Business Innovation and Commercialization: Essence Drink Report

This report provides a comprehensive analysis of innovation and commercialization strategies, using Essence Drink as a case study. It examines the importance of the commercial funnel, identifies a problem of slowing sales due to a single product, and proposes the development of a new product, Kiwi Kofe, to address this issue. The report details techniques for testing the effectiveness of the new product, including GMP audits and market suitability assessments. It also outlines the resources required for business innovation and discusses tools for protecting intellectual property rights. Furthermore, it explores the nature of innovation, the challenges overcome, and concludes with the significance of product differentiation and patent protection. The report references relevant academic sources to support its findings and recommendations.

Innovation and
commercialisation

Table of Content
 Introduction
 Importance of the commercial funnel
 Summary of new product idea
 Techniques for testing an effectiveness of new product
 Resources required for business innovation case
 Different tools for protecting the intellectual property rights
 Nature of an innovation and also evidence for challenges overcome
 Conclusion
 References

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. This report will be carried on Essence drink,
which is the leading drink beverage company, which deals in sector of
drinks such as Healthy mango Lassi.

Cont...
Problem identified: In the initial period, Essence drink has resulted
into dramatic sales of their healthy mango Lassi, but after entering into
the third year, Essence business has shown slow down, because of
single product into the market.

Importance of the commercial
funnel
Commercial funnel is the functional funnel that takes matter the
innovation to achieve the desired outcomes of the business. Basically,
it is designed to reflect the journey that buyers go on. In this case,
where Essence drinks are suffering with an slow-down of the business,
might be because of similar taste or flavour of Lassi.

Summary of new product idea
Essence drinks, company which was launched its new product as
healthy mango Lassi have gained dramatic sales in its first year,
because of their innovative formula and distribution capability. But,
when entering into the third year, Essence drinks has slow down of the
sales, may be of covering the full market or lack of consumer's interest.
This is a critical issue, as this can be solve through new product
development. To overcome this slow down, Essence drinks has found
an idea of new product, which is the Kiwi Kofe

Techniques for testing an
effectiveness of new product
For testing the effectiveness of this Kiwi Kofe drink, Essence drinks
will use Hygiene and GMP audits as one of the major technique to test
and measure the effectiveness of this Kiwi Kofe product. GMP stands
for Good manufacturing practices. This audit will help to know the
exact content of fat, high calorie, any acid reaction etc. from Kiwi
Kofe.

Cont....
Through sample stage, auditor would able to find any negative effect
on the human health, its suitability after the packaging for longer period
of time and also its taste management at different temperature level.
Also, testing will be done for checking the market suitability as well as
business growth of Essence drink.

Resources required for business
innovation case
For doing the complete innovation of business case for new product
launch, It is necessary to do brief marketing research for getting the
appropriate knowledge over taste, consumer preference and durability
of Kiwi fruits. As, this is one of the popular fruit, hence, it is required
for Essence drinks to generate the funding for doing accurate analysis
of market potential to survive with this products for the longer period
of time.

Different tools for protecting the
intellectual property rights
As, it was previously discussed that Essence drink will comes up with
their new drink named as Kiwi Kofe, which will be made up of Kiwi
Syrup and hard milk and sugar. This is an innovation with new concept
and idea to utilize kiwi fruits at the larger context. This would be threat
for Essence drink that, many unknown business re trying to copy the
existing business or its products.

Nature of an innovation and also
evidence for challenges overcome
The nature of this innovation is complex, as it deals with product
development to counter slow down of the business. It provides the
situation, where firm can add more product to their portfolio and
nature of innovation is food beverages. It needs evaluation of quality
such as involvement of fat, calorie and any acidic reaction. It also
requires strategic action planning to design an effective product with
good quality and amount.

Conclusion
From the above assessment, it is concluded that innovation has become
important for every business to design and innovate new product to
overcome slow down of their business. In response, product
differentiation is necessary and required to make identity of product
more viable and flexible. Patent has been used as helpful to protect
product from being copied by other business companies.