Business Report: Innovation, Commercialisation, and Strategy

This report examines the concepts of innovation and commercialization, focusing on how vision, leadership, culture, and teamwork shape innovation within a business context, using Essence Drinks as a case study. It explores the four Ps of innovation (product, process, position, and paradigm) and the significance of frugal innovation. The report delves into the importance of the commercial funnel and the application of New Product Development, including building an innovation business case. It also discusses tools for developing, retaining, and protecting knowledge and intellectual property. The report analyzes how these elements contribute to business growth and market share, providing insights into strategic innovation management.

Innovation and
Commercialisation

ble of Contents
INTRRODUCTION...................................................................................................................4
TASK 1 .....................................................................................................................................4
P2 vision, leadership, culture and teamwork can shape innovation and commercialisation.6
TASK 2 .....................................................................................................................................6
P4 Developments in frugal innovation...................................................................................8
TASK 3 .....................................................................................................................................9
P5 Importance of the commercial funnel and the application of New Product Development
................................................................................................................................................9
P6 Build an Innovation Business Case for...........................................................................11
TASK 4....................................................................................................................................12
P7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property..............................................................................................................12
CONCLUSION:.......................................................................................................................12
REFERENCES ........................................................................................................................14

INTRRODUCTION
Innovation is the procedure to translate an idea into a good or services which develops
value for that consumers are ready to pay. To make innovation is essential for the business
growth and to survive in the dynamic environment it is require to provide some innovative
products to the consumers so that they can attract towards the business entity. It is helpful for
the firm to increase its sales as well as profits. But it will be successful when desires of
consumers will be fulfilled. To better understand this concept Essence Drinks has been
chosen which operates its business in United Kingdom. This report has discuss about distinct
topics such as: to analyse the importance of innovation as compare to the invention, culture,
teamwork, leadership and corporation vision, four Ps of innovation in context to the
innovative idea and to discuss about frugal innovation. Along with this, report also mention
about new product development process in context to the innovation and the distinct tools
which are helpful to protect the knowledge of intellectual property.
TASK 1
P1 Innovation and determine its importance
As innovation is the process which emphasis about to develop or create something
different or new for which individuals are ready to pay and it is beneficial in context to the
success of corporation. As the company Essence Drinks has offers healthy mango lassi in the
region of UK. The sales of corporation goes down after some years and it was not earning
much profits. So to maximize the sales of firm Akshay Kumar has come up with new
innovative idea so that it can earn higher profits. For that purpose brand strategy innovator
provide an innovative idea that they can introduce lassi powder that is useful for the
consumers while travelling. As innovation is important for the corporation because of various
reasons which are as mention below:
 By doing innovation the profits of Essence Drinks can be maximize which is helpful
for the firm to expand its business and it can accomplish its predetermined goals.
 The market share of company will increase by satisfying the desires of consumers and
it will help the firm to lead in the market and can survive in the market for a long term
and it is helpful for the business growth (Kaihua and Mingting, 2014).
Along with this, to bring innovation is beneficial for the whole firm because it helpful to
contribute towards the growth of business. The company wants to make innovation and for

that purpose it emphasis to launch lassi powder so that demand of consumers can be satisfy
and it can generate higher profits. However, invention & innovation are the distinct from each
other. For the organisation, Essence Drink Lassi is the PSP so in this context the management
thoughts that they can make innovation in their existing product. So for that purpose the
organisation does not want to lose their USP because it can reduce the market share of
business entity and the sales of organisation will minimize. Explanation are as below:
Basis of comparison Innovation Invention
Meaning Innovation can be make in
existing product or service.
For invention it is require to
try or create something unique
which does not make before.
What is it To add some value in existing
product (Haslam and Parayil,
2012).
Totally new product has been
developed.
Concept New thoughts are implemented
practically
An original idea as well as its
working in theory.
Skills required Distinct skills are needed
which are: technical, strategic
& marketing.
Scientific skills are needed.
Occurs when As per the need product or
enhancement in existing
Invention is concern with
specific procedure.
Concern with Combination of distinct
products and process.
It is related to the specific
process.
Activities Spread in whole organisation Restricted research and
development department.

P2 vision, leadership, culture and teamwork
To have vision, leadership, culture & teamwork are essential for a corporation
because it helps to achieve the goals as per the requirement. Apart from this better strategies
and working style can help the firm to accomplish its predetermined goals. It is important for
Essence Drinks to emphasis towards its vision, culture, leadership & teamwork so that it can
satisfy the desires of consumers which help it earn higher profits and it shape innovation and
commercialisation which is helpful for the growth of company. In context to the organisation
it mention as below:
Vision: As the vision of company is to provide healthy and tasty lassi powder to the
consumers who lives in UK. So that individuals can live healthy life. With this Essence
Drinks want to become leader in a specific market by fulfilling the expectations of
consumers.
Leadership: With the help of effective leadership Essence Drinks can achieve its
organisational goal. Leader suggests the innovative ways through company can develop
innovative products which help it to achieve the corporation objectives. Leaders help to
maintain healthy relationship with the workers so that they perform their work in more
effective manner in order to achieve the goals of corporation. Leadership play an important
role to manage and lead the employees so that corporation can achieve its objectives.
Culture: The culture of an organisation defines a set of norms, values, rules and
beliefs that are implemented by top authority so that all workers can follow the culture in
order to achieve the goals of company. It is require to formulate friendly culture so that all
workers can easily adopt it and on the basis of it they perform their tasks. However, culture of
company should be healthy and strong and will fulfil the desires of employees so that they
can perform as per the need of company.
Teamwork: To perform in a team is important for the individuals in order to achieve the
goals of firm. If all workers of Essence Drinks will perform their task in team in order to
make successful innovation than goals can be business will be fulfilled and sales of business
will maximize. It is helpful to increase the strength and perform the work as per the
requirement of company.

TASK 2
P3 4Ps of innovation
To make innovation is helpful for the organisation in order to achieve the goals of
company and it is essential to capture more market share and there are four Ps of innovation
which are as: product, process, position & paradigm. While doing innovation it is important
for Essence Drinks to considers these following elements which are as mention below:
Product innovation: To enhance the profit it is important to make innovation in
product so that sales of company will increase and it can grab more market share. As the
corporation, Essence Drinks has emphasis to make innovation in product and for that purpose
it wants to come up with new drink that is lassi powder that can be used by consumers while
travelling. With the help of this sales of company will increase and more number of people
will satisfy with the product of firm.
Process: It is important for Essence Drinks to use effective process while producing
the product which is lassi powder and with the effective process efficiency will be maximize
and productivity will also increase. Along with this better quality of products can be produce
which can fulfil the desires of people who lives in United Kingdom. As a result sales of
company will increase and it can expand its market share.
Position: It denotes the position of company in the market and it is required for the
organisation to build better position in the market so that its sales and revenue can be
maximize. To improve the position, Essence Drinks wants to launch new lassi power so that
maximum number of consumers can attract towards the firm and leads to build good image
which help the organisation to make effective position in the market.
Paradigm: This specific element has reflect present dominant paradigm of Essence
Drinks in a better manner and help the company to achieve its objectives.
Innovation funnel is that which used to minimize steps that take place for the
development of product or procedure. It is emphasis to make better reputation and position of
product in order to gain competitive advantage. In context to the new product development it
is very useful and help Essence Drinks to achieve its objectives. It consist of different steps
which are as: opportunity assessment, insights based ideation, conceptualization, evaluation
& bench marking and launch and it is important for the organisation to consider these

elements so that it can achieve its predetermined objectives. With the help of this innovation
funnel Essence Drinks can launch flavoured powder lassi in United kingdom and it is
appropriate reason being with the help of it product is first tasted within the market & than
they are introduced in the market.
P4 Developments in frugal innovation
As frugal innovation is the procedure which is helpful to minimize complexity & cost
of goods in the production process. It is very helpful in context to the innovation & invention.
However, it is used by various corporation in order to develop additional element in the
present production services. For that purpose Essence Drinks is emphasis to make an
innovation and to launch new lassi powder in order to satisfy the needs of consumers and it
help the organisation to fulfil the expectations of consumers and it can take benefit of
competitive advantage (Wonglimpiyarat, 2013).
New market opportunities: To explore the market is very important for the
organisation because it help the organisation to find new opportunities which are available in
the market. For that purpose Essence Drinks can wants to launch new product which is lassi
powder and it help the organisation to maximize the sales. It is also beneficial to take the
advantage of competitiveness as a result market share of company will be increase.
Resources: To use the resources in effective manner is important for an organisation
and there are various types of resources which are used by company such as: man, money,
power, material and labour. To make the innovation successful, it is important for Essence
Drinks to utilize the resources in better manner so that product can be available to all
consumers and their needs will be satisfy.
Innovation funnel: It is associated with the development of new product in
competitive market. Therefore, Essence Drinks wants to launch new product which is lassi
powder and it is used by individuals while travelling. So, alternative in frugal development
has an immense effect over it (Padilla-Pérez and Gaudin, 2014).
Frugal innovation is consist of two elements that are as mention below:
Problem: For an organisation it is not easy to survive in dynamic business
environment and there are different problems which can be faced by the organisation in order
to survive in competitive environment.

Related to product: It is associated with the marketing like marker required to raised
out possible existing sources. However, it is important for Essence Drinks to analyse better
source of communication in order to fulfil the objectives of firm (Wonglimpiyarat, 2013).
Along with this there are some factors which are related to frugal innovation and these
are as mention below:
Generating idea of innovation: To generate the new idea it is important to analyse the
market conditions and try to fill the gap so that better idea can be generated which help
Essence Drinks to achieve its objectives as per the requirement.
Screening of new idea: In this context, it is important for corporation to make
effective planning and strategy for the screening of new idea so that better product can be
developed and needs of consumers can be satisfy.
Idea screening: In this regard, innovative idea of powder lassi has been screened.
Testing: To test the product is important so that it can be analysed that it is developed
as per the expectations or not.
Internal analysis: It can be analysed with the identification of administration of assets
& used in effective manner as per the requirement.
Review marketplace: It is helpful for Essence Drink to know the review in the market
place (Mohannak and Samtani, 2014).
Use of innovation funel in examing and shaping idea

As innovation funnel is emphasis to develop new business ideas and provide help in
shaping it. This methodolofy is focuses to fulfil the requirements of consumers by developing
new innovative products. There are various steps are involved in it such as:
Idea development & management: To develop the idea it is require for Essence
Drinks to make research in market so that better idea can get in order to examine and shaping
idea of business.
Development of project: In this stage striped up market is developed in that
innovation takes place where power lassi has been launched in the market. It is helpful for
Essence Drinks to capture more market share.
Go/ No Go: As the feedback from consumers is beneficial to take better decisions for
the futher improvement in context to the innoavtion of product and it is beneficial for the firm
to sustain in the market for long run.
Launch: After going through different stages Essence Drinks can launch its product
which is power lassi in UK.
TASK 3
P5 Importance of the commercial funnel and the application of New Product Development
In the new product development commercial funnel is very important and it is
beneficial in context to the processing for commercialisation of innovation. There are three
elements that are used for reforming present goods by implementing several beneficial
strategies and policies. For Essence Drinks funnel is important in context to
commercialisation of funnel and it is mention as below:
Pricing policy: It is important for an organisation to set effective pricing policy which
is helpful to attract the consumers. In this regard it is required for Essence Drinks to set better
prices for its innovative lassi product so that individuals will purchase the products and it
increase the sales of company. As a result profits will increase and business will also expand.
Beneficial for growing business: As commercial funnel is helpful in context to the
growth of business reason being it is helpful to determine consumer level in funnel & than
fulfil the desires of consumers. It is beneficial for the organisation to maximize its revenue.

Emergence of advanced technology: With the help of innovative technology Essence
Drinks can enhance the business and maximize the profits and by using funnel for launching
new product in market which is lassi powder that can be used by the travellers while
travelling.
Implement investigation programmes: By analysing the market conditions and
demand of consumers Essential Drinks can implement a better programme which help the
corporation to achieve its objectives. In this context funnel is very useful for bringing
innovative product within the market which provide help to attain success (Aarikka-Stenroos.
and Lehtimäki, 2013).
Along with this, NPD is longer procedure & there are following steps which are as
mention below:
Idea generation: It is the first step in which Essence Drinks develops a innovative idea
which is to launch powder lassi and in this regard it can do market research.
Idea evaluation: As idea generated by junior innovator consultant will be filtered so
that better decisions can be taken for the product development.
Concept definition: In this process, specific concept of bringing lassi powder will be
finalised.
Strategic analysis: The management of Essence Drinks will ensure that idea of
powder lassi fit as per the strategy & evaluate cost, demand and revenue..
Product development and testing: In this powder lassi will be developed & testing
also take palce.
Market testing: In this stage product has been introduced in the market so that
consumers can provide their feedback about the new product of Essence Drinks.
Commercialisation: Price of pewder lassi will be analysed along with the marketing
plan (Youtie and Horsley, 2012).
Product launch: The product has been launched in the market and make available for
the consumers.

P6 Build an Innovation Business Case for
To make a case for business is essential for the growth of company and in this
organisation assemble all the important things which are required for achieving the targets of
business entity. For a corporation it is necessary to determine all the factors which are
associated with it so that it help Essence Drinks in order to achieve its objectives. Eventually,
it can de develop in both manner that is written or verbal which contain useful information
that is useful for the firm.
Executive summary: As the company Essence Drinks is known for its mango lassi
product but from last few years the sales of company goes down and for that purpose it is
thinking to launch an innovative product which is powder lassi and it will be introduced in
United Kingdom. For that purpose it can use the various models such as: PESTEL, SWOT &
porter’s five force model in order to make better marketing strategies. It will help the
organisation to effectively implement the innovation for the new product.
Mission statement: As the Essence Drinks mission is to develop healthy lassi reason
being it believe in delivering healthy drinks in order to make consumers happy.
Resources: To utilise the resources in effective manner is important for an
organisation so that it can accomplish its objectives. The resources which are used by
Essence Drinks is man, material, power, money and staff. It help the company to perform its
business operations in order to get success (Hemphill, 2014).
Market analysis: To analyse the market conditions are important for the organisation
so that it can know the recent trend and on the basis of it Essence Drinks can develop its new
innovative lassi product.
Cost and benefit analysis: To analyse the cost is important for the firm so that it can
take better decisions which are benefited for Essence Drinks in order to maximize the sales.
Financial projection: In context to introduce powder lassi the financial projection will
be £24000 (Polzin and Klerkx, 2016).
Ways of funding: There are various ways for the organisation to raise funds in order
to make innovation in the product so that it can successfully launch its product in UK. There
are different ways through which Essence Drinks can arrange funds which are as describe
below: