Analysis of Innovation and Commercialisation at Essence Drinks

This report examines the critical role of innovation and commercialization in business, using Essence Drinks as a case study. It explores the differences between innovation and invention, highlighting their importance for business development and meeting customer demands. The report delves into the organizational aspects, including vision, leadership, culture, and teamwork, necessary for successful innovation. It emphasizes the need for Essence Drinks to adapt and innovate to maintain market leadership, manage competition, and satisfy customer needs. The analysis covers the importance of teamwork, effective communication, and fostering a culture of innovation within the organization to achieve its goals and sustain its position in the market. The report provides insights into how Essence Drinks can leverage innovation to retain customers, mitigate threats from substitutes, and achieve long-term business success.

INNOVATION AND
COMMERCIALISATION
(TASK1)

1.1 Innovation's importance to organisations in
comparison with invention
Innovation means a change, rearrangement, modification,
upgrading etc. Its relates to bringing changes in the existing
product to have a new product which is different from the existing
one. Whereas invention means introducing a brand new product. It
is a whole new product which a company introduces. As Akshay
founder of Essence Drinks did by inventing “lassi” in the market
of UK and now some innovation is required for the stability of the
business as well as to cope up with demands.

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Both of them are essential for a businesses operations. As a
business have to invent and innovate new ideas for continuous
growth. More illustrated importance can be stated as under:
 Both Are Essential For Business Development.
 Fulfilment Of Demand.
 Necessity For A Business To Operate In Long Term.

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The Essence Drinks have launched its product in market and it is
growing. The customer wants to have the product because of its
quality but as the time passes the company will face competition
and the change in customers demand. So to have a control over
that the company needs to innovate and invent new product to
sustain in the market, to satisfy the customers and for the
development of the business.

1.2 Organisational vision, leadership, culture
and teamwork for innovation and
commercialisation
Innovation is necessary in today's environment where the world is
growing on a very fast pace. Its a very essential part of a business
to sustain in the market. Till now the Essence Drinks was
operating its business on a single product “lassi” but to have a
possession over the market it has to change and regenerate its
product. As there is a threat of competition and duplication of the
product. It is necessary for the company to bring change in the
existing product because it is the demand of the situation.

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The organisation have to maintain a control over the market and
should have a leadership in the business it owns because it was
invented in UK by Essence Drinks. By the help of innovation the
company can retain the customers and have least threat of
substitutes. Through this, the leadership in business can be
achieved. When there is a innovation or a change or any
modification in any organisation the whole organisation have to
work as a team to process it. Innovation initiates the teamwork to
achieve the goals set by the organisation effectively and
efficiently. Through which the culture of the organisation is more
united and coordination is automatically generated.

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The organisation should communicate the new innovation idea to
the employees so that they can work on it collectively. This would
bring the whole organisations environment to innovate and the
people in organisation will work as a team on it.