Innovation and Commercialization Report: Essence Drink's New Flavors

This report provides a detailed analysis of Essence Drink, a UK-based company experiencing a decline in sales. The report focuses on the company's strategy to innovate and commercialize its existing product, Mango Lassi, by introducing new flavors such as chocolate, strawberry, and rose. It examines the use of a commercial funnel to address the problem, outlining marketing opportunities, industry competition, and financial projections. The report also explores various sources of funding, capital requirements, techniques for testing product effectiveness, and tools to protect intellectual property rights. Furthermore, it reflects on the team's skills allocation and concludes with the importance of innovation for sustained business success, competitive advantage, and increased sales. The report also includes references to relevant academic sources.

Innovation and Commercialization

 Introduction
 Overview of the problem
 Use of commercial funnel to provide solution to the problem
 Explanation of innovative new drinks product
 Marketing opportunities of the innovative new drinks product
 Overview of industry and competition
 Financial projection
Table of content

 Sources of funding
 Capital funds that are required to be raised
 Techniques for testing the effectiveness
 Different tools used to protect intellectual property rights
 Reflection
 Conclusion
Table of content

Innovation indicates to the process of converting and translating the new thoughts and ideas in to goods
and services which have some value and customer are also ready to pay for that. In context of an business
organization, innovation refers to those ideas and thoughts which are used by the management of the
company to make something new and innovative which help in fulfilling and providing satisfaction to the
needs and demands of the customers.
Introduction

Essence drink is UK based small sized company which operated its business with the help of its product
Mango Lassi in UK market. This firm is set by Mr. Bond before 3 years ago and it belongs from food and
drink sector. When the firm was set up, it has been fast growth in three years as well as achieve high
success in term of sales. But now during the time of fourth year, this organization face high level of
decrements in its sales. Due to numerous competitors in the market who create competition and issues for
the firm.
Overview of the problem

In an organization, commercial funnel indicates to a framework which include three steps which are
involved in reforming existing commodities and services by using various beneficial plans as well as
argumentation. This funnel is important for Essence drink to launch flavored Lassi in the market.
Exploitation of these are as following:
Pricing policy
Improving mode of flourishing business
Beginning of advance technology
Utilize research program
Use of commercial funnel to provide solution to the
problem

In context of decreasing sales of the products of Essence drink, the administration of the firm distinct to
make innovation in the present products of the company in term making enchanting in the sales of it. The
administration of this company decided to launch its existing product Mango Lassi in different flavors
like chocolate, strawberry, rose etc. It will be beneficial for the company because it will help the firm in
making increment in its sales by getting attention of numerous consumers.
Explanation of innovative new drinks product

There are several marketing opportunities for Essence drink to launch its flavored lassi products in the
market. The major opportunity is that this organization can make collaboration with a well reputed firm
which can be beneficial to make maximization with in the sales of it. It will be also beneficial to gain
competitive benefits from market place. Apart from it another opportunity can be offer its product on
different pricing strategies like discount band offers etc. By setting prices of its new flavored products
which can be easily payable for all income group. It will help in attracting number of customer which will
make increment in the sales and customer base of this firm.
Marketing opportunities of the innovative new drinks
product

The Essence drink consider as an organization which produce healthy mango lassi drink in UK market. In
UK food and drink is not just delicious, it offers international buyers and investors genuine products they
can trust. Product trace-ability can opened market access for UK all over the over the world at each and
every stage of the supply chain.
Overview of industry and competition

Essence drink decided to make innovation in its existing product by launching its current product mango
lassi in different flavors To do this kin do innovation, the management of the firm needed £40,000 so that
they can do market analysis regarding customer demands and purchase raw material, equipment and
required resources which are helpful for manufacturing rose, chocolate, strawberry and others flavors of
lassi. The firm required this fund to make promotion of its new innovation so that they can create
awareness about them.
Financial projection

There are various kind of source of funding from where the management of Essence drink can borrow
money to make innovation in the new flavored products of the firm. Different source of funding are as
follows:
 Funding form personal savings-
 Loans from banking and financial institutions
 Friends and family
Sources of funding

To run the business of the company, Essence drink need to different kind of funds. The administration of
the company can borrow fund for different kind of activities like marketing, production, technology and
others. These are beneficial for the firm because it will be beneficial for the company to make a place in
competitive atmosphere.
Capital funds that are required to be raised