Strategies for Innovation and Commercialisation at Essence Drinks
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This report provides a detailed analysis of innovation and commercialisation strategies within Essence Drinks. It distinguishes between invention and innovation, highlighting the importance of innovation for modern organisations. The report explores various sources of innovation and assesses the roles of organisational vision, leadership, culture, and teamwork in fostering innovation and commercialisation at Essence Drinks. It delves into different types of innovation, including the 4Ps of innovation (Paradigm, Product, Process, Position), and applies the concept of the innovation funnel to shape innovative ideas within the company. The report also discusses frugal innovation and its potential use at Essence Drinks, alongside the advantages of commercial funnels and New Product Development (NPD) for commercialising innovative drinks. Furthermore, it examines funding options available to Essence Drinks and evaluates strategies for overcoming challenges in developing successful innovations, including measuring the effectiveness of business cases. Finally, the report identifies and evaluates tools for developing, retaining, and protecting knowledge and intellectual property, focusing on how Essence Drinks can safeguard the intellectual property rights of its new products.
Unit- 8
Innovation and Commercialisation
Innovation and Commercialisation
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Contents
Introduction:............................................................................................................................... 4
Task 1......................................................................................................................................... 5
The business report will address the following:.....................................................................5
1. Explanation of the difference between invention and innovation and why innovation is
important for organisations today?.........................................................................................5
2. Analyse different sources of innovation and explain the contribution of organisational
vision, leadership, culture and teamwork in developing and embedding innovation and
commercialisation at Essence Drinks.....................................................................................6
3. Explain the different types of innovation and the concept of 4Ps of innovation. Apply
the concept of innovation funnel and analyse its use in examining and shaping innovative
ideas in the context of Essence Drinks...................................................................................7
4. Discuss the developments in frugal innovation and evaluate its use at Essence Drinks to
process innovative ideas and derive a new and innovative drink..........................................8
5. Discuss how commercial funnel and New Product Development can be advantageous
for Essence Drinks in the commercialisation of innovative drink.........................................9
6. In order to commercialise its innovative drink, discuss some of the available ways for
Essence Drinks to access funding? Build a case for Essence Drinks and evaluate the nature
of innovation and the context in which it is developed, providing evidence-based
judgements on how organisations can overcome challenges to develop successful
innovations. Also, discuss how you can measure the effectiveness of your business case
using appropriate techniques................................................................................................11
Task 2....................................................................................................................................... 13
1. Identify and evaluate different tools which organisations can use to develop, retain and
protect knowledge and intellectual property........................................................................13
2. Explain how Essence Drinks can protect the intellectual property rights of a new drink.
..............................................................................................................................................13
Introduction:............................................................................................................................... 4
Task 1......................................................................................................................................... 5
The business report will address the following:.....................................................................5
1. Explanation of the difference between invention and innovation and why innovation is
important for organisations today?.........................................................................................5
2. Analyse different sources of innovation and explain the contribution of organisational
vision, leadership, culture and teamwork in developing and embedding innovation and
commercialisation at Essence Drinks.....................................................................................6
3. Explain the different types of innovation and the concept of 4Ps of innovation. Apply
the concept of innovation funnel and analyse its use in examining and shaping innovative
ideas in the context of Essence Drinks...................................................................................7
4. Discuss the developments in frugal innovation and evaluate its use at Essence Drinks to
process innovative ideas and derive a new and innovative drink..........................................8
5. Discuss how commercial funnel and New Product Development can be advantageous
for Essence Drinks in the commercialisation of innovative drink.........................................9
6. In order to commercialise its innovative drink, discuss some of the available ways for
Essence Drinks to access funding? Build a case for Essence Drinks and evaluate the nature
of innovation and the context in which it is developed, providing evidence-based
judgements on how organisations can overcome challenges to develop successful
innovations. Also, discuss how you can measure the effectiveness of your business case
using appropriate techniques................................................................................................11
Task 2....................................................................................................................................... 13
1. Identify and evaluate different tools which organisations can use to develop, retain and
protect knowledge and intellectual property........................................................................13
2. Explain how Essence Drinks can protect the intellectual property rights of a new drink.
..............................................................................................................................................13
Reflection:................................................................................................................................ 27
Conclusion:.............................................................................................................................. 28
Bibliography.............................................................................................................................29
Conclusion:.............................................................................................................................. 28
Bibliography.............................................................................................................................29
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Introduction:
In this report, the main aim is to enable the students to apply the different innovation and
commercialization theories and concepts effectively in the London essence company. This
report explains the different types of inventions and innovations. The report is also
deliberating the process necessary to commercialize modernism. The significance of
innovation is explained to employees in the organization. The 4Ps of innovation are explained
and the usefulness of innovation funnels to inspect and shape pioneering facts with
employees. The report will also explain the how to develop a frugal novelty. The report also
explains the meaning of the trade funnel and the submission of the New Product
Development for the commercialization to the employees. The report builds an innovative
technique which includes the how to quantify the effectiveness and to perk up them. Different
ways to access the funding in the organization are stated.
In this report, the main aim is to enable the students to apply the different innovation and
commercialization theories and concepts effectively in the London essence company. This
report explains the different types of inventions and innovations. The report is also
deliberating the process necessary to commercialize modernism. The significance of
innovation is explained to employees in the organization. The 4Ps of innovation are explained
and the usefulness of innovation funnels to inspect and shape pioneering facts with
employees. The report will also explain the how to develop a frugal novelty. The report also
explains the meaning of the trade funnel and the submission of the New Product
Development for the commercialization to the employees. The report builds an innovative
technique which includes the how to quantify the effectiveness and to perk up them. Different
ways to access the funding in the organization are stated.
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Task 1
The business report will address the following:
Introduction: The report is presented to Mr Kumar so that information regarding the
innovation and the process of innovation development can be given. The report explains the
different source of innovation and the concept of 4Ps of innovation. The innovation funnel
and frugal innovation are also explained. Different ways to essence the funds for Essence
Drinks is also explained.
1. Explanation of the difference between invention and innovation and why
innovation is important for organisations today?
Invention Innovation
Inventions mean creating a new brand
product or a device through the occurrence of
the new idea that had never made before.
Innovation means making changes in the
existing product so that the new ideas or
ways can come out.
It is the scientific skills and an original idea. It is the strategic and technical skills which
are based on the new idea of the practical
implementation.
Inventions are concerned with the single
product r-process and they are limited to the
R $ D department.
Innovations are the combinations of the
different products and the process which is
spread across the organisation.
So from the above explanation, it is concluded that invention creates the new product while
the innovation creates something that can sell. So innovation is very important in today world
for the business organisation as it innovation has become the buzzword for the industry every
business needs innovation to be top in the market. Innovation means improving the things
with the better technology and techniques (Souto, 2015) According to the Albert Einstein “we
could never solve the things with the same thinking we can solve those problems when we
innovate them. New innovations also help in increasing the global entrepreneurship
movement. Innovations always come with the updated technology and methods so it helps in
adapting the trends and changing the dynamic environment. Innovation also helps the
organisation to meet with the customer's expectations and with their choices and it also
connects maximise globalisation.
The business report will address the following:
Introduction: The report is presented to Mr Kumar so that information regarding the
innovation and the process of innovation development can be given. The report explains the
different source of innovation and the concept of 4Ps of innovation. The innovation funnel
and frugal innovation are also explained. Different ways to essence the funds for Essence
Drinks is also explained.
1. Explanation of the difference between invention and innovation and why
innovation is important for organisations today?
Invention Innovation
Inventions mean creating a new brand
product or a device through the occurrence of
the new idea that had never made before.
Innovation means making changes in the
existing product so that the new ideas or
ways can come out.
It is the scientific skills and an original idea. It is the strategic and technical skills which
are based on the new idea of the practical
implementation.
Inventions are concerned with the single
product r-process and they are limited to the
R $ D department.
Innovations are the combinations of the
different products and the process which is
spread across the organisation.
So from the above explanation, it is concluded that invention creates the new product while
the innovation creates something that can sell. So innovation is very important in today world
for the business organisation as it innovation has become the buzzword for the industry every
business needs innovation to be top in the market. Innovation means improving the things
with the better technology and techniques (Souto, 2015) According to the Albert Einstein “we
could never solve the things with the same thinking we can solve those problems when we
innovate them. New innovations also help in increasing the global entrepreneurship
movement. Innovations always come with the updated technology and methods so it helps in
adapting the trends and changing the dynamic environment. Innovation also helps the
organisation to meet with the customer's expectations and with their choices and it also
connects maximise globalisation.
2. Analyse different sources of innovation and explain the contribution of
organisational vision, leadership, culture and teamwork in developing and
embedding innovation and commercialisation at Essence Drinks.
According to the Peter F Drucker, he stated that there are seven sources of information such
as unexpected, incongruity, market structure, necessity, demographic, changing perception
and new knowledge (Drucker, 2006). Some innovations happen by chance they take place
unexpectedly in Essence drink to resolve the incongruities with the supply, innovation is born
in the organization. The market structure is competitive so that they demand new innovations
and new ideas. To exist and remain constant in the market Essence drink requires innovation,
so it becomes a necessity. Nowadays demographic lifestyle should be fulfilled and required
so it becomes a source of innovation. Changing the perception regarding the new things and
new knowledge also become a source of information for Essence drink (Souto, 2015)
The employees of Essence drink should have the clear vision, goals, mission, and values to be
successful in the market. The teamwork should have the vision for commercialization. A
leader plays an important role in the organization as he guides the team to achieve the goals
and objectives of the company. Employees should have the right technical skills and them
willing to work with any team and adopt any work culture so that the organization can get the
success. I have created an environment for you people so that you feel energetic while doing
the work. Diversifying the new things is beneficial for the innovation as they bring together
all the new ideas and viewpoints. An open culture provides an environment for the
employee’s o that they can express their views so that their ideas could turn into the product
and services and clear vision. Goals and objectives help in separating the useful things. A
leader is important to create the object and give example whereas the culture environment is
essential for the teamwork to sustain the process and make it more effective.
organisational vision, leadership, culture and teamwork in developing and
embedding innovation and commercialisation at Essence Drinks.
According to the Peter F Drucker, he stated that there are seven sources of information such
as unexpected, incongruity, market structure, necessity, demographic, changing perception
and new knowledge (Drucker, 2006). Some innovations happen by chance they take place
unexpectedly in Essence drink to resolve the incongruities with the supply, innovation is born
in the organization. The market structure is competitive so that they demand new innovations
and new ideas. To exist and remain constant in the market Essence drink requires innovation,
so it becomes a necessity. Nowadays demographic lifestyle should be fulfilled and required
so it becomes a source of innovation. Changing the perception regarding the new things and
new knowledge also become a source of information for Essence drink (Souto, 2015)
The employees of Essence drink should have the clear vision, goals, mission, and values to be
successful in the market. The teamwork should have the vision for commercialization. A
leader plays an important role in the organization as he guides the team to achieve the goals
and objectives of the company. Employees should have the right technical skills and them
willing to work with any team and adopt any work culture so that the organization can get the
success. I have created an environment for you people so that you feel energetic while doing
the work. Diversifying the new things is beneficial for the innovation as they bring together
all the new ideas and viewpoints. An open culture provides an environment for the
employee’s o that they can express their views so that their ideas could turn into the product
and services and clear vision. Goals and objectives help in separating the useful things. A
leader is important to create the object and give example whereas the culture environment is
essential for the teamwork to sustain the process and make it more effective.
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3. Explain the different types of innovation and the concept of 4Ps of
innovation. Apply the concept of innovation funnel and analyse its use in
examining and shaping innovative ideas in the context of Essence Drinks.
The 4 Ps is the model which was generated by the John Bessant and JoeTidd. The 4Ps are
Product, Place, Promotion and Public relations which improves the innovation process in the
company.
Paradigm: Paradigm use to improve the innovation. It’s not necessary the change should
always be positive so change can leverage the profit of the company. It is the process through
we frame what we do.
Product: Process of improving the product or the service. The product basically refers to
what you offer so that it makes your product better. It is the incremental change which the
organization should adopt so that people could buy it more often (Bessant & Tidd, 2015).
Process: Process of offering the things should be created properly. The process doesn’t
include product or service it includes supplying, Workflow, training and hiring people. How
the company creates the offer to increase the profit.
Position: It works on changing the area where the products and services are framed. Position
offers communication between the customers and the employees and how it helps in making
the image better for the company (Souto, 2015).
The use of the innovation funnel helps in develops Essence drink. It helps in increasing the
knowledge and information base by collecting many ideas. Essence drinks have more ideas
and help in producing a greater number of the products to the customers. It helps in making
the clear perspective of the objective. The segment of the funnel helps in matching the ideas
of the goal with the process of screening. It also helps in allocating the resources properly and
providing a greater return. Essence drink uses this concept of innovating funnel because it
helps in developing the new product (Bessant & Tidd, 2015).
innovation. Apply the concept of innovation funnel and analyse its use in
examining and shaping innovative ideas in the context of Essence Drinks.
The 4 Ps is the model which was generated by the John Bessant and JoeTidd. The 4Ps are
Product, Place, Promotion and Public relations which improves the innovation process in the
company.
Paradigm: Paradigm use to improve the innovation. It’s not necessary the change should
always be positive so change can leverage the profit of the company. It is the process through
we frame what we do.
Product: Process of improving the product or the service. The product basically refers to
what you offer so that it makes your product better. It is the incremental change which the
organization should adopt so that people could buy it more often (Bessant & Tidd, 2015).
Process: Process of offering the things should be created properly. The process doesn’t
include product or service it includes supplying, Workflow, training and hiring people. How
the company creates the offer to increase the profit.
Position: It works on changing the area where the products and services are framed. Position
offers communication between the customers and the employees and how it helps in making
the image better for the company (Souto, 2015).
The use of the innovation funnel helps in develops Essence drink. It helps in increasing the
knowledge and information base by collecting many ideas. Essence drinks have more ideas
and help in producing a greater number of the products to the customers. It helps in making
the clear perspective of the objective. The segment of the funnel helps in matching the ideas
of the goal with the process of screening. It also helps in allocating the resources properly and
providing a greater return. Essence drink uses this concept of innovating funnel because it
helps in developing the new product (Bessant & Tidd, 2015).
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4. Discuss the developments in frugal innovation and evaluate its use at
Essence Drinks to process innovative ideas and derive a new and
innovative drink.
Frugal innovation is the process which discovers the new models and redesigns the product
so that the customers can face the extreme affordability in a sustainable manner. It provides a
functional solution with the limited resources to create the exclusive market by overcoming
or tapping institutional. Frugal innovation deals with the challenges of the complex
institutions of the limited resources with the low affordability of price. The main aim of why
Essence drink uses it is to reduce the poverty and accessing innovation and provide an
improvement in their condition. It also helps in reducing the cost of goods and its production
in Essence drink (Vanhaverbeke & Chesbrough, A classification of openinnovation and open
business model., 2014)
It is helpful in Essence drink as it focuses on the developing market economies. It also deals
with the problem in the product. It relates to the market product. Frugal innovation considers
the market an emerging market and they are subject to the global demand. Frugal innovation
doesn’t need to be expansive it should be reasonable so that people could afford it. It helps in
the organization in setting the audacious objectives; it focuses on the customer needs. It also
helps in building a team with the innovative partners (Basu, Banerjee, & Sweeny, 2013). It
also helps in identifying and overcoming the potential obstacles and also makes the most of
what you already have. Essence drink can sell the low product by adopting Funnel innovator.
It set new standards in developing the nations by cutting the expenditures and the cost.
Essence Drinks to process innovative ideas and derive a new and
innovative drink.
Frugal innovation is the process which discovers the new models and redesigns the product
so that the customers can face the extreme affordability in a sustainable manner. It provides a
functional solution with the limited resources to create the exclusive market by overcoming
or tapping institutional. Frugal innovation deals with the challenges of the complex
institutions of the limited resources with the low affordability of price. The main aim of why
Essence drink uses it is to reduce the poverty and accessing innovation and provide an
improvement in their condition. It also helps in reducing the cost of goods and its production
in Essence drink (Vanhaverbeke & Chesbrough, A classification of openinnovation and open
business model., 2014)
It is helpful in Essence drink as it focuses on the developing market economies. It also deals
with the problem in the product. It relates to the market product. Frugal innovation considers
the market an emerging market and they are subject to the global demand. Frugal innovation
doesn’t need to be expansive it should be reasonable so that people could afford it. It helps in
the organization in setting the audacious objectives; it focuses on the customer needs. It also
helps in building a team with the innovative partners (Basu, Banerjee, & Sweeny, 2013). It
also helps in identifying and overcoming the potential obstacles and also makes the most of
what you already have. Essence drink can sell the low product by adopting Funnel innovator.
It set new standards in developing the nations by cutting the expenditures and the cost.
5. Discuss how commercial funnel and New Product Development can be
advantageous for Essence Drinks in the commercialisation of innovative
drink.
A commercial or sales funnel is a way to attract more and more clients by inspiring them
through marketing activities. Mostly this approach is applied when a business introduces a
new product in the market with the target of maximum profit through covering a maximum
share of the market.
The commercial funnel is very important for a business because it converts the targeted
market in inquirer and inquirer into clients (Vanhaverbeke & Chesbrough, A classification of
openinnovation and open business model., 2014). To attain the targets of sales, it ensures that
proper assistance provided to the buyer to motivate him to buy the offered product. Another
benefit is price screening which helps to optimize the reasonable level of prices to get high
grades.
New product development:
To produce a new and innovative commercial product in a systematic way, the process of
PND is followed which involves seven steps:
(NPD process)
Idea
generation
Idea
screening
Conceptual
testing
Business strategy
development
Development of
Product
Market
Testing
Commercializa
tion
advantageous for Essence Drinks in the commercialisation of innovative
drink.
A commercial or sales funnel is a way to attract more and more clients by inspiring them
through marketing activities. Mostly this approach is applied when a business introduces a
new product in the market with the target of maximum profit through covering a maximum
share of the market.
The commercial funnel is very important for a business because it converts the targeted
market in inquirer and inquirer into clients (Vanhaverbeke & Chesbrough, A classification of
openinnovation and open business model., 2014). To attain the targets of sales, it ensures that
proper assistance provided to the buyer to motivate him to buy the offered product. Another
benefit is price screening which helps to optimize the reasonable level of prices to get high
grades.
New product development:
To produce a new and innovative commercial product in a systematic way, the process of
PND is followed which involves seven steps:
(NPD process)
Idea
generation
Idea
screening
Conceptual
testing
Business strategy
development
Development of
Product
Market
Testing
Commercializa
tion
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(By Author, 2018)
Idea generation: It is the first phase of the NPD. Ideas could be in any form and can be
gathered or collected from anywhere and are numerous in number. In this phase pool of idea
is created for numerous different sources like SWOT analysis, competition, internet,
customers and market research (Vanhaverbeke & Cloodt, Theories of teh firm and open
innovations, 2014)
Idea screening: There can be a number of ideas collected but some of them are appropriate.
So the second phase of the NPD is finding or screening of ideas that are feasible.
Conceptual testing and development: It is the NPD third phase in which concept that is the
blueprint of the idea is developed. The ideas that are approved by the screening phase are
concepts and are tested for checking the appropriateness of idea.
Business strategy development and analysis: The concepts are tested in the previous phase
and gives the final concept and the obtained idea is now analyzed and different factors like
breakeven point, cost, branding, profit etc. are decided based on the final idea.
Development of Product: Once the strategies get approved the concept of the product is
converted into the actual product (Saebi & Foss, 2015). The deployment phase of the NPD
results in prototype building or a partial production model. In this phase, all the previously
planned and tested strategies are applied to the product
Market Testing: The creation of a prototype is done for the purpose of feedback and
research in this phase. Changes, if required, are made based on the feedback collected from
the customer. It is a major phase for validating the whole idea and makes the business
prepared for product release.
Commercialization: This is the last stage of NPD where the product and market strategies
get ready. Final decisions are taken in this phase and market for the product launch is
selected. All the small and big decisions before the product release final stage in NPD are
taken here (Matthews & Brueggemann, 2015).
Idea generation: It is the first phase of the NPD. Ideas could be in any form and can be
gathered or collected from anywhere and are numerous in number. In this phase pool of idea
is created for numerous different sources like SWOT analysis, competition, internet,
customers and market research (Vanhaverbeke & Cloodt, Theories of teh firm and open
innovations, 2014)
Idea screening: There can be a number of ideas collected but some of them are appropriate.
So the second phase of the NPD is finding or screening of ideas that are feasible.
Conceptual testing and development: It is the NPD third phase in which concept that is the
blueprint of the idea is developed. The ideas that are approved by the screening phase are
concepts and are tested for checking the appropriateness of idea.
Business strategy development and analysis: The concepts are tested in the previous phase
and gives the final concept and the obtained idea is now analyzed and different factors like
breakeven point, cost, branding, profit etc. are decided based on the final idea.
Development of Product: Once the strategies get approved the concept of the product is
converted into the actual product (Saebi & Foss, 2015). The deployment phase of the NPD
results in prototype building or a partial production model. In this phase, all the previously
planned and tested strategies are applied to the product
Market Testing: The creation of a prototype is done for the purpose of feedback and
research in this phase. Changes, if required, are made based on the feedback collected from
the customer. It is a major phase for validating the whole idea and makes the business
prepared for product release.
Commercialization: This is the last stage of NPD where the product and market strategies
get ready. Final decisions are taken in this phase and market for the product launch is
selected. All the small and big decisions before the product release final stage in NPD are
taken here (Matthews & Brueggemann, 2015).
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6. In order to commercialise its innovative drink, discuss some of the
available ways for Essence Drinks to access funding? Build a case for
Essence Drinks and evaluate the nature of innovation and the context in
which it is developed, providing evidence-based judgements on how
organisations can overcome challenges to develop successful innovations.
Also, discuss how you can measure the effectiveness of your business case
using appropriate techniques.
Adoption of innovative ideas in product and services is a most useful way to grow and be a
leader in the market. If new innovations are applied to existing and new products to produce
more featured products it will aid to gain maximum customer attention and satisfy the clients
in a better way.
Essence drinks which are engaged in the production and sale of the different type of drinks
are thinking to produce a new energy drink for the young players and company believes that a
large market of youngsters is available for the company in the UK. For this product
expansion, essence has to purchase new machinery for quality drink development.
The company will apply the process of NPD to develop the proposed energy drink which will
include the generation and screening of idea, planning, developing and more. A market
search of essence is saying that various types of energy drinks are available in the market but
there is a lack of long-term healthy energy drink and company is thinking to fill this space
(Herrera, 2015) After the development of a product, the company will apply the technique of
commercial funnel with innovative and new market strategies. An innovation in existing
products is also proposed in essence drinks as the company is thinking to introduce some
flavoured drinks to be more stable in this sector.
Every innovation and product expansion requires a large number of funds due to demand of
production and marketing segment and essence has following options to fulfil this demand:
Angel funding: as Essence is a leading and growing organization, angel funding is the best
way to collect the funding for new product expansion (Saebi & Foss, 2015). In this method,
funds are provided by financers to the most growing units Bank loans a loan from a bank is a
most popular way of financing in the medium and Banks provide loans against interest under
multi schemes by analyzing the financial solidness of borrower.
available ways for Essence Drinks to access funding? Build a case for
Essence Drinks and evaluate the nature of innovation and the context in
which it is developed, providing evidence-based judgements on how
organisations can overcome challenges to develop successful innovations.
Also, discuss how you can measure the effectiveness of your business case
using appropriate techniques.
Adoption of innovative ideas in product and services is a most useful way to grow and be a
leader in the market. If new innovations are applied to existing and new products to produce
more featured products it will aid to gain maximum customer attention and satisfy the clients
in a better way.
Essence drinks which are engaged in the production and sale of the different type of drinks
are thinking to produce a new energy drink for the young players and company believes that a
large market of youngsters is available for the company in the UK. For this product
expansion, essence has to purchase new machinery for quality drink development.
The company will apply the process of NPD to develop the proposed energy drink which will
include the generation and screening of idea, planning, developing and more. A market
search of essence is saying that various types of energy drinks are available in the market but
there is a lack of long-term healthy energy drink and company is thinking to fill this space
(Herrera, 2015) After the development of a product, the company will apply the technique of
commercial funnel with innovative and new market strategies. An innovation in existing
products is also proposed in essence drinks as the company is thinking to introduce some
flavoured drinks to be more stable in this sector.
Every innovation and product expansion requires a large number of funds due to demand of
production and marketing segment and essence has following options to fulfil this demand:
Angel funding: as Essence is a leading and growing organization, angel funding is the best
way to collect the funding for new product expansion (Saebi & Foss, 2015). In this method,
funds are provided by financers to the most growing units Bank loans a loan from a bank is a
most popular way of financing in the medium and Banks provide loans against interest under
multi schemes by analyzing the financial solidness of borrower.
Credit providers: other than banks, there are various free sources of funds which can be used
by Essence drinks to derive the fund for its product expansion plan.
Conclusion: So from the above business report it is concluded that invention and innovation
are two different things and innovation is necessary for the business to sustain in the
competitive market. The 4Ps Product, Process, Position and Paradigm are explained.
by Essence drinks to derive the fund for its product expansion plan.
Conclusion: So from the above business report it is concluded that invention and innovation
are two different things and innovation is necessary for the business to sustain in the
competitive market. The 4Ps Product, Process, Position and Paradigm are explained.
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