Analysis of Innovation and Commercialization Report for Essence Drinks

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on the business case of Essence Drinks. It covers key aspects such as the importance of a commercial funnel, new product development, and funding methods. The report delves into the significance of intellectual property protection and offers insights into market and cost analysis. The report examines various aspects of innovation including business analysis, market analysis, cost analysis, and financial projections. Furthermore, the report highlights the importance of innovation in enhancing productivity and profitability and provides references for further reading. This report is designed to help students understand the importance of innovation and commercialization for business success.

Innovation and
Commercialisation

Table of Content
• Introduction
• Importance of commercial funnel
• Innovation business case
• Intellectual property
• Conclusion
• References

Introduction
Innovation is process through an organization effectively
aims at introducing better or new product into the potential
market. In business world innovation plays a very critical
role that helps an organization in commercializing the
operation with proper efficiency. Innovation basically
involves something original and effective which is never
used earlier.

Importance of commercial funnel
Commercial funnel is a path under which utilizing for
reforming products and services is done effectively. There are
several benefits which are gained through implementation of
this strategy. Therefore, Essence drink will be highly
benefited with this strategy.

Cont...
Following are some points which are considered under
commercial funnel.
Pricing Policy
Growth of Business
Advanced technology

Cont...
New Product Development:
Idea Generation
Idea Screening
Development Concept
Marketing Strategy

Cont...
 Business Analysis
 Product Development
 Test marketing
 Commercialization

Innovation business case
Executive Summary: The case of based on Essence Drinks
which started its business operation three years ago. However,
at the initial stage the company have seen raid growth while
launching a healthy mango lassi into UK market. But
currently the company is facing issue and is unable to attain
the accomplished business objective.

Cont...
Mission Statement: Mission statement of Essence Drinks is
make premier consumer products company and focus on
providing consumers with maximum amount of satisfaction.
Current mission of Essence Drinks is to provide healthy as
well as delicious Preservative Flavoured Lassi to the potential
customers of United Kingdom.

Cont...
Resources
Market Analysis
Cost Analysis
Financial Projection

Cont...
Funding Method: Funding is an act of attaining financial
resources in form of money so that desired business objective
is achieved within the limited period of time. Funding is the
foundation of every business that helps an organisation in
creating a competitive business advantage. Some of the
common funding method which can can be used by Essence
drinks in order to effectively make innovation successful are
mentioned below:
Bank Loans
Angel Investors

Intellectual property
For an organization it is very important to protect the
innovation for company's potential competitors so that they
cannot copy the same concept. However, there are several
laws which an organization shall implement in order to
effectively protect company. This protect can be done by
company's through adoption of several laws which are
introduced by government of UK to protect the rights.