Innovation and Commercialisation Strategies for London Essence Report

This report provides a comprehensive analysis of the innovation and commercialization strategies employed by London Essence, a company that has been in business since 1896. The report delves into various aspects of innovation, including its definition, importance, and the distinction between inno...Read More

Innovation and
Commercialisation

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.................................................................................................................................................1
P2.................................................................................................................................................2
TASK 2............................................................................................................................................3
P3.................................................................................................................................................3
TASK 3............................................................................................................................................5
P5.................................................................................................................................................5
P6.................................................................................................................................................6
TASK 4............................................................................................................................................8
P7.................................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined as method of forming new ideas as well as creating this in such
manner that have to be unique and commercialisation efficacious for entity. On the other hand,
commercialisation is regarded as formulating new goods procedures into business that developed
availability within competitive marketplace (Antonelli and Link, 2020). This report is based on
London Essence, it is developed into 1896 year. This deals in lavish kind of drinks from pure
flowers and it do not add harmful constituent into their products. The topics which are going to
be covered in this project are innovation as well as its importance, assessment within invention
as well as innovation. In addition to this, management, lifestyle, firm’s imaginative as well as
prescient and work of group can additionally form innovation and commercialisation, innovation
4P’s, trends within frugal innovation, effectiveness of business channel and innovative goods
improvement application are also defined. Beside it, business case related to innovation as well
as numerous ways that company can use to shaped, maintain and shield intellectual assets are
described into this report.
TASK 1
P1.
London Essence is entity this is developed into year 1896 as well as this renders different
kinds of tonics, sodas and more liquids which were of numerous flavours into the applications of
bottle. This has been figuring out that respective business enterprise advanced knowledge in
creating appealing essences for prominent fragrance residence. So, it determined to carry out
innovation into their liquids via including unique essence including Avocado beer with the
intention to be available at stores.
Innovation is taken into consideration as a manner of forming, gazing and executing ideas
in addition to thoughts within product manufacturing or provider services that develops and build
cost. While Invention is taken into consideration because the processes of creating something
unique or new that is helpful in carrying out the goals if people living into society (Chaipongpati
and Thawesaengskulthai, 2020).
Difference between innovation and invention
Innovation Invention
In admire to innovation method, this has been This is the procedure that required
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stated that marketing understanding. proficiency, monetary help and knowledge.
Innovation is referred because the methods of
converting a formation into final items or
offerings those consequences into values
development based on which customers pay
to entity.
Invention is considered as efficient innovative
thoughts that can be faux capable by entity or
individuals. This have been stated that the
characteristics of invented ideas required to
be innovative as well as should be practicable
that may locate earlier than performing into
public.
Sources of Innovation
Some effectiveness of innovation in context of London are described underneath:
 Gratifying customer’s expectations: presently, diverse individuals desire to do and try
some new things in its life as they get bored from considering common things every time.
So, they prefer for trying anything exciting into its existence. Therefore, respective
organisation concentrates upon satisfying consumer’s expectation via innovation with the
aids of launching beer of Avocado. This aids for enhancing their profit.
 Acquiring competitive advantage: Innovation aids to gain competitive edge with teh aids
of providing products fundamentally depends on person needs (Chaudhuri, 2020).
Respective firm can acquire aggressive benefits by comparison of goods from market.
because they provide innovate essence drinks which is beer of Avocado flavour for
acquiring benefits within marketplace.
P2.
There are several prospects which aids to render excessive returns as well as attainment of
group task, leadership, intent and culture. Whole these are needed into company on the way to
attain desires for its enterprise development that are defined below:
 Vision: Within London Essence, It has been determined that its vision is to render clean
and healthful liquids for their audiences because it does now not encompass any varieties
of flavoured sugar.
 Leadership: Leaders who perform into respective entity apply democratic management
style to broaden decision for his or her organization to develop innovative merchandise. It
aids London essence to increase merchandise into innovative way. With help of it, profit
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in addition to sales can be expanded through leader to grab attention of several
purchasers.
 Teamwork: Within respective organisation, it can be decided that procedures of general
innovation are executed via group individuals that power closer to innovation
efficaciously.
 Culture: At latest situation, administrative group of respective entity have to expand
optimistic task lifestyle which assists them in choosing innovation and commercialisation
successfully.
TASK 2
P3
The 4P’s of innovation in respect of London Essence are discussed below:
 Product: It is taken into consideration as major factor of innovation wherein changes is
formed in its existing items that are being utilized through clients. Innovative goods are
released may be developed closer to present items (Choudhury and et. al., 2020).
Advantages: This assists respective organisation for launching their innovative items by
determining modification in person conceptions earlier than unique goods launch.
Disadvantages: They do not determine behaviour and attitude of consumer.
 Process: It incorporates numerous phases such as planning, training as well as delivering.
Thought upon how to decorate various stages may be thinking of that allows firm to leads
in the direction of growing entity’s earnings.
Advantages: It will aids respective organisation to obtain suitable equipment and
produce effective quality items to human beings.
Disadvantages: It does not allow superior relationship with its user.
 Position: It outline from which merchandise is focused at latest length at marketplace
division. Innovation into function can be performed and product may be brought in
market section wherein respective product might be supposed before (Gutterson, 2020).
So, it'll aid London Essence to maximize profitability.
Advantages: It outline from which merchandise is focused at latest length at marketplace
division
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Disadvantages: They do not focus on unique factor that is considered as a main
disadvantage for company.
 Paradigm: It is something those aspects the perfect disruptive exchange into market
location. Moreover, this is whole regarding innovative thoughts that are utilised in
distinct way in order to develop commercial enterprise. The modifications can also either
negatively and with a bit of luck. Changes can be like growing innovation in enterprise
model and others. It will aid London Essence to manage sustainable level by way of non-
stop changes in its items for enjoyable individuals.
Advantages: The modifications can also either negatively and with a bit of luck.
Changes can be like growing innovation in enterprise model and others.
Disadvantages: Sometime, innovation is not accepted by employees.
Innovation funnel
This is defined as method which described as continuous movement of thought which may
be diagnosed for their feasibility. So, few times it may be undertaken as method of funnel control
that allows organisation as well as persons for innovating new things into successful way. (Kam-
fai, 2020). Thus, for coping with brand innovative goods improvement respective firm applied
innovation funnel which can be mentioned underneath?
(Source: Innovation Funnel, 2019)
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 Investigation: With respective phase, administrative of respective organisation would
collect statistics which is needed in order to formulate Avocado essence for its new beer
with a view to shape as in step with desires.
 Market investigation: Within respective phase, company would confirm their section for
which they have to launch innovative items. Through it, this may be useful into greater
efficient to ascertain unique goals.
 Delivering products: This is undertaken as end phase wherein London Essence
administrative would develop decision in respect to deliver their innovative itmes to
audiences’ efficiently. Within this, it has to be clear about what actually they have to
formulate and how to deliver that into competitive marketplace.
P4
Frugal innovation is taken into consideration as a procedure to hinder as well as decrease
price, troubles and issues efficaciously as well as efficiently (Kim and et. al., 2020). For instance:
as respective entity is to launch innovative items that is refreshing flavour of Avocado beer
within marketplace therefore adoption of innovation is useful for them because this aids firm to
consciousness on popular first-class goods which can be cheap. Moreover, it reduces extra fee
which affect complete sales of company in adverse manner.
Apart from this, there are a few steps which display that how it is used into corporation:
 Hatch aback: For obtaining outcomes in effectual way, respective entity supervisor have
to perform advertising investigation in order to acknowledge the requirement of
marketplace.
 Screening new thoughts: Within respective stage, chosen firm should formulate planning
for effective goods depending upon the requirements of capable audiences.
 Testing: This is crucial for checking those goods that are to be introduced means unique
products which will aids respective organisation may obtain positive results either goods
is effective or not.
 Review market place: Within this last phase, respective organisation require to observe
that their innovative goods is accomplishing the requirements of audiences or not.
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TASK 3
P5.
Commercial funnel is defined as method which is adapted by entity in order to launch
innovative items within competitive market area. In addition to this, it is also undertaken as
process which leads client to purchase goods (Martin, 2020). In regards to respective entity, it
provide healthy beverages with herbal elements as well as currently they plan for introducing
unique items which is beer of Avocado flavour that prevent individuals from growing old
trouble. Therefore, whilst conducting it, firm may obtain numerous benefits some are described
underneath:
 Helps to develop business: with assistance of commercial funnel, firm may improve
their commercial enterprise as they well known humans approximately its product
efficiently. So, respective employer decide industrial funnel to increase its business and
profitability as properly.
 Helpful in producing more sales: As by implementing plan of commercial funnel,
Administrative of London essence can become competent to attract much individual’s
attention towards refreshing Avocado Beer that is healthier for them. Therefore, it
directly or indirectly maximises sales.
Beside this, London Essence adopts procedures of new product formulation for their new
goods which is named as Avocado Beer. All stages are described underneath:
 Idea Generation: Herein, respective entity will develop ideas for introducing new product
such as Avocado Beer.
 Screening: Herein, London Essence performs procedures of screening which they desire
to used in order to launch new product. Therefore, their administrative would undertake
suggestion from consumers, shareholder and many more.
 Testing the concept: In this, London Essence would perform analysis with assistance of
SWOT analysis in order to ascertain their intrinsic and extrinsic aspects which exist into
competitive marketplace.
 Business Analytics: In this, before launching new product, they perform evaluation of
whole market area that aids them to identify opportunity of business development.
 Marketability test: Herein, London Essence do testing to gather relevant and appropriate
data from marketplace for knowing customers responses about new products.
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 Product development: Herein, London Essence do market test to develop new product
based on customers demand.
 Commercialisation: In this phase, London Essence will adopt several techniques of
promotion so that they may perform efficient commercial procedures to attract new
audiences.
Therefore, it assists London Essence for launching their product effectually as well as obtains
attention of new clients. Also, this aids them to enhance profit and sales (Wahab and et. al.,
2020).
P6.
Business case is considered like a report which is selected by enterprise for producing new
commodities and supplying new offerings efficaciously. By designing and framing this, the
manager of the company can make suitable selection that helps them to achieve its specific
goals. In reference to London Essence enterprise, it plan to establish innovative commodity
named as Avocado Beer for that it make employer this is explained beneath:
Phases Explanation
Executive Summary To endure and sustain in the market or particular business
sector, corporations need to make a selection of innovation
and creation. I respect to London Essence, the organisation
make plan to launch its new commodity which is Avocado
Beer as it's far fitness pleasant and include simplest 20
energy into one hundred ml amount.
Objective Its foremost goal is to grow to be high-quality essence drink
firm throughout global.
Mission Their mission is to launch refreshing Avocado Beer in order
to obtain profit.
Source of innovation Its fundamental innovation source is to has big range of
rivals and benefit greater sales thru undertaking customers’
needs.
Solution By introducing new product London essence try to render
solution for community as this assists them to avoid from
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ageing.
Target market The company targeted and selected the market in which the
ones individuals who wish for protecting themselves from
getting older.
Benefits By appearing the creation which is made by respective firm,
community can obtain new beer taste that is Avocado. It is
pores and skin pleasant and protectss them from getting old.
Market development It can choose numerous strategies inclusive of commercial,
promoting and many more because it assist them in
achieving expected aims and goals.
Monitoring and controlling It should decide the gaps between preceding and current
income that is after introducing new products. As this help
them to realize that both sales get increased or no longer.
Furthermore, there are different assets of investment that respective organisation can undertake
for executing its activities in context of innovative commodity. So, some alternatives are
mentioned underneath:
Bank Loan: This is taken into consideration as greater secure procedure of wellsprings of
financing. Financial institute like Bank offer advance to commerce individuals and make
concentration in recognize of that. So, that is more efficient for particular organisation
because it is protected basis of investment.
Venture capital: This is in particular included like non-public standards economics which are 5
through funding especially for impartial enterprises. Furthermore, these entails elevated
issues because managers are unable to find control upon business activities along with their
offerings are replaced via them.
TASK 4
P7.
Some of the tools which firm like London essence utilise for developing, retaining and
protecting intellectual property are discussed below:
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Patent: This is taken into consideration because the vital intellectual property proper as it
offers guarantee to proprietor that obviate every other people from the use of, promoting and
growing simply reproduction as bringing in respective innovation for longer period (Zmiyak,
Ugnich and Taranov, 2020). This is allowed to developer that through this, it is capable to
organize the option that every other character may utilize for this work. Its benefits and
drawbacks are as follows:
 Benefits: The important gain of respective right is that it save respective firm to another
venture or people from conveying and enlarge simulation of comparable matters without
thinking about approval from maker and inventor.
 Drawbacks: It is an annoying technique because it assumes three to four years so as to
generate a copyright.
Trademark: It is determined as signs, symptoms by means of which person might also
analyse specific company merchandise from some other aggressive choice. It is a right that
commonly make out from different one. It can be the symbol, layout, image and many more that
might not be replicated by any other character.
 Benefits: It will facilitates security and protection to commodities and facilities as well as
this also allow that inside market customers can recognize unique goods in easy way in
addition to effectually during determining trademark.
 Drawbacks: It major disadvantage is that, it's miles consigned like a weak symbol
because it will be replicated thru other unlawful companies that has influence upon
company’s image and recognition.
CONCLUSION
Based upon above document, this can be summarised that for business enterprise, this is
essential to carry out advance as well as commercialisation as it aids them for seizing the
attraction of greater purchasers, exploit income as well as sales. In addition, company’s
administrative needs to determine its imaginative and prescient, group task , imaginative as well
as prescient and tradition because this affects procedure of improvement. Along with this,
innovation funnels help to acquire possibilities that are obtainable into marketplace as well as
hold competitiveness with their competition business enterprise.
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REFERENCES
Books and Journal
Antonelli, C. and Link, A. N. eds., 2020. Assessing Technology and Innovation Policies.
Routledge.
Chaipongpati, J. and Thawesaengskulthai, N., 2020. A Critical Review of University Innovation
Frameworks. In ISPIM Conference Proceedings (pp. 1-15). The International Society for
Professional Innovation Management (ISPIM).
Chaudhuri, S. K., 2020. Contextualizing the Disagreement of Intellectual Property Rights and
Open Innovation Systems in Realizing the Goal of Innovation Society in India.
In Handbook of Research on Emerging Trends and Technologies in Library and
Information Science (pp. 377-383). IGI Global.
Choudhury, D. and et. al., 2020. Commercialization of Plant-Based Meat Alternatives. Trends in
Plant Science.
Gutterson, N., 2020. Commercialization and Applications of Agricultural Biotechnology.
In Biotechnology Entrepreneurship (pp. 385-398). Academic Press.
Kam-fai, M. T., 2020. Commercialization of rehabilitation robotics in Hong Kong. In Intelligent
Biomechatronics in Neurorehabilitation (pp. 241-258). Academic Press.
Kim, J. H. and et. al., 2020. Sustainable Management Activities: A Study on the Relations
between Technology Commercialization Capabilities, Sustainable Competitive
Advantage, and Business Performance. Sustainability, 12(19), p.7913.
Martin, V., 2020. Still charging: energy storage commercialization in Massachusetts.
Wahab, S., and et. al., 2020. Influence of Work Environment on Research and
Commercialization. Asia Pacific Journal of Social Science Research, 5(1), pp.39-50.
Zmiyak, S.S., Ugnich, E.A. and Taranov, P.M., 2020. Development of a Regional Innovation
Ecosystem: The Role of a Pillar University. In Growth Poles of the Global Economy:
Emergence, Changes and Future Perspectives (pp. 567-576). Springer, Cham.
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