This report provides a comprehensive analysis of innovation and commercialisation strategies, focusing on Essence Drinks in the UK market. It begins by defining innovation and invention, highlighting the importance of innovation for Essence Drinks, particularly in maintaining a competitive edge and meeting evolving customer demands. The report then discusses the crucial role of organisational vision, culture, leadership (specifically transformational leadership), and teamwork in fostering innovation and successful commercialisation. It delves into the 4P's model of innovation (product, process, position, and paradigm) and the innovation funnel, outlining its stages (investigation, development, and shipping products). Frugal innovation and its implementation within Essence Drinks are explored, along with the application of the AIDA model in the commercial funnel. Furthermore, the report develops an innovation business case for Essence Drinks, including funding strategies, and concludes by emphasising the significance of intellectual property rights in protecting the company's innovative knowledge.
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