Analysing Innovation and Commercialisation at Essence Drinks Firm

This report provides a detailed analysis of innovation and commercialisation strategies, using Essence Drinks as a case study. It differentiates between invention and innovation, highlighting the importance of innovation in leadership, vision, culture, and teamwork within the company. The report explores the 4P's of innovation through the marketing mix, discusses frugal innovation, and examines the commercial funnel's significance. It also covers new product development (NPD), the creation of an innovation business case, and methods for developing, retaining, and protecting intellectual property, offering a comprehensive overview of Essence Drinks' approach to innovation and market success.

Innovation and Commercialisation

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Difference between invention and innovation.............................................................................3
Importance of innovation to the enterprise in context of leadership, vision, culture, team-work
at essence drinks..........................................................................................................................4
4P’s of innovation by using Marketing Mix................................................................................5
Development of the frugal innovation with example..................................................................9
PART 2..........................................................................................................................................10
Importance of the commercial Funnel.......................................................................................10
Application of New product development (NPD).....................................................................11
Produce the innovation business case........................................................................................13
Evaluate the different tools & techniques to develop, retain & protect intellectual property.. .14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation and commercialisation are defined the processes in which create, implement a
feasible enterprise model for purpose of innovation, product based service system. It supports to
bring a new items or services to the competitive marketplace. The report will discuss the concept
of innovation, differentiating between innovation & invention. It will determine the different
kind of innovation, identifying the range of techniques for protecting ideas. Furthermore, it will
discuss the 4P’s of innovation and how it will be used by funnel to find the innovative ideas,
assumptions. However, it will explain the significance of new product development process.
Moreover, it will examine the range of different tools and technique that uses by the essence
drink firm.
PART 1
Difference between invention and innovation
 Invention- it is defined something that has been created or made up, developing or
figuring out of innovation in the organisation. For example- A mango Laasi is the
invention of essence drink firm.
 Innovation - it refers to the business process for representing a new ideas, workflows,
techniques, methodologies and service or products.
The importance of innovation and comparison with invention
The importance of innovation which means that converting a new ideas into its finished
goods & services. To develop or create any kind of particular item that adds value to the
consumer’s lives. That’s why, the essence drink have decided to offer a healthy mango lassi at
London. It was completely a new idea because many people does not aware about the brand and
their innovative product (Barfi and Sackey, 2021). To launch a new item proper compilation and
application. It is always beneficial for people to implement a new thing. Generally, innovation
can be divided into two groups: - continuous innovation and revolutionary. These are helping to
bring positive changes and implement an advanced technology.
On the other hand, invention is related to the developing idea, assumption. Sometimes, it
cannot be replaced immediately. So, it would be required to add value of innovation and
enhancing the business capability or ability.
For example- The essence drink provide the facility of a healthy mango lassi to the
potential consumers. The aim of enterprise is to produce affordable & quality item for people. To

improve the business operations, it focuses on the new system development and helping the
business to achieve desirable goals or objectives.
On the basis of analysis, it has been identified that innovation is one of the important
factor in order to improve the performance of enterprise. A new product innovation will be
attracting more consumers to achieve the best result or outcome.
In regards of innovation and commercialisation, the essence drink firm face a challenge of
consumer finding. Due to high competition level, it is difficult thing for small business to
identify the idea customer (Brass, 2021). Even with best innovative idea related to a healthy
mango lassi. It is creating an idea of target the potential consumers. Most importantly, the
essence drink firm is largely focuses on the brand awareness which helps to generate trust with
audience. It associated with brand with innovative products & services.
Importance of innovation to the enterprise in context of leadership, vision, culture, team-work at
essence drinks.
It emphasis led by commercialisation & innovation are related to each other. It can easily
handle the critical situation where an essence drink perform excellent innovation in the form of
Mango lassi item at London (Das, 2021). In the context of essence drink, it is always gained
more benefits of community which defines a direct or indirect relationship between innovation as
well as commercialisation.
In the workplace, the innovation plays an important role to increase the level of
opportunities. A major innovators are being proactive and easily handling the complex
challenges, risks at certain point.
The company’s success depends on the business vision, leadership, team work and culture.
It is always influencing the employees to perform their tasks in proper manner. At last, it
achieved the best results or outcomes. The company’s vision is clearly described the future
aspects what an enterprise aim to become achieve a desirable objectives. For being innovation, it
must develop or create unique innovative vision for business success. It is also important to focus
on the employees and fulfil all essential needs or requirements accordingly.

Vision-
The vision of essence drink have been investing opportunity for increasing sales &
production. In terms of commercialisation, it is also being served to expertise and marked as
evidence for enterprise.
Leadership-
The Essence drink firm have been used the transformational leadership style. It helps to
the staff members, enterprise that can easily established a strong coordination. In case of essence
drink, the company always finding the brilliant, talented people (Mazzarol and et.al., 2022). So,
they can easily handling the business activities. Further, it is always helping to inspire, motivate
the individuals. Additionally, it is directly impacts on the essence drink firm because of the
transformational leadership style.
Teamwork & Culture-
The essence drink deals with the culture difference in context of professional journey. It is
always making enterprise ambitious of experts, practitioners. In this way, it can easily achieve
desirable culture, staff member are working smoothly in the enterprise (Nikolic, 2021). In order
to satisfy the potential clients. Usually, the culture of essence drink relates to the working style of
people. On the other hand, Team-work of the essence drink is well known for representing the
happy staff members. Therefore, it is always server their potential client with happy face. At that
time, it can be possible through team work in order to create, develop a comfortable while
exchanging their desires towards enterprise.
4P’s of innovation by using Marketing Mix
Marketing strategy should be used by manager of enterprise in order to identify the specific
requirements of company. Usually, the importance of strategy is to find the solution of business
problems regarding business operations management. Whenever it can be used the marketing
strategy that helps to perform a certain functions, analysed in proper manner.
In context of essence drinks, the company has been followed the marketing strategy and used
by the manager to find the core requirements of an enterprise. It is helping to determine the
problems related to the marketing, operational management. In some cases, it is always creating
a marketing strategy in order to handle the business functions. By considering 4P’s, it has been
analysed the concept of marketing mix.

 Product- product is the main component of staff members, which can be offered to the
competitive markets, in order to satisfy the specific needs & requirements. The sales of
Essence drink is dependent on the quality of products & services. That’s why, the essence
drink was launched a Mango lassi item at London. This kind of product was completely
new and always attracting more consumers (Poteralska and Walasik, 2022). It is an
important aspect to focus on the design, selection of product. It is really matter of fact
that essence drink is going to produce or launch mango lassi product.
 Price- it is defined the value of consumers and setting the specific price for particular
item. At certain point, it is major issue as the satisfying the actual level of client. It
depends on the quality of item. The essence drink should keep in mind the capability of
consumers. It includes life style. Income and so on. On the basis of ideas, it will be
considered the pricing strategy for a particular item. The success of enterprise is
depending on the pricing strategy.
 Promotion- The essence drink firm has been used the different platforms or tools such as
newspaper, television, radio. These are considered the source of promotion and helping
the enterprise to make customers. It is mostly needed to engage with large populations in
the marketplace.
 Place- In this phase, it is focused on the environment strategy that indicates once the
products are developed. It is important aspect to store in the right place. The company has
been used the suitable transportation system that are used to reach product. This is the
best way to transfer items and service.
Funnel Innovation
The aim of Essence drink firm is to produce the suitable item such as Mango lassi that can
satisfy the specific need and requirements of the potential consumers. In order to satisfy the
demand of consumers (Rosdi, Ramdan and Suwarno, 2021). The company will achieve the
values and increase the level of profitability as well as productivity. Funnel process can be
developed by the business process and consider the development idea of particular items. For
example- The essence drink can be utilised the different phases and handling specific products,
services. Similarily, it allows the business manager to use an appropriate things in their existing
item offerings.

 Investigation- Before launching a mango lassi in market, it would be required to analyse
the level of competitors. This can be possible due to perform a research & development
phases. In context of essence drink, it should be required to conduct a research to identify
the specific need & requirements of consumers. Generally, the suitable research will be
covered the overall performance of competitors and also examined the actual response of
clients.
 Development- In this phase, the essence drink has been analysed the market condition
before launching a new product in London marketplace. It produce the product on the
basis of market demand. The main aim of company is to develop appropriate product
feature, design so that it easily targeting the market condition. By considering the
development and innovation funnel, it is always maintain the product development
process.
 Shipping products- After developing the product design, feature during development
process. It move towards next step to focus on the shipment process. This type of process
refers to the transfer items from one place to another. The essence drink firm should
focus on the shipment method which includes transportation system. At certain point, it
also prevents the company to manage and control unnecessary damage of the items.
Figure: 1 Innovation Funnel
(Source: Innovation funnel, 2011)

Types of Innovation
The essence drinks need to build an innovative environment, infrastructure. It including
tools, platforms, culture, process and systems. These are considered the important factors to
handle the competitiveness in the modern markets. In business contexts, innovative refers to the
something that creates value (Khomenko and Saher, 2022). It is an essential aspect to understand
the demand of innovation approach because it helps to find the best or suitable. Here are
discussed the different types of innovation and used by the small enterprise.
 Disruptive innovation- this type of innovation is one of the well-known concept which
comes with modern technology and generating a high impactful results or outcomes.
Undoubtedly, disruptive innovative is the best approach in order to handle business
complex challenges. That’s why, different companies are preferred to use disruptive
innovation and targeting the market segmentation. Another reason for selecting disruptive
innovation means that provide convenient, simpler and affordable products & services to
the existing consumers.
 Incremental innovation- it is related to the continuous improvement of existing items,
while trying to categorise the products & services. Usually, an enterprise can be used
incremental innovation to gain business values. By continuously improving the quality of
products & services, it can be used the incremental innovation and minimise the
stagnation, managing the consistently growing the business market share.
 Sustaining innovation – the sustaining innovation is the most common approach in order
to protect or maintain the position of enterprise in marketplace. Sustaining innovation
focuses on the innovation to gain or maintain best market leader position in UK.
Similarily, The essence drinks can be used the sustaining innovation that helps to develop
or create a new product in marketplace. At certain point, it has become easier to
differentiate between one or more items. In this way, it also established a strong position
in marketplace.
 Radical innovation- this type of innovation can be utilised the modern technology and
transformed the industries. It helps to create a new markets. Radical innovation has been
completely changed the business demand and interacts with the markets. The success of
business depends on the technological aspect to drive innovation (Wiik, Koporcic and
Aarikka-Stenroos, 2022). In some cases, it is related to the business capabilities,

behaviours that create or develop right conditions. It is a great way to achieve a new ideas
and successfully implemented.
On the basis of discussion, it has been identified the importance of innovation in business
perspectives. Each and every innovation can be combined with robust and effective things while
uncovering a black spots. Without using incremental innovation, it is difficult to launch a new
product in marketplace. That’s why, the essence drinks should use incremental innovation
approach and enter into market through a healthy mango lassi item. Due to lack of incremental
innovation, it can be increasing a difficultly in consumer experience.
On the other hand, it focuses on the sustaining innovation. Without this one, it is difficult
for enterprise to handle working tasks and cannot be gained majority of market share. Apart from
that, radical and disruptive innovation plays an important role in the organisation. Without these
one, an enterprise misses a lot of valuable things. At certain point, it will be developing risks or
threats being disrupted by techniques. On the other hand, implementing all kind of innovation
and ensures that company will achieve short-term and long-term success. Therefore, the essence
drinks have been used the innovation which supports to analyse the demand of strategic idea,
assumption. In future, it can easily gaining more success.
Development of the frugal innovation with example
Frugal innovation refers to the process in order to minimise the level of complexity and cost
of a good during production. By using frugal innovation, the essence drink firm has gained the
traction in different areas. It is also developing high quality solution in resource based
environment (Rosdi, Ramdan and Suwarno, 2021). It becomes affordable to minimise the
income consumers. The aim of frugal innovation is to offer simple and affordable solutions.
Usually, it starts from identification of particular needs and requirements of the Essence drink
firm.
In context of Essence drink, the frugal innovation is defined the set of tools & techniques
that are easily handling the complexities, cost or price of goods. It is an important aspect to use
frugal innovation because it helps to remove non-essential features. In order to achieve desirable
goals & objectives. However, in case of essence drink, it has been considered the different
features to minimise the complexity of investment. It including quality, performance,
distribution, adaptability, and scale-up and servicing.

The quality of mango lassi item delivered by the essence drink, requiring to fix the demand
of consumers. On the other hand, The Company has been focused on the distribution and identify
that how easily dealing the business can processes. In some cases, it can be applied the best
making services and also accessible for the potential consumers. Another factor is related to the
cost outcome that are related to the affordability marked by the essence drink (Poteralska and
Walasik, 2022). For instance, it is always managed the selling of practice and increase the
professional approach. In case of adaptability, each and every staff members are sharing a loyal,
trust between each other. It is also increasing the level of production & sales in marketplace.
Apart from that, it is also focused on the performance, input prices, costs and scale up
activities of essence drink firm. By taking care of the consumers demand, it requires to consider
frugal innovation as factor. It helps to reduce the level of business complexities, selling the
practices through practitioners.
PART 2
Importance of the commercial Funnel
In order to understand the concept of commercial funnel, which plays an important role to
find the customer journey from initial node. It is the best way to predict the actual sales &
production of Essence drink firm. In context of the essence drink, the commercial funnel
provides a framework through which can be analysed the business performance. At certain point,
it also examined the improvement areas or places. The commercial funnel is also known as sales
funnel. It helps the essence drinks to generate more leads, engage with potential consumers.
Generally, it should be considered the important factors that easily maintain the business growth
& development.
 Attract- In this process, it focuses on the essential sources which helps to attract a new
client, investor. Therefore, it is an essential aspect to attract the potential client under this
phase. In Essence drink, the manager of enterprise will perform the investigation and
reviewing the specific content. Generally, it is available in online, identifying the
feedbacks from consumers (Kusmintarti and et.al., 2022). The company offering the best
product and also analysing demand among consumers. As a result, the essence drink firm
can attract more clients in future. In this way, it has been finding the success story of
company. A lot of things are shared through social media platform. It is paying more
attention of the existing clients, investors.

 Converts- In this process, it refers to the process in which converting the best outcomes.
For example- The essence drink seek offer on a healthy mango Lassi. In this way, the
company can make their item more attractive and include discounts, offers. This kind of
strategy will influence more consumers to purchase item. In another way, it is also useful
for enterprise to launch a new product in marketplace.
 Close- once identifying the particular lead, the multiple activities of consumer should be
estimated by enterprise. In this phase, it should be considered all essential information
about the desire of the consumers and creating a strong relationship with them. If in case,
it would be developed the growth of enterprise while continuously running the lead and
maintaining the business processes.
 Delight- In this phase, it is always maintain a satisfaction level of client. The aim of
enterprise is to build a strong coordination with potential consumers. As a healthy mango
lassi launched by the essence drink in marketplace. It is important to maintain the process
and satisfy the need & requirement for consumers.
Figure: 2 Commercial Funnel
(Source: Sales management/commercial funnel, 2021)
Application of New product development (NPD)
New product development process is based on the technique in which bring a new item to the
marketplace. In order to engage with different business process because of changes in the client
preferences, increasing highly competition, modern technology.
For example- The essence drink has been used the new product development process and
launching a healthy mango lassi item in the London marketplace. This can be possible when

considering the new product development process and increases the sales of the enterprise. Here
are discussed the different phases of new product development.
 Idea generation- To develop a healthy mango lassi item according to the demand of
market. It is important aspect to create a new idea, assumption. Initially, it focuses on the
present generation and produce item based demand. In London markets, the idea of a
healthy mango lassi was completely new (Ravi and Janodia, 2022). So, it would be
increasing chances of business success. As a result, it is finding on the current demand of
people and fulfil their requirement through a new product.
 Concept- In this stage, the essence drink tries to identify the specification of product. It is
the best way to represent the benefits, advantage of a healthy mango lassi in from London
peoples. The company can be used the product differentiation strategy in order to gain
more attention.
 Market analysing- before launching a product, it is essential aspect to conduct market
research. This is why because of identifying the demand of item. For example- The
Essence drink also needs to analyse the London market. Afterward, it setup a specific
price or cost according to the customers.
 Product development- Once it has been analysing the market. It is focused on the
developing & design for a product. It should consider all essential ingredients and
maintaining level of taste (Ravi and Janodia, 2022). This kind of process will attract more
consumers easily. For example- The essence drink has been followed this phase to
understand the product development approach.
 Commercialisation- In this process, it should include all exhibition of an item in
marketplace. This can be dome after testing. At last, it has been successfully launched in
marketplace.

Figure: 3 New product development process
(Source: The new product development process, 2022)
Produce the innovation business case
To establish a connection with innovation by the enterprise that can make innovative
business case. Different companies are trying to build a strong brand position in the competitive
marketplace. So, it keep measure their business performance and deliver the best idea,
assumption to achieve desired goals or objectives. For example- The essence drink is one of the
beverage company in UK, for making an innovative enterprise case. Generally, it can be used the
different strategic concepts such as pricing strategy, customer relation program, pricing strategy
and market based emergence.
The first role of the essence drink need to develop their best product offering. Therefore, it
can easily satisfy the consumers. Most importantly, it is an essential aspect to modify their
product features by adding a healthy ingredients. This kind of approach will increase the demand
of a new product in marketplace.
The company will earn a huge revenue, when they were setup a reasonable prices or costs.
It support to target the existing consumers. Similarily, the essence drink firm need to setup
pricing concept and deliver the product within reasonable price. In this way, it can be developed
a strong brand position in marketplace.
In context of promotional activity, the essence drink will try to target the national
consumers as provides detailed of product information or data. This type of thing will create the
strong brand image, reputation (University of Maine Alumni Association, 2022). In future, it also
supports to lead the generation. To attract the new customer of the essence drink. It should be
consider different promotional medium.

Evaluate the different tools & techniques to develop, retain & protect intellectual property.
According to the essence drink, it is an essential aspect to consider different tools,
techniques to implement an innovative idea. There are different kind of services, which are
protecting the business privacy.
 Patents- patent is mainly used to protect or secure the invention, design and confidential
information about the product and their ingredient’s (Ravi and Janodia, 2022). The
company need to understand the demand of patent and always keep protect or secure
information in proper manner.
 Trademark- This kind of tool is related the differentiation of items which have already
launched by the enterprise. Trademark supports for the essence drink firm to differentiate
their product from other competitors. It is a great way to use trademark on the product.
 Copyright- This kind of tool is becoming impeccable because the company wants to
secure their artist work. If in case, an enterprise should consider copy right to keep
protect the sensitive information or data of the product.
 Intellectual property- it refers to the product of human intellect and used the legislation to
protect or secure from unauthorised activity. It is the best way to keep protect the
products & services. For example- The essence drinks should consider the intellectual
property which creates a limited monopoly in terms of protected ways. The aim of
intellectual property rights to influence the enterprise while considering modern
technology, invention. It helps to increase the economic growth & development.
CONCLUSION
From above discussion, it has concluded that innovation and commercialisation plays an
important role in the organisation to achieve desirable objectives. In this report, it has been
focused on the concept of innovation, differentiating between innovation & invention. It can be
identified the different kind of innovation, identifying the range of techniques for protecting
ideas. Furthermore, it has been examined the 4P’s of innovation and used by funnel innovation.
In order to find the best results or outcome. It has been increasing the opportunities to find the
innovative ideas, assumptions. However, it has been examined the significance of new product
development process. Moreover, it has been discussed the range of different tools and technique
such as copyright, patent and intellectual property. These are used by the essence drinks.

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