas that is more needed within the
Essence Drinks and with this the research and development
department have worked more. In addition to this the external
sources as the competitor and supplier will get analysed and with
this the new range of Lassi will get developed with the essence of
different fruits.

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• Business Analysis: After getting perform the product concept
and marketing strategy Essence Drinks will develop the
diverse range of lassi and provides the packaging that is
antimicrobial by which more people will get attracted. In this
the price, sale and profit will get estimated to work with the
certain objective of business.
• Development: It is the stage in which the development of
products will get initialised and Essence Drinks added the
wider range in lassi and have managed the performance
criteria by performing internal testing.

Innovation business case for an organisation
The innovation is the crucial part of the business and in this the
culture of the Essence Drinks will get effective and in this the
innovation is more helpful for the business to gain more
competitive advantage from the market competitors.

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• SUMMARY: It will defines the Essence Drinks is more known
company in UK and have provide the Mango lassi in the market and
have measure the reduction in sales and thus make innovation in their
product and diversify the range of drinks (Pynnönen, 2019).
• OBJECTIVES: The objective of Essence Drinks is to work on the
more healthy drinks by which customer get healthy and tasty drink and
luscious that is composite with lassi.

• RESEARCH: Essence Drinks have managed both internal and
external sources in order to collect more information by which the
new and innovative products and services will get offered to fulfil
the need of the customers (Rijswijk, 2018)
• FUNDING: Essence Drinks have collect the funds as from the
bank loans, investors, stakeholders and the financial institution and
with this make the imagination into the reality in the products.

The different tools that organisations can use
to develop, retain and protect knowledge and
intellectual property
The intellectual property also known as the intangible property
under which the Essence Drinks have uses different tools to
develop, retain and protect the knowledge and the
intellectual property that is as defined below as:

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• Trademark: It will state the sign, design or the expression of the business
that defines the offered product and services of the business. It will mostly
related to the logo of the brand and in this Essence Drinks have uses their
own taglines and the captions. In this they have distinguish their services
and products from the already presented services and with this the
effectiveness of the business will get developed. It spread more awareness in
the market by which in future also the name and logo of the brand will not
get used by the other upcoming brands.

Conclusion
It has been concluded from the above presentation that the
innovation and commercialisation get used within the business
in order to make the suitable changes with this more
satisfactory changes will get induced