Comprehensive Report: Innovation and Commercialization Strategies

This report provides a comprehensive overview of innovation and commercialization strategies. It explores the importance of the commercial funnel, the new product development process, and the creation of an innovation business case. The report delves into intellectual property techniques, including copyright, patents, and trademarks, and their role in protecting business interests. It also examines ways of accessing funding for innovative ventures, with a focus on Essence Drinks as a case study, highlighting their marketing and product development strategies to address customer needs for weight loss and healthy living. The report concludes with a summary of key findings and recommendations for successful innovation and commercialization in the business landscape, supported by a range of academic references.

Innovation and
Commercialization

Table of Content
• Introduction
• Importance of the commercial funnel
• New product development process
• Innovation Business Case
• Intellectual Property Techniques
• Conclusion
• References

Introduction
Innovation is one of the best approach for the
organization to meet the changing expectations of the
customer which are changing rapidly. Innovation is
defined as bringing ideas into reality and the outcomes
are introduction of new goods and services, or bringing
necessary improvements into the existing offerings
with unique features and added value.

Importance of the commercial funnel
Commercial funnels are accountable for visually reflecting the customer’s journey
portrays their sales process starting from awareness as the first act. They act as a
sales funnel it thus depicts various ideas related to the beginning of a sale, customers
are relevant and how small they are at the time of purchase. The importance of being
with a business funnel involves customer awareness and fully identifying their
problems, in commercial funnel, Essence drink uses email campaign and social
media marketing in order to get insight about the customer problem. Furthermore,
efforts are being made to enhance the interests of customers to ensure that sales
increase while customer prospects decrease.

Continue…
The designed commercial funnel in case of Essence Drinks
are as follows-
Awareness Stage-
Under the awareness stage, Essence Drinks are using
broadcasting, email marketing and social media content
marketing in order to loudly shout about the new
innovative product of the business i.e. Essence Detox
Drink which can solve the existing obesity problem and
assist people in their weight loss journey and to keep
health shiny skin.

New product development process
The new product development process refers to the process of
identifying the key steps to launch a new product or service in the
market. The main aim of adopting NPD for the Essence drink for the
commercialization of the innovation which can creates greater impact
on a large segments of customer who are looking for the easy weight
loss process and methods. This process is designed to increase the
company’s sales when the market is exposed.
Idea Generation
This it is first stage in which Essence Drinks search for the customer
and creates customer mapping and preference chart.

Continue…
Idea Screening
This is the filtering stage in which the internal and external idea generated in the
above stage are being analyzed and the best idea is screened.
Concept Development and Testing
This stage is all about conversion of the ideas in to the real meaning in customer
terms and adhering the product positioning along with the estimation of the cost and
the process by which it reach and obtained by the paternal customers.

Innovation Business Case
• Mission- To provide tasty drinks to customers which are healthier by adding
natural ingredients to make customers happy.
• Vision- Essence Drinks vision is to gain maximum reputation and to become best
beverages company in the industry which is known by both products as well as by
services.
• Objectives- Their main objective is to fulfil customer’s needs and wants by
providing them healthy drinks with best service by providing them their ordered
drink on time. Their objective also includes launching new drinks with new flavors
which will attract more customers.

Continue…
Ways of access funding- Finance is the backbone of any company because it provide
base for doing business activities properly. There are many ways for funding a
business and few ways of funding Essence drinks are given below-
• Bank loans- It is one of common way of funding used by many companies.
Companies take loans from banks on low interest rate and start their set- ups.
• Angel Investment- Angel Investors are individuals, institutes or any other
company who has interest in a particular business.

Intellectual Property Techniques
Intellectual property law is created to protect the company from its substitutes to
copy their products or services or even the way of their business conduction. Today
most of the companies secretly use the same idea of business which is stolen by them
from another company. There are 3 types of intellectual property laws for protecting
the company to have their copying substitutes in market and they are explained
below-
Copyright- When a business doesn’t want other to copy their business without their
permission then they copyright their business. Legal documents are requiring having
copyright of business.

Continue…
Patent- It is done by inventor for their new inventions and discoveries for their
business so that no other company or any individual will copy their new ideas. In
context of Essence Drinks, they use new idea to use natural ingredients and to use
sugar free products to add sweetness in their tasty drinks.
Trademark- It is done to distinguish the product from one company to another
company. Trademark is basically done to protect the logo, tagline, words, symbols
and etc. of company which they uses in their promotion.

Conclusion
From the above information it is concluded that innovation in business is much
important. Having new ideas and techniques help the company to differentiate them
from other companies in market and these types of companies also gain the
attraction of many customers. Using new technology for production is considered
as good idea for innovation in business. Another best idea for innovation is to
introduce new product after research that what will be the impact of that product in
market. It is important to adopt right source of funding for the innovation in
business.