Unit 8: Innovation and Commercialisation - Essence Drinks Case

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on Essence Drinks, a UK-based company specializing in healthy mango lassi. The report begins by differentiating between invention and innovation and explores the importance and value of innovation to companies, including how it can be embedded in leadership and culture. It then delves into various types of innovation, the direction of change, and the application of the 4 Ps of innovation (product, process, position, and paradigm). The report also examines approaches to processing innovative ideas, such as funnel and frugal innovation, and recommends steps for new product development. The report concludes with a summary of the key findings and recommendations, providing a valuable case study for students studying business development and innovation management.