Higher Nationals Business: Innovation and Commercialization Report
VerifiedAdded on 2023/01/23
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Report
AI Summary
This report analyzes the innovation and commercialization process, using Essence Drinks, a UK-based beverage company, as a case study. It covers the conversion of ideas into products and services, emphasizing the importance of creating value for customers. The report details the commercial funnel, new product development stages (idea generation, screening, concept development, business analysis, product development, test marketing, and commercialization), and the development of an innovation business case. It also explores marketing strategies, funding sources, and the protection of intellectual property through patents, trademarks, and copyrights. The report concludes that innovation and commercialization are crucial for business success, leading to increased sales and profits. References to relevant academic sources are included.
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