Innovation and Commercialisation in Essence Drinks: A Detailed Report

This report provides a comprehensive analysis of innovation and commercialisation strategies within Essence Drinks, a UK-based company offering mango lassi. It explores the concept of innovation versus invention, the role of organisational vision, culture, teamwork, and leadership in shaping innovation, and various sources of innovation. The report also examines the 4Ps of innovation, the innovation funnel, and frugal innovation, along with a discussion of financial reports and data application. Furthermore, it delves into the importance of the commercial funnel, new product development processes, and the construction of an innovation business case. Finally, the report evaluates tools for developing, retaining, and protecting knowledge and intellectual property, concluding with a critical evaluation of the nature of innovation and its development context. Desklib offers a range of similar reports and study resources for students.

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explain the concept of innovation and further determine the importance in comparison
with the concept of invention. ....................................................................................................4
P2 Explain the ways in which the organizational vision, culture, teamwork and leadership
help in shaping innovation and commercialisation. ...................................................................6
M1 Analyse the various sources of innovation and the ways in which an organization can
develop culture and environment of the organization. ...............................................................7
D1 Critically analyse the ways to develop, embed and measure innovation in context of an
organization. ...............................................................................................................................8
TASK 2............................................................................................................................................8
P3 Explain the concept of 4Ps of innovation along with the use of innovation funnel for
examining the innovative ideas. .................................................................................................8
P4 Explain the developments of Frugal innovation along with the examples in the
organizational context...............................................................................................................10
M2 Provide an analysis and application of innovation funnel in the organisational context.. .11
M3 Explain the role of frugal innovation in context of the organization..................................11
D2 Provide appropriate financial reports that apply and interpret data suitably for various
business activities......................................................................................................................11
TASK 3..........................................................................................................................................12
P5 Explain the importance of Commercial Funnel and application New Product Development
Process for innovation and commercialisation. .......................................................................12
P6/ M4 Construct an innovation business case that state ways of accessing funds. ................13
TASK 4..........................................................................................................................................14
P7/ M5 Evaluate various tools that can be used by the organization to develop, retain and
protect knowledge and intellectual property.............................................................................14
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D2 Critically evaluate the nature of innovation along with the context that facilitates
development with evidence-based judgements.........................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17
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INTRODUCTION
Innovation is referred to a process of improving or replacing a product, service or process
in an organisation. Innovation is basically defined as a process of adding value to a product or
service. Innovation helps the organization to increase its competitiveness in the market and help
in achieving differentiation in long term. The concept of innovation is based upon high creativity
levels of individuals as well as organisations. In order to innovate successfully it is necessary for
the individual to be enthusiastic and have an optimistic mindset. Commercialisation is referred to
the process of introducing products and services in to the market. The process of
commercialisation is basically a blend of various activities such as production, distribution, sales,
marketing, customer support and various other functions in order to achieve success in the
industry (Ardiansari and et.al., 2020). Commercialisation is a process that starts after a business
has been established and is at the growth stage. Commercialisation is useful in expanding the
market of the organization in order to have access to a wider area.
The study revolves around the concept of innovation and commercialisation in context of
Essence Drinks. Essence Drinks is a UK based organization that offers mango lassi in the market
of United Kingdom. The organization was founded by Akshay Kumar.
TASK 1
P1 Explain the concept of innovation and further determine the importance in comparison with
the concept of invention.
Innovation can be referred to a process of transforming an idea into reality. Innovation is
basically a change that adds value to the various products and services that are offered by the
organisation to fulfil the customer needs. Innovation is basically a concept that states that
introduction of new and effective product, service or process in the market will help in fulfilment
of customer needs effectively and efficiently. Innovation is a concept that involves improvement
and redesigning of the already existing products and services in the market that are offered by the
organisation (Brenner and Adamovic, 2018).
Invention is referred to a process that involves creation, designing as well as discovering
various mechanisms, devices and processes that have not been into existence earlier. The concept
of innovation has a direct relation with the research and experimentation that gives birth to a
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tangible product. Invention can basically be referred to the process of improving a product as
well as development of a new product. The inventions can be safeguarded by patents in order to
safeguard the invention from getting copied. Every country has a different law and provision in
terms of inventions. The invention can be patented only in case, the invention is novel and have
some values (Cheah and Yuen-Ping, 2021).
Difference between Innovation and Inventions
Basis Invention Innovation
Meaning Invention is referred to the process
wherein the concept of idea or the
product has never been generated
earlier.
Innovation is referred to the process
that comprises of implementing the an
idea regarding the product or process
for the first time in the organization.
Process Invention is basically referred to the
process of creating new product.
Innovation is referred to the process
wherein value is added to an already
existing product.
Concept The concept of invention is referred as
an original idea that has working in
theoretical terms.
The concept of innovation deals with
implementation of a new thought.
Occurrence Invention takes place when a new idea
strikes in the mind of scientist.
Innovation occurs when the
organization feels a need of developing
or improving a new product.
Skills The skills that are mandatory for
invention are scientific skills.
The mandatory skills for innovation are
strategic, marketing and technical
skills.
Activities
involves
The activities of invention is limited to
the extent of Research and
Development department of the
organisation.
The activities involved in innovation is
basically spread across the whole
organization.
Concern The concept of invention is concerned
with a specific product, process or
The concept of innovation is concerned
with a blend of various products,
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service. services and processes.
Importance of innovation and invention in an organisation
Innovation and invention facilitates the organization to improve a product, service or a
process in an organization. The process of innovation and invention have a huge contribution
towards the economic growth of a region that can be measured in form of GDP. The generation
and introduction of new thoughts and concepts helps in enhancement of productivity having an
impact by providing better output with the same level of input. Innovation and invention are
helpful in generating and promoting job opportunities for the individuals as well. Innovation and
invention will allow Essence Drinks to develop better products that provide better satisfaction to
the customers. This further leads to enhancement in the standard of living of the individuals or
the people of a region. While the population has a lavish lifestyle, there are lesser opportunities
for hunger, poverty and sickness in the surroundings. The innovation and invention at the
workplace helps the organization in having a better communication and further facilitate a
smooth work flow too (Fini and et.al., 2018).
P2 Explain the ways in which the organizational vision, culture, teamwork and leadership help in
shaping innovation and commercialisation.
The concept of innovation is based upon high creativity levels of individuals as well as
organisations. Commercialisation is referred to the process of introducing products and services
in to the market. The process of commercialisation is basically a blend of various activities such
as production, distribution, sales, marketing, customer support and various other functions in
order to achieve success in the industry. There are various ways through which the organization
can shape its innovation and commercialisation. The ways in which Essence Drinks can shape
the innovation and commercialisation at the workplace are discussed below-
 Vision- The vision of Essence Drinks is to widen their market segment across various
nations in the world. The vision of Essence Drinks is to offer superior quality products in
the market i.e. mango lassi in the market to its customers. In order to accomplish the
vision, it is important for the organization to look upon its operational process while
considering the various competitors as well. It is very important for the organization to
have a vision that facilitates identification and accomplishment of future goals. Vision
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plays a crucial role in bringing the required changes in the organization and similarly has
an impact over the commercialisation (Hameed, Von Staden and Kwon, 2018).
 Leadership- Leadership plays a crucial role in encouragement and motivation of the
individuals at the workplace in order to accomplish their aims and objectives. The
leadership concept further facilitates avoidance and resolution of the conflicts at the
workplace. Essence Drinks has launched its unique product, Mango Lassi that has
developed a new and unique identity of the organization that has been possible from the
consistent efforts of leaders as well as employees. The leaders play a crucial role in
innovation as well as commercialisation that helps the organization to bring a new
product that meets with the dynamics in the market.
 Culture- Culture has a crucial role to play in the organization during the operational
processes. The culture defines the ways in which the managers and the workers of the
organization think and work in an organization. The culture of Essence Drinks can be
considered as quite optimistic, efficient as well as reliable that help the individuals of the
organization to work in the most compatible and effective manner. The culture of essence
Drinks has a major contribution towards the future planning and further facilitating
towards the effective innovation and commercialisation at the workplace (Haron and
et.al., 2018).
 Teamwork- Teamwork is basically a concept that states that a group of individuals
make ample efforts together in order to accomplish the mutual goals. Team work can be
facilitates at Essence Drinks under the leadership of a good and competent leader who
can encourage the workers to actively take part in the decision-making process at the
organization and further motivate them to work with unity. Innovation and
commercialisation basically consists of various policies in the organization for which the
collaboration of individuals is quite important. Hence, collaboration will help the
organization like Essence Drinks to shape its innovation and commercialisation process.
M1 Analyse the various sources of innovation and the ways in which an organization can
develop culture and environment of the organization.
Innovation can be introduced in an organization through various sources. The ways
through which the management can adopt innovation in the organisation are discussed below-
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 Unexpected sources- The executives consider and monitor the market at a consistent
period. The continuous monitoring helps the organization to look for various
opportunities that will facilitate development and up gradation that will further lead to
involvement of groups in innovation and changes at the organization (Henttonen and
Lehtimäki, 2017).
 Incongruity- The market of the organization is more likely to be fluctuating. Hence there
is always an opportunity for the management to bring in innovation in the organisation.
 Demographics- There are various fluctuations taking place in terms of population
necessity, bias and income that might act as a source of innovation in the organization.
 Process Needs- The organisations such as Essence Drinks can consider the various
processes in order to adapt to the task oriented processes in order to solve various
problems and complications effectively and efficiently.
D1 Critically analyse the ways to develop, embed and measure innovation in context of an
organization.
Innovation helps an organisation to come up with new ideas that helps the business to
enhance its feasibility, viability as well as desirability. Innovation facilitates the business in
enhancing its existing products and services in the market along with enhancement of process at
the organization. The innovation at the organization facilitates the business to solve problems
that are being faced by the organisation and further helps in reaching the new customers.
Innovation is a quite significant process that adds and creates value for the organisation. The
value creation further helps in creating opportunities for the organisation in terms of revenue
generation with the help of existing methods. Enhancing the performance effectively and
efficiently in an organisation helps the organisation to save time as well as money for the
organisation. The innovation can be measured in terms of goal completion. Hence it is important
for the organisation to identify the goals and further work on its accomplishment. The
accomplishment of goals will help in measurement of the innovation at the organization (Kim
and Kim, 2018).
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TASK 2
P3 Explain the concept of 4Ps of innovation along with the use of innovation funnel for
examining the innovative ideas.
The 4Ps of innovation facilitate the management of an organisation to brink effective and
efficient innovation at the workplace. The 4Ps of innovation that can help Essence Drinks to
attain competitive advantage through innovation are discussed below-
 Paradigm innovation- Paradigm innovation is referred to changes that are introduced in
terms of managerial processes, techniques and concepts. The organization, Essence
Drinks aims to bring innovation at the organization in the managerial section by
presenting products through the introduction of latest and technology and further
differentiating the products from the competitors (Kun, 2017).
 Process Innovation- The process innovation is basically referred to the changes
introduced in the organization in order to enhance the performance of the organisation
through a creative procedure. In case of Essence Drinks, The organization has come up
with an innovative product and further it is essential for the organization to adopt an
innovative procedure as well. The process innovation helps in reduction of the cost of
processing finished goods and similarly saves costs and efforts of the individuals at the
workplace. The process innovation can be performed by changing the packaging of the
products in order to attract the customers towards the products.
 Product innovation- The product innovation is referred to the changes that are brought
in by the organization in terms of products. The organization can look upon launching a
new product with the latest technology or simply bring variations in the products being
offered by the organization at present. Essence Drinks can think of launching a new
product in the market by bringing changes in the quality or taste of the product. The
innovation in products are done to met with the needs and demands of the customers. The
product innovation mainly deals with innovation in products as well as services offered
by the organisation (Kunicina and et.al., 2020). Position Innovation- position innovation can be defined as the process of elevating the
performance as well as the position of the goods in the market. This states the way in
which the customers will perceive the goods offered by the organization. In case of
Essence Drinks, it can be considered that quality of the product offered by Essence
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Products i.e. Mango lassi can help the organisation to build an efficient goodwill and
brand image of the product in the market. The innovation basically focuses upon the
target market and the way they will react towards the products offered by the
organisation.
Innovation Funnel
Innovation funnel is referred to the process of streaming creative ideas in a continuous
manner that can be further screened for viability. The concept of innovation funnel is applied by
Essence Drinks by generating ideas in order to manage the drinks that can be used to widen the
market. The innovation Funnel has various uses in Essence Drinks. Essence Drinks will be
facilitated by the concept of Innovation funnel wherein the organization can ensure use high
quality tools and mechanism in order to prioritise the thoughts that will contribute towards the
development and advancement of the products and process at Essence Drinks. The innovation
funnel will help Essence drinks to come up with better ideas and concepts to launch a new
product (Li and et.al., 2019).
P4 Explain the developments of Frugal innovation along with the examples in the organizational
context.
Frugal innovation is referred to an attempt of maximising the ratio of value to the
resources of an organization. The value can be in terms of customers, shareholders or society
whereas the resources can be defined as time, capital or energy. Frugal innovation can be
referred to the skill of doing better with minimal resources and more people in other words,
frugal innovation is done by creating better value with lesser resources.
Use of Frugal Innovation
Frugal innovation helps the organization to maximise profits in order to attain
sustainability as the main motive of the frugal innovation is to minimise the cost while reducing
the complexities in the operational process of the organization. The declining costs of the
organization have a direct impact upon profits that result in better profitability of the
organisation. Similarly, the increasing profits will lead to organizational growth and success.
Another benefit of Frugal Innovation is that the concept works from top to bottom and hence the
approach facilitates the organisation with innovative product that can be considered highly
reliable. As the products are reliable, the probability of attracting more customers towards the
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organization increases. Frugal innovation is popularly known as frugal engineering, cost
reduction innovation and resource-constrained innovation (Lim, Darley and Marion, 2017).
The application of Frugal innovation will help Essence Drinks to generate higher profits.
Also, the frugal innovation will help the organization to enhance its performance and generate
customer satisfaction with their services. As, it is very essential for the organization to satisfy
their customers in order to prove effective as an organisation in the market.
Examples of Frugal Innovation
 Essence Drinks uses raw materials that are available in the area locally which further
helps in decreasing the cost of production and as a result the price of the products is also
low.
 The management of Essence Drinks has developed the concept of Mango Lassi which is
a distinguished concept as compared to the other competitors. The healthy drink comes
with good quality and superior taste that further attracts more customers towards the
product (Marmer, 2018).
 Frugal innovation is a fragile process that helps the organization to generate higher
profits with lesser costs while producing high quality products. For example, Schneider
Electric aims to provide affordable energy with the help of low cost LEDs. Tata Motors
can also be referred under the example of Frugal Innovation wherein the organization had
manufactures a car for which the operations costed for just $2000.
M2 Provide an analysis and application of innovation funnel in the organisational context.
Innovation funnel is a concept that is referred as a process of streaming creative ideas in a
continuous manner that can be further screened for viability. The concept of innovation funnel
has been segregated in three parts basically. The concept of innovation funnel is applied by
Essence Drinks by generating ideas in order to manage the drinks that can be used to widen the
market. The ideas can be generated with the help of various actions such as identification of
various ideas and their scope in management of goods. The last step in application of innovation
funnel involves integration of various actions such as creation of goods, development of
management case and the launch of product in the market after testing it (MIRGHAFOORI,
MOROVATI and ZAHEDI, 2018).
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M3 Explain the role of frugal innovation in context of the organization.
Frugal innovation plays a significant role in an organization that further facilitates the
executives of the organization to enhance the profits. The Frugal innovation helped Essence
Drinks to improvise or increase the profits of the organization with the help of Mango Lassi. The
management of the organisation is facilitated by all the necessary information that is required in
terms of products and services of the organisation. The feedback of the customer helps the
management to improve the quality of products while decreasing the manufacturing cost.
D2 Provide appropriate financial reports that apply and interpret data suitably for various
business activities.
Requirements Cost
Costs of materials 4000
Machinery and equipments 2000
Labour 1000
Production costs 2000
Advertising costs 1500
TASK 3
P5 Explain the importance of Commercial Funnel and application New Product Development
Process for innovation and commercialisation.
Commercial funnel is also popularly known as sales funnel. The concept helps the
organization visualise the the potential customers. The sales funnel is basically an inverted
triangle that has four basic sections. The sections of the commercial funnel are Awareness
section, Interest section, decision section and action section. The sections are divided on the
basis of the interest of the target customers in the organisation. The importance of commercial
funnel for Essence Drinks are discusses below-
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 adoption of marketing strategies- The commercial funnel concept will help the
organization to adopt the appropriate marketing strategies in order to launch a product
and attract the customers (Rasmussen and Eliason, 2017).
 relate with the customers- The commercial funnel will facilitate Essence Drinks to
relate better with the customers through enhanced communication and understand the
needs of the market.
 Generate sales- The concept of commercial funnel will help Essence Drinks to generate
better sales as the organization will provide products that match with the customer needs. Improve business growth- The commercial funnel will facilitate better sales that will
further enhance the growth and success of Essence Drinks.
New Product Development Process
The new product development process is a process that aims at launching a new product
in the market. The application of New Product Development Process at Essence Drinks is
explained below-
 Generation of Idea- The first step is to generate an idea regarding the product that can
be launched by essence Drinks. The ideas can be generated by various employees,
shareholders, etc.
 Evaluation of the idea- After the idea generation, the next step is to evaluate the various
ideas that can be put into action.
 Defining concept- It is important for the organization to assess the market potential and
also define the product designs along with the technical feasibility.
 Strategic analysis- After defining the concept, it is important for Essence Drinks to
formulate various strategies regarding the business plans. The strategies can be in terms
of cost, price and profit margins as well.
 Product development and testing- After the strategies have been framed and analysed,
the products are developed accordingly and are tested for any side effects.
 Market testing- After the product is developed and passes he testing methods, the next
step is market testing where the reactions of the market and the customers are noted.
 Commercialisation- On receiving positive results after market testing, the product is
commercialised in the market through various advertisements to convey the message to
the customers (Reyes And et.al., 2021).
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 Product launch- The final step after commercialisation is product launch wherein the
product is introduced in the market.
P6/ M4 Construct an innovation business case that state ways of accessing funds.
The business case for Essence Drinks is discussed below-
Executive summary Essence Drinks is planning to launch a new health drink in the
market of the United Kingdom by the name of Mango Lassi. It is
a high quality health drink that will aim to attract the customers
towards them.
Objectives  The objective of Essence Drinks is to generate higher
revenues with increased sales of the product.
 Essence Drinks aims to set unique standards for its
product in order to have a differentiated image.
Action plan The organisation will launch the product, Mango Lassi in the
market of the United Kingdom during the summers in order to
accomplish the objectives of the organisation (Shakeel, Takala
and Zhu, 2017).
innovation The innovation used by Essence Drinks is that the organization
will use fresh mangoes as its ingredient in the product rather than
the artificial flavours. This will provide the customers with good
taste along with health benefits.
Market Research Market research is important to be conducted by Essence Drinks
in order to gather information from the market regarding the
needs of the customers and their demands. The information can
be gathered from primary as well as secondary sources.
Funding There are various sources that can be adopted by Essence Drinks
in order to gather funds for operating business.
Benefits The innovation at Essence Drinks will help the organisation
attract more people towards a new product and further derive
them with higher satisfaction.
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There are various sources of funds that can be used by Essence Drinks in order to gather
funds to operate smooth business. The various sources are discussed below-
 Bank loans- The source of raising finance through bank loans can be considered a
comparatively easy process where the interest has to be paid upon the principal amount in
order to settle the debt. The bank loans are provided after proper documentation and on
the basis of the credit score (Stojcic, Hashi and Orlic, 2018).
 Crowd funding- Crowd funding is also a source of raising finance for Essence Drinks.
Crowd funding is where the funds are raised from the public. The drawback of crowd
funding is that in case the funds are not collected up to a specific amount, then the
collected funds need to refunded to the public.
 Venture capital- Venture capital is among the most popular source of raising funds
wherein the Venture capitalists invest in the business or a start-up as equity shareholders.
It is useful when the business wants to expand its business in to various markets and
requires funds in bulk.
TASK 4
P7/ M5 Evaluate various tools that can be used by the organization to develop, retain and protect
knowledge and intellectual property.
It is very important for the organization to protect and safeguard its intellectual property.
The various tools that can be adopted by Essence Drinks in order to protect its intellectual
property for its product Mango Lassi are discussed below-
 Trademark- Trademark is referred to a sign, symbol, expression or a design that
portrays the products or service of the organization. The trademark helps the organisation
to establish a differentiated image of the organisation in comparison with the competitors.
A trademark facilitates the organisation to protect its logo from getting copied by other
organisations in the market (Sutopo, Astuti and Suryandari, 2019).
 Copyright- Copyright is referred to the right that provides safety for the various
inventions, literature work, images, computer tools, designs, etc. The copyright states that
nobody else has a right to produce the same stuff in the market.
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 Patent- Patent is referred to a right that safeguard the invention of a person. A patent has
a life of approximately 20 years that claims the originality of the work which can not be
copied by others.
D2 Critically evaluate the nature of innovation along with the context that facilitates
development with evidence-based judgements.
Innovation is considered as an important factors in every organisation. In aspect of
Essence Drinks, innovation is significant but it may also hinder the progress of the organization.
The nature of innovation is aspect of Essence Drinks is discussed below-
 Customer connection- It is very important for Essence Drinks to have knowledge of the
fluctuations in the customer demand in order to cope with the trends in the market. The
trends are basically the roadmaps that need to be traced in order to solve critical
problems.
 Innovation strategy- The organisation must develop an innovation strategy. Essence
Drinks needs to develop an Innovation strategy so that the organization has a direction
towards which the employees can work upon.
 Empowerment- It can be considered that the management of Essence Drinks is under
threat that the innovation can be distracting for the employees. The organization might
fear to adapt new ideas under the threat of hindrance in the progress (Tianyi, 2021).
CONCLUSION
It can be concluded from the above study that innovation and commercialisation have a
huge impact over the business of an organization. The study focuses upon defining the concept
of invention and innovation along with the various elements that shape innovation and
commercialisation at the workplace. The study highlights various sources of innovation along
with the 4Ps that are product, process, position and paradigm innovation. The study comprises of
concept of innovation funnel, frugal innovation and importance of commercial funnel. The
application of NPD process has been explained in context of the organization along with a
business case that highlights various sources of raising funds such as bank loans, venture and
crowd funding. The study also discusses nature of innovation along with the various tools of
intellectual property such as patents, trademarks and copyrights.
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