Innovation and Commercialization: Essence Drinks and 4Ps of Innovation

This report examines the concepts of innovation and commercialization within a business context, focusing on the Essence Drinks company. It differentiates between innovation and invention, highlighting their importance for organizational growth and revenue generation. The report explores how org...Read More

INNOVATION AND
COMMERCIALIZATION

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Difference between innovation and invention and their importance to organization..................3
Organizational vision, culture and leadership can promote the innovation and
commercialization........................................................................................................................5
4Ps of innovation.........................................................................................................................6
Use of innovation funnel to promote innovative ideas................................................................7
Use of Development for frugal innovation in organization.........................................................8
Importance of commercial funnel and Application of New product Development.....................9
P6) Innovative Business ideas for success.................................................................................10
P7) Tools of organization development.....................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Innovation is the process of creating something new. Turning ideas into reality, in
business association improvement of their product for better result also termed as innovation. It
is an iterative process that matches business requirement for the new technologies. Product
design, new technology involvement, processing, marketing, manufacturing all are part of
innovation. Commercialization is the process of promoting or introducing new products in the
market. Distribution, marketing, sales, promotion, success of new product are all part of
commercialization. Essence drinks a UK based organization popular for their product “mango
lassi” company has earned many revenues in its first two years due to its innovative ideas and
formula. After completion of successful two years, company's sales fall in its third year as many
distributors are introduced in the market.
For that reason they hired a brand strategy consultant who give full analysis of the new
product. They need to provide 4p's of marketing innovative report. Therefore, in this assignment
there is a discussion of new product and commercial funnel to commercialize the innovation
process. Innovative case of business will be discussed, includes all budget required for new
product. The assignment includes frugal innovation that used in organization, innovative
business plans and tools for retaining intellectual property also includes how teamwork,
leadership, culture, vision impact the organization (Andrew, 2019). Innovations is a process for
better solutions to fulfil new requirement and customer satisfaction. It is a new method for
increasing performance of business activity. In this present situation many company's are
applying new technology for surviving in competitive market. Essence drink company establish
in UK. They are providing various drinks to their customers. They launch healthy drink Mango
lass is into the UK market. This company believes in applying innovative ideas and innovative
sales process, for achieving great success.

MAIN BODY
Difference between innovation and invention and their importance to organization
Innovation is one of the most important process for any business, for leading to
achievements and discoveries. It is the process of developing or modifying the product in order
to achieve more revenue. Product is renewed or modified and brought up to the market.
Establishing new ideas, processing new technologies all are concern with innovation. Innovation
for the essence drinks organization is very important to earn good revenues as their first product
earned more popularity in the UK. But due to the increasing of competition in market essence
group loses its position. They need an innovative idea to develop new product. Innovative idea
for any organization is useful, it has to be concern with full information and be a budget friendly.
Innovation enables organization to learn or adapt new things. It gives an idea of evolving and
grow their integrating strategies. For essence drink to gain their position again they have to come
up with innovative ideas to introduce new product it should be consist of complete report of
marketing analysis.
Invention is the process of creating something for the first time. It is a product
development process. Invention for any organization is very useful and consider as a growth for
the company. Invention simulates the imagination and ideas for the organization. It allows the
ability to overcome any barrier. Physical development of any idea is considered, as invention on
the other hand exploitation of new ideas termed as innovation. Essence drink company requires
innovation idea to establish themselves in the market again. For new product invention essence
drink wants to invent new healthy drinks so that they can compete with other companies and gain
much of the revenues. Essence drink can choose any innovative idea to raise their market value.
Invention of new product will allow them to rebuild their marketing values. Company can come
up with many marketing technologies. They can promote their product on digital platform. It will
help the essence drink company to connect with more new customers across the whole UK
(Audretsch and Link, 2018).
Essence drink company wants to invent new product. They need to invent it with new
flavours differ from their first product. The innovative idea for developing new flavoured
products attracts the consumer. Invention of new product of essence group requires scientific
skills. To check its temperature its expiry date. While innovation for the product requires
technical and marketing skills to introduced it to the consumers. To gain the market value again

essence group has to launch more than one product. Invention of one product can take many time
while, innovation is come up with combination of various products. Innovation is difficult as it
needs combination of inventions, business strategy models, understanding of customer's
behaviour, business background to understand the economic and financial state of the
organization. Product invention for the essence drink developed only once after some technical
and environmental processes. While, innovation can be done many times to modify the product
according to the market needs. Invention of new drinks for essence company come up with
combination ideas of innovation in order to increase the productivity of product in the market.
Essence drink company after losing their revenues in their third year of marketing. As their main
product was mango lassi which was liked by many people but due to emerging market company
started losing their revenues because of this they have decided to develop new product for that
they have created a soft drink which consist of strawberry flavour, and they started promoting it
in the market. The second product which essence group has launched with the innovation in their
existing product mango lassi they have added extra flavours and dry fruits as innovation in their
product.
Organizational vision, culture and leadership can promote the innovation and commercialization
For any organization to achieve success vision, mission, their ideas have to be clear. An
organization's vision arrive with specific strategic plans. To compete in the market every
organization needs to implement their innovative ideas. Good culture and environment in any
company can increase their productivity. Vision and mission are the primary point for strategic
plan. The key element of the company is measured by achieving the goals that proceed from the
vision. To follow the vision always involve change for the organization in terms of journey of
company's current scenario to be better in the future. Organizational vision can change the
complete scenario of the company it involves strategies to move forward. Essence drink
company come up with the vision to implement their new products to increase their marketing
sales again. Definitely vision can create a great impact on innovation and commercialization for
the organization. Organizational culture directly affect the performance of their employees
(Huntington, 2018).
Positive culture in any organization can create an environment of accepting challenges,
openness to new ideas, freedom to learn, adapt, experiment. Culture is created by the leader of

the company, as he need to motivate their employees time to time increase their work capacity.
Leader of essence drink created a positive culture in their company to increase the productivity
of their staff members, leadership in any organization plays an important role. They have
responsibility to carried out all the things easily. Innovation and leadership are inter related,
leadership always comes up with responsibility. Leader of an organization can lead the company
with great innovative ideas in order to meet their desired goal. A leader can create a good vision
for the company. They have responsibility of moving their whole team together to achieve the
targets. Leadership of an organization understood as a role model for their team to move together
to reach the revenues for their company. Essence drink group innovating their ideas to launch
their new product that are of different flavours to attract the new customers to their new product
(Wang, Phillips and Yang, 2021).
Teamwork in any organization can increase the growth and productivity of their
organization. A responsible leader can create the best team to work with, leader is responsible for
the environment that is created for the team to work together. Teamwork produces more profit
for their organization. Teamwork can increase the employee's growth, innovation, productivity,
commercialization which directly impact the company's performance. Good teamwork can
increase the quality of their company's products and services to balance the team it requires
better communication between the employees, coordination, supporting and helping nature,
efforts all these factors implement the good team work. A good team can come up with
innovative ideas as they shared different views of knowledge to each other. Difference in
thoughts can also increase the innovation and commercialization of the company. The innovative
ideas for essence drink group proceeded from their leader and team company decided to launch
their new product in the market to earn back their position. Essence group team works on
innovation of their new drinks which include new flavours and attractive stickers to earn the
revenues (Lockwood and Papke, 2017).
4Ps of innovation
Essence drink organization wants to increase their productivity, sales. Therefore,
company comes up with 4Ps innovative plan to establish their company again. The 4Ps are-
Product:

In 4Ps of innovation product is the primary component for any organization. Product is
made on the basis of customer's need, desire and wants. Before marketing the product company
first analysed all its factor, after reaching the satisfactory point company started promoting their
product. First product for essence group was mango lassi that created a great impact on UK
marketing sales. But in their third year company loses their marketing values. Owner of the
essence comes up with innovative ideas to launch their new product in the market with lots of
new flavours add in it they have made a report which includes their innovative product which is
strawberry flavoured softdrink (Purchase and Volery, 2020).
Process:
This innovation focus on changes in which the product's creation involved. Organization
focus on process of product to grab the eyes of customers. Process innovation for essence drinks
is easy, as they provided their product lassi to everywhere in the UK including supermarkets,
hypermarkets, which is an effective and attractive method of processing their products and
makes it appear for customers 24 hours.
Position:
Position innovation is the main area of this sector as company decides the marketing
factor of their product to reach the organizational goals. As it does not work well for essence
drink because their product is just seen as a substitute of other soft drinks. People do not like
their concept any more as there are more same drinks are available in the market. Therefore, they
have decided to launch a product with new colours and flavours (Xie, 2018).
Paradigm:
Paradigm innovation is work as a mental model for the organization that frames the
activities for the organization. It is used to improve the techniques for business. Due to the
decrease in sale of essence drinks company come up with the paradigm innovations to make
changes in their product. They include new flavours and colours in their drink to attract the
customer. They also implemented with the idea to go digitally promotion of their product. The
4Ps of innovation definitely boost the essence drinks organization in order to reach their position
again (Barham, 2020).
Use of innovation funnel to promote innovative ideas
Innovation funnel defines the process of development of the product. As funnel explains
the creation of the product with complete market needs. This process gives an innovative and

realistic plan to the organization. The main of innovation funnel is to generate many innovative
ideas for the company. Essence drinks uses innovation ideas to generate more ideas for their new
product, it gives an idea of adding new different type of seasonal flavours in their existing
product. Innovation funnel generally works for the essence drinks first it collects all the market
information regarding their product. In second step it segments all the information and made a
strategy to come up with new approach. It generates the innovative idea based on the collected
information. Therefore, essence drinks organization comes with the idea to launch their new
drink with different flavour from the existing one. It works well for the essence drinks company
as it allow products to fulfil the market needs (Hossain, 2021). The innovation funnel mechanism
helps with the continuous streaming of innovative ideas which can be used as the screening of
viability. It is also known as the funnel management process. This is one of the approach which
helps the company to decide more innovative and realistic ideas that can help them to improve
their process of management. Essence company has taken new ideas for the development of their
new product with the help of funnel technology company is able to produce their new product as
strawberry drink which is capable of increasing their market value. Yes funnel innovation
process helped the essence group company in making of their new product this process gives
them a complete analysation of their market field through which they are able to develop new
and unique effective product.
Use of Development for frugal innovation in organization
It is the process of innovation that enables businesses to limit their resources and
services. Resources can be a financial, economical, material. It enables organizations to control
their local requirements. It improves the quality of the product, it makes it more affordable. The
main of any organization is to reach their revenue goals. Essence drinks limited their resources to
implement their new product. They reduce the unnecessary services from the product which is
not mainly in use. They redesigned their product and configured it according to the customer's
need. Frugal innovation helps the essence drinks in many ways as it makes the sustainable
product without using maximum resources. Frugal innovation uses the bottom to top approach in
order to reach standard innovation. Using frugal innovation strategy essence drinks company
reached to their new customers, they are offering their product across all over the UK. It allows
them to promote their product on digital platform which directly impact their investment of

product, it utilizes the total expenses made during product formation. New product designing for
essence drinks involves frugal innovation that do not mean that they have used low quality
product for their customers (Kralisch, 2018).
Frugal innovation is the process in which the organization is able to reduce the cost and
the complexity process involved in the development of the goods. It can be said as the strategies
which the organization uses for influencing the individual to improve their production process
which helps the organization to reduce their cost of production. This strategy is very influential
because it allows the business to increase their profit as their cost of production decreases. For
this business this method will consist of increasing the efficiency of the production of the
Essence Drinks. In this innovation the strategies and procedures for production is changes for
increasing the production of the products. In this innovation process the strategy should help the
business to produce their product with the similar quality and with efficiency to be considered as
effective. For the development of new product essence company decided budget so, that they can
make investment based on the budget set. Frugal innovation helped essence group to limited
their resource, these process gives the idea to essence group to develop their new product with
limited resources this process allows company to make their product affordable for the customer
so that every customer feels free to invest in their product. Frugal innovation really played an
important role in the development process of the company.
Importance of commercial funnel and Application of New product Development
A commercial funnel also known as the sales funnel is known as the journey through
which the potential customers go through during the purchase of a particular product. In this
commercial funnel there are different steps to its process, top, middle and bottom. These steps
vary from company to company due to differences in the business model. For this organization
the commercial funnel is the procedure which the customers go through while purchasing its
products. Some importance of the commercial funnel are,
Boosting sales :
With the help of the process involved in the commercial funnel the organization is able to
improve its sales. This happens because this funnel helps Essence Drinks to increase the
significance, interest and the awareness of its products and services. The sales of the organization
is boosted as the trust between the company and the customers increases (Lincoln, 2021).
Competitive advantage :

In this process this organization makes a lot of efforts for increasing its market share.
This allows the business to gain a competitive advantage over the competitors of this business
which in general are other fast food and soft drinks producing companies. Competitive advantage
is very important for the organization to increase its revenue and brand image.
Innovation and market expansion :
This process of commercial funnel is very influential in affecting the decision of the
organization as it simplifies most of the operation of the organization. This allows the company
to plan innovation and capitalize on the market opportunities in the organization. For an
organization like Essence drinks innovation is the key to success for its business.
New product development (NPD) process is development of a new idea which is
generated with the help of systematic research and analysation of new products (Rathore and
Ilavarasan, 2020). For the purpose of innovation companies have been seen to generate many
ideas which allows the organization to bring new products into the market. In this process after
the generation of idea for Essence drinks the screening of the ideas has been considered to be the
important factor of the development process. The screening of idea involves making the selection
of the best idea out of all the available ideas. In this stage of this process only the good idea are
taken forward to the process of developing a concept which involves tests. For drink producing
company this process will involve testing the taste and production procedure of the new product.
The concept of the product is said to be the viability of the product which explains whether this
product will be good for the market. The next stage of this process is in which the organization
develops a marketing strategy for the new developing product which is important for increasing
its sales (Sihvonen and Pajunen, 2019). This process of ends with the development of the product
which includes packaging that will be good for its marketing. Once all the processes of this NPD
has been followed and the sale and marketing of the product is considered to be working then
this product is commercialized by the organization.
P6) Innovative Business ideas for success
Executive summary-
Business plan is one of those approaches that a company used to obtain benefits in bulk.
The current plan is based on production and marketing of new strawberry Lassi as an innovative
product of Essence drinks that attempt to make change or add value within its already existing

mangoo lassi due to which firm is unable to grow rapidly and continually at third year of its
success.
Company overview-
Organization established in the UK seek to grow and overcome the negative impact of
intense competition in the industry where it runs and conduct venture activities in term of
offering a lassi.
Aim-
The aim of Essense Drink is to enhance the satisfactory level of customers and gain
competitive edges.
Objectives-
 To become an innovative brand in Food & Beverage sector within 1 year.
 To increase profits margin up to 50% within 1 year and 3 Months.
 To build wide customer base by 50% within 2 years.
 To enhance customers satisfaction extent up to 60% within 1 year.
Internal and external analysis in the context of company-
Strengths-
 Skilled workforce is the key strength
of firm that it may utilize to innovative
a new drink that is Strawberry lassi.
 Strategic management and talented
leader is another strength of company
that it may utilize all objectives.
Weaknesses-
 Lack of innovation that management
may do not attempt to implement into
practice manner as weakness put
negative impact on success of Essence
Drink.
 Lack of understanding about market
changes is another weakness of brand.
Opportunities-
 Technology advancement such as
digital marketing channels may emerge
as growth chance that company may
take into its consideration.
 Availability of varied funding
sources may provide firm another
chance which it may consider and then
Threats-
 Intense competition environment
emerge as biggest threat that put
negative impact on Essence drink in
term of decreasing its trading and sales.
 Emerging market trend also affect in
same manner like above does.

grab to grow.
PESTLE analysis-
External factors Impact of each factor on Essence drink new
lassi
Political factor Political stability as key factor may put
positive impact on current management
practice of company in term of driving the
attention of organization towards introducing
new drink into existing and further market.
Economic factor High unemployment rate may put positive
impact on success of company in term of
providing chance to hire new people in a
cheaper rate, who are capable to innovate new
drink and give attractive look to that product.
Social factor Current market trend may impact on new
product development decision of Essence drink
as innovation concept as they may contribute
to increase its sales.
Technology factor Technology advancement is one of those
external factors that may positively influence
firm in term of increasing its capability to
generate new product awareness worldwide.
Environmental factor Customers and government concern related to
environmental sustainability may put negative
impact on firm success as it may do not put
that effort.
Legal factor Change related to any employment and

business law put negative impact on Essence
drink new plan in form of putting a lot of
pressure on management to make possible
changes.
Competitive analysis-
By referring to above term, management may attempt to determine their key rivals in the
market, which enable them to take strategic decision in form of developing excellent plans and
innovating a new lassi, much better than other companies. Toke's Food and drink, 365 drink Ltd,
etc. are considered as major competitors of chosen company.
Effectiveness of new lassi and Key features that will drive attention of customers towards
product purchase-
The customers of the organization will be happy in buying this product of the
organization due to the quality of the product which the business is going to provide to its
customers. Some feature of this product is going to be that it will be cold and healthy drink
which would be made quite similarly to the mango lassi but will have the strawberry flavour into
it. These features are going to be very important for the organization for influencing the
customers for buying this product.
Strategies-
Technology is the biggest part for building organization in current situation. Solid
creation of business every individual should be focused on new technology in the marketplace.
New technology is very useful for marketing as well as selling. Every organization are trying to
update their technology, because it helps to improve production services, marketing, selling
activities, boosting profitability, growth, customer needs etc. Improving business process can be
increasing efficiency and productivity (Chutivongse and Gerdsri, 2019). Adding new value is the
most important for decreasing competition in innovative market. Innovation can build the brand
value in market for applying new advertising technology like online selling, internet using,
website, social media. Innovation is the part of business strategy. It is not only improve the
chance for the business surviving, but it also helps to drive increasing profit. New technology
can aware about climate, so we have clear picture for which product are helping to boost our

sales. It is very essential that individual person should know about the new technology, so they
can apply technology very efficiently in organization.
Tactics-
Social media is the essential way to reach client. It helps to increase your brand
awareness in marketplace. Half of the world population are using social media platform like
Facebook, Watson, twitter and Instagram etc. Company can easily find many customers from
social media. Website selling is also the best option for increasing the company sale. Company
employers have to know about website because using of this platform company can write
everything about their activity which are happening. As we know that many people have started
believing in online shopping in the recent times. Social media advertising is very beneficial for
selling a pduct. Company can create short advertising clips for better selling. People are more
connected with your business. Individuals like to sharing social media post with their friends,
family. As we know that the social media industry become very bigger in coming year. If
employer are doing offline advertising then they are not able to knowing about your companion
in market. It is very reasonable platform for product advertising.
Funding sources-
 Loans from banks can help the business to gain capital it requires but will require
repayment with interest.
 Investment of private capital is also an option which will be high risk for the
business owner but can be of great results.
 Issuing the equity shares is also another option for the generation for funds.
Budget-
Resources Costs (£)
Human resource 170
Training and development 150
Social media promotion 180
Market research 150
Technology implementation 160
Raw material 1100

Packaging 180
Total 2090
Monitoring and controlling-
By monitoring employees performance, firm may take action to provide training to all
candidates that allow them to grow and let organization do so. For purpose of monitoring success
of new business plan, they may use KPIs in term of determining earlier and current profits
margin gap.
P7) Tools of organization development
Organization development is the process of improving organization capacity, it
influences their employees to knowing about changes in market. It is long termed approach to
changing culture, values, and beliefs. It is the process which means where company developing
the whole things of the organization. Serving in the competitive market every organization have
to apply many tools for growth of the company. Identification of changes is very essential.
Employer have to figure out the negative and positive aspect for company development
(Markopoulos, Robl and Gann, 2021). Try to implement plans which is creating by employee
and employer is more beneficial for organization development. There are different Information
protecting tools for business development are as follows,
Patent :
Patent is the that IP tool which will grant this business the property rights of the invention
of the strawberry drink. These rights to the inventor will be patented towards the process, design
an invention for a given period to the company regarding their innovative product.
Copyrights :
The copy rights is that tool which provides the business of the organization legal rights of
the owners which will restrict other companies from copying the product that is Strawberry Lassi
as their own. This will save the innovative ideas of the Essence Drinks.
Trademarks :
Trademark is also a kind of IP tool which is also said is be the protection of the
intellectual property of the organization. It is used for utilization of services of products. It can be
used by any individual products and service of the organization. It is made out of a recognizable
design or expression which has been made to be protected.

Out of the three option of IP tools this organization patent is going to be the best of for it
for the protection of the innovative product which will help the business improve its
organizational deals. This will help the business to protect the rights of the business which is to
restrict other users to replicate the strawberry lassi as the product.
Essence Drink may utilize patent as IP tools because it may provide it a lot of benefits.
For example, usage of chosen method may enable brand to protect its new product in term of
stopping others from copying that as it may obtain legal rights to do that.
CONCLUSION
With the help of this project it can be concluded that Essence drink company can improve
their sales by applying these tools and techniques for organization growth. This project report
has been giving us idea about how much important technology changes. Better utilization of
technology and innovation can increase the overall business success. In this project with the help
of innovation and determination the comparison of organization inventions are done and
understood, It also analyses different sources of innovation which helps the organization to foster
and also develop the culture and environment of innovation. This project explains how
organizations vision, leadership, culture and teamwork can help the organization to shape its
innovation. In this project the 4 different P's of innovation are discussed with the help of
necessary examples. This project explains the development in frugal innovation and their use in
the organizational context. It also explains the importance of the commercial funnel and also the
application of the NPD processing for the commercialization of the Essence drinks innovation. It
also helps the organization with building a innovation business care for the organization which
allows the business to access the funds. In this project evaluation has been made for the different
tools which can be used for the development of retaining protection of knowledge and
intellectual property.

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