This report provides an in-depth analysis of Essence Drinks' innovation and commercialization strategies, focusing on the launch of their new orange lassi product. It begins with an introduction to innovation and the company's background, highlighting the importance of catering to consumer needs in the UK market. The main body of the report delves into the commercial funnel, new product development (NDP), and the innovative business plan, including an executive summary, aim, and situation analysis using the PETSLE analytical tool. The report also addresses how the company can overcome challenges, protect intellectual property rights, and secure funding. It explores scoping ideas, the solution to commercial funnel problems, and techniques for determining the effectiveness of the new product through customer feedback and social media polls. The report concludes that innovation and invention are crucial for business success in a competitive environment and that commercial funnels are important for new product development. The report also provides references to relevant books and journals.
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