Innovation and Commercialisation of New Product Development Report

This report explores the crucial role of innovation and commercialization in enhancing market operations and profitability for businesses. It focuses on the Essence Drink's development of Kiwi Kofe, a new product combining fruit and Lassi, highlighting the importance of the commercial funnel and new product development (NPD) process. The report outlines key stages in NPD, including idea generation, screening, concept development, marketing strategy development, product development, test marketing, and commercialization. It also presents the business case for Kiwi Kofe, including the company's mission and vision, planning for innovation, and funding for market research. Furthermore, the report discusses various tools for protecting intellectual property, such as patents and copyrights, providing their advantages and disadvantages. The conclusion emphasizes the significance of product differentiation and intellectual property protection for sustained business growth.

Innovation
and
Commerciali
sation

Table of Contents
 Introduction
 Importance of commercial funnel and
application of new product development
 Business Case
 Different tools that organisation can apply.
 Conclusion

Introduction
Innovation has become necessary for every organisation to
enhance their market operation & profitability at the larger
context. Along with innovation, commercialization of product
is also significant through marketing, promotion etc.

Importance of commercial funnel and application of
new product development
Adoption of advance technology: Herein, a respective company
are adopting advance tools and techniques in innovating their
product that is Kiwi Kofe in competitive marketplace. As they
are coming up with mixture of fruit and Lassi both are good for
health.

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Implement investigation program: For an investigation process it
is essential for a company to conduct proper research so that
they can gather information of their customers need and
requirement as well as market place condition.

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New Product Development
Idea Generation: It is an initial stage in NPD process in which
company generates various impressive and productive ideas in
order to find one that is worth pursuing
Idea Screening: In NPD process, after developing idea the second
phase is to create a large pool of ideas. However, the purpose of
this stage is to pare or analysing the collected content and select
best among them for enhancing firm growth

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Concept Development and Testing: Once after screening the
idea, the next stage is to make an attempt for enlarging new
product within marketplace.
Marketing strategy development: Under this, Essence Drink
implements its new marketing strategy for acquiring best
positioning within competitive industry. However, it consist of
three parts i.e. describing target market, planned product
positioning and sales, market share and profit goals.

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Product Development: In this, R&D develops product concept
into physical product as it shows whether the product idea can
be developed into full fledged workable commodity.
Test marketing: Under this, Essence Drink produce Kiwi Kofe
for market test in which they attain an opportunity to tweak the
marketing mix before going ahead into expense of product
launch. However, for conducting the same it generate an
expenditure of £30,000.

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Commercialisation: This is the final step in NPD process
Essence Drink introduce their new product I.,e. Kiwi Kofe into
UK market in an innovative and creative way which leads
them to attain increased level of productivity and sustainable
profitability ratio.

Innovation Business Case
Mission & vision: The vision of the Essence drink is to “Customer
favourite taste” and mission is to raise increase sales or revenue
by 10 percent in the coming three quarters to fulfill business
requirements at a greater extent.
Planning innovation: This innovation of the Kiwi kofe has
undertaken just after over viewing a market of the Essence drink
along with building strategies how planning or controlling can
be taken to innovation in an effective manner.

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Funding for market research: This will be important to do
market research before implementation of an idea in reality, as
it bears in reality lots of risks, threats for business of an
Essence drinks. Th funding sources will be private investors
etc.
Desk based research: In this research, secondary data such as
market share of Essence drink, UK market structure will be
taken into consideration to design product of Kiwi kofe in
accordance to that.

Different tools use to develop intellectual
property
Patents: Manager of an organically can follow patents, so as to keep
their innovative product which is Kiwi Kofe from being traced by
other organically.
Advantages Disadvantages
 Patents offers superior rights, when wilful
infringement which occurs. Also, it protects a
design of something functional or utilised.
 Patents are expensive to acquire and prosecute.
Also, it provides statutory time of 20 years a
compared to other IP tools or techniques.