A Report on Innovation and Commercialization for Essence Drink

This report provides a comprehensive analysis of Essence Drink's innovation and commercialization strategies, focusing on the introduction of their new chocolate-flavored lassi. It begins by defining innovation and its importance to organizations, exploring how vision, mission, teamwork, culture, and leadership shape the innovation process. The report then delves into the 4Ps of innovation (Product, Process, Position, Paradigm) in the context of the new product, followed by an examination of frugal innovation and its application. The analysis further extends to new product development (NPD), the innovation funnel, and the importance of commercialization. Additionally, the report covers tools for retaining intellectual property. The report examines these elements to provide a holistic overview of how Essence Drink approaches innovation and brings its products to market, with a focus on its chocolate lassi.

Innovation
And
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and how it is important to organization with invention....................1
P2) Explain how vision, mission, teamwork, culture and leadership can shape innovation and
commercialization..................................................................................................................2
TASK2.............................................................................................................................................3
P3) Study 4Ps of innovation in context of new innovated product of Essence Drink............3
P4) Examining development in Frugal innovation with examples........................................5
TASK 3............................................................................................................................................6
P 5) Application of new product development of innovation and Importance of commercial
funnel......................................................................................................................................6
P6) Developing innovative case for an organisation.............................................................7
TASK 4............................................................................................................................................8
P7) Various tools used by the business which can be used to retain intellectual property... .8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation means new idea, new thoughts and creative imaginations in the form of a
method. In other words it can be said that set of applications designed for better solutions to the
problems so, that customers needs can be meet on time. Essence Drink is opened by Akshay
Kumar in the UK market two year ago (Ahn and Mortara, 2017). And again coming up in the
market with a new product of Lassi with chocolate flavour by the name of chocolate Lassi. This
report includes meaning and importance of innovation and how they are benefiting the firm in
growth and success. It also, focus on culture, teamwork and how they can help to shape
innovation in the market. Additionally, 4ps and frugal innovation are used in the company for
success in the global market. Whereas, It throw light on NPD, innovation business case how they
process for commercialization of innovation. Some of the tools are used to retain intellectual
property in the market.
TASK 1
P1) Explain innovation and how it is important to organization with invention
Innovation is a process of transforming new ideas into valuable product or services so,
that customers are ready to pay value of it in the global market. Innovation mainly involves
imagination, deliberate applications of an information and initiative in deriving a greater
resources. Innovation is basically done in product category not in terms of taste or demands.
Essence drink is a leading business in UK market and is coming up with the new innovative
chocolate flavoured lassi. Here, are the importance explained below :
Increase brand image and value: With Continuous innovation in the lassi drink Akshay
Kumar is able to capture the huge market ratio within the year. As firm is coming up with the
new and creative thought it indirectly raises the value of brand in the eyes of the customer due to
which volume of sales are raised (Ajagbeand et.al ., 2015).
Development of sales or profits: Innovation in lassi drink with chocolate flavour helped
the Essence drink to raise the margin of the firm. Changes in the taste of lassi pulled the
customers to taste the lassi which indirectly raised the customer base in the cut throat
competitive world. Innovation is the ladder through which customers can be bind with the
product for longer time duration. The change in the lassi with chocolate flavour attracted
customers from all the age group in the hot summer which rise profit maximization of the
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business.
Boosting the business structure at a large scale: Innovation helps the Essence firm to
capture huge market ratio as well as gained position to build suitable outcome in the global
market. Chocolate flavour in lassi is helping the company to boost up their business structure at
another level in the market by introducing different flavour in the lassi (Dodourova and Bevis,
2014).
The difference between Innovation and Invention are as follows:
Basis Invention Innovation
Meaning Invention means occurrence of
an unique idea which has
never ever been made or
thought before by anybody in
the market.
Innovation means
transforming of new idea into
process for the very first time.
Skills required In invention scientific skills
are required.
In innovation technical and set
of marketing and strategic
skills are required.
Activities Invention involves research
and development activities.
Innovation involves
combination of product and
services activities.
Skill It requires marketing, technical
and strategic skills.
It requires scientific skills.
Concern Combination of multiple
number of products.
Single product or service.
P2) Explain how vision, mission, teamwork, culture and leadership can shape innovation and
commercialization.
Mission: The mission of the Essence drink is “ to serve fresh quality lassi and way to
drink flavoured lassi”. It also, focus more on the standard quality of the lassi with distinguished
flavours in lassi which will attract customers widely across the nation (Azarmi, 201).
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Vision: The vision statement of the Essence Drink is to grow rapidly to drive profitability
and become a better lassi drink organization across the boundaries. Firm frame vision in order to
meet the set goals on the set time duration.
Team group: To make chocolate lassi successful drink in the UK market effective and
efficient support of the team is required in the market. Effective team group helps the
organization Essence drink to come up with new innovative idea in the competitive world. They
indirectly motivates the business associates to develop new product in the market by their
efficient work performance. Effective team in organization helps the firm to gain competitive
advantages as well as motives employees to come up with innovative product so as to meet the
emerging needs of the customers.
Culture: Essence Drink to make it globally successful brand it uses collaborative culture.
In this they keep eye on each and every individual efforts who are majorly assigned in that job
role so that proper recognition of the employees efforts can be done. Launching the innovative
chocolate lassi helped the firm to grape huge market ration in the cut throat market and is able to
expand business in diversified area. Culture diversity in an organization encourage them timely
so that they can come up with innovative idea in the market. It indirectly creates goodwill in the
market which sales volume in the market.
Leadership: Efficient leaders in an organization motivates it's staff to work day and night
to meet the customers demands on time (Fuertes and Cuéllar, 2014). Chocolate lassi is
completely new drink in the UK market so leader plans out certain strategies to pull customers
towards their drink at least for a trail. Indirectly it raises sales volume as well as product
recognition among the customers can be done through mouth publicity. Effective leader frame
effective strategies so that innovative product or drink can be easily available in the market for
customers. It plays a vital role in bringing product or services to the commercial platform so that
consumers can easily purchase it.
TASK2
P3) Study 4Ps of innovation in context of new innovated product of Essence Drink.
Innovation has become an emerging concept in the competitive world which deals in
making my product or services more innovative and productive. In context to Essence Drink
innovation is very essential to led current and creative product in a effective manner. Essence
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drink is looking for new creative drink which is chocolate flavoured lassi. Here, are the 4Ps
explained in context to essence drink chocolate lassi.
Product: Before launching the chocolate lassi in the global market proper market
research should be done to understand the market scenario. Marketer should analysis the
product needs and demands in the global market so that profitability can be maximized.
Process: As Essence drink is functioning at a small process by innovating chocolate lassi
in the global market it can expand it operating functions at a large scale (Katzy and et.al ., 2013).
Chocolate lassi is introduced in the market to meet the set goals on time as well to raise sales
volume in the market. Additionally, introduction of this new flavoured drink needs lot of process
that will assist in maintaing quality of the drink so that optimum outcomes can be achieved.
Position: With the introduction of chocolate lassi in the market Essence Drink is able to
frame different position in the cut throat market. With the help of this an business can know the
position of it's new drink chocolate lassi by analysing the potential customers. Good position of
product in the market helps to increase more sales volume and more profit margins can be done.
Paradigm: To known the capabilities of the chocolate lassi in the market, sample of the
lassi has been made for the customers so that reaction can be seen for lassi at initial stage. This
will help the business associates to actually understand the paradigm in the competitive world
(4ps of innovation, 2018).
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Innovation Funnel: Innovation funnel is a process which help in determining steps
which taken place during the innovation of the product in the market place. It main aim is to
provide an actual position of the product in competitive world. Whereas, to develop a new
product for then customers business associates needs to adopt new process of innovation which
are explained as follows:
Opportunity assessment: It is the very first step in which Essence drink need to examine
the customer's needs and preferences and market data so that in the market available
opportunities can be scanned out.(Khan and et.al ., 2014). According to the identifies or scanned
opportunities in the market business associate design the product accordingly.
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Insight based idea: In this case business associates search out the opportunities in
effective and efficient manner so that strategies for new innovated product or services can be
framed out. Whereas, a respective organization need to do market search properly by focusing on
the emerging requirements.
Conceptualization:Essence drink needs to frame realistic concepts from all the ideas so
that best idea can be generated from the available alternatives. Eventually, a respective business
associate can acquire distinguished offering at a large scale of chocolate lassi for the customers
of the UK.
Evaluation and Benchmarking: Through innovation in the lassi drinks Essence Drink
can set benchmark for other business in the world. It directly leads to maximize profits which the
firm in growth and expansion. This process evolved testing of the chocolate lassi to check out
weather lassi is up to set standards or not. 4ps of innovation. 2018.
Go/No Go: In this stage feedbacks are collected from the customers to known the
reaction of the public regarding the chocolate lassi (Innovation funnel, 2018). Feedbacks helps
the business associates to work on the loop holes in the initial stage so that new product can be
the preference of the general public. It also consists of points such as, margin, price, date etc.
Launch: It the last stage where the organization is ready to launch their creative product
that is chocolate is in the market for the general public (Kutvonen and Salmi, 2014.).
Thus it can be said that innovation funnel will help the Essence drink greatly to launch their new
chocolate lassi in the international market. It is the most widely use4d process as this process is
testing the product at the initial stage before launching at a wider platform for the potential
customers.
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P4) Examining development in Frugal innovation with examples.
Frugal innovation is done to reduce complexities cost of goods and it's production so that
smooth functioning of bushiness can be done in the global market. Essence drink is coming up
with new chocolate flavoured lassi for the customers. Frugal innovations comprises of various
segments which are explained as follows:
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Problem identification: While inventing new and creative product in the market
business faces many problems regarding the product. So it's very important top scan the market
scenario before planning to design the product in real terms. It's needs preferences etc. need to
studied briefly to capture market ratio as well as to survive in the competitive world.
Problem related to product: Organization should have complete two way flow of
communication with the customers so that problems can be known by the firm. Organization
should grab the loop holes of other and turn them as their business opportunities in the near
future. Chocolate lassi is made for the customers so the firm should have transparency with
product related issues like, quality, taste, price, affordability etc. so that businesses associates can
overcome it.
Frugal innovation includes various stages which are here briefly described:
Finding opportunity in adversity: Under this first stage, existing issues between
management and employees are identified and accordingly make corrective actions in order to
convert issues into an opportunity in order to create healthy working atmosphere. For example,
conflicts among employees of Essence Drink regarding assigning duties can be resolved through
exchanging roles ad work according to their interest and knowledge.
Do more with less: In this stage, resources available with an organisation are determined
through analysing the reports and accordingly make effectors in utilising such resources in an
optimum manner to achieve desired objectives. For example, providing training programs to the
human resources so as to make them more capable to utilise resources in profitable manner.
Think and act flexibly: In this stage, management of Essence Drink encourage workers
as well as create flexible ideas which will be useful during implementation of new and
innovative ideas into market.
Keep it simple: In this, the management of Essence Drink concentrates on resolving
issues among employees through listening them and give an optimum solutions accordingly
which increases efficiency in their performance.
Include the margin: Essence Drink has main objective behind introduction of new product
into their existing offerings to generate huge profitability and increase existing customer base. It
can be done through providing quality and maintaining prices which can be easily affordable by
large number of customers.
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TASK 3
P 5) Application of new product development of innovation and Importance of commercial
funnel.
Commercial funnel is a path in three various phase which helps in utilizing the current
goods into many beneficial strategies. It refers to buying and selling process that a company
acquires by purchasing power of their product (Mazzarol, 2013.). For the success of the Essence
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