Innovation and Commercialization Strategies for Essence Drinks

Executive Summary

The paper is all about the innovation and invention technology that is required to be implemented in the Essence Drinks so that they can get a good business perspective. This innovation and invention techniques are being discussed in this part clearly. The commercialization for the new products that are designed in the organization is beginning discussed in the paper. The commercialization for those new products is required so that can reach to the customers available in the market. These commercialisations are a kind of advertisement for the company. The frugal method for the government is being described in this paper. The 4 PS are also described for the better implementation of that innovation and commercialization technique here. A comparison of this innovation and invention technique is being described in this paper for a better understanding of the topic.

Assignment 1

1.0 Introduction

Several of new ideas that can help a product to enhance and gain a good name in the market is said to be innovation. This innovative method is an important and useful one for getting a good business structure and face. The invention can be said to be converting those innovative ideas into reality and achieve a new product. Essence drinks an organization that is based in the UK which is led by Mr Akshay is having a good business aspect in their initial periods. Commercialization and innovative methodologies are to be discussed here in this paper. Moreover, 4ps that can help Essence drinks to grow will also be analysed in this part.

2.0 Comparison of innovation and invention

2.1 Innovation vs. Invention

Innovation, as suggested, is a new creation method that is required by the organizations to grow in business. In this case, Essence Drinks requires various innovative methods to expand their business. Precise and proper solutions for any business requirements are generally fulfilled by this methodology here. Market needs and customer requirements are generally identified and trends are being supported. A more informative and finer solution can be gained through this method here. Inventions are assumed to the creation of any product generally for the first time. This can helps the organization to grow or get degraded in the market. The first time created product can be liked or disliked by the customers, if the new concept is accepted by the customer then it can give good revenue for the business (Tiddm, 2018). But if this product is not accepted then the organization has to bear a loss for this invention. Thus it can be said that a proper solution and knowledge regarding the product is necessary for the invention methodology here.

Various innovative ideas can be seen to apply by the Essence Drinks so that they can grow and can get a good name in the business. The invention is needed to create a good business competency in the market and the process required to bring the ideas into reality. Distinctive facilities and options can be built by the help of this innovative and invention methodology. For Essence Drinks the innovative method can be a successful step for achieving ultimate goals that are necessary for their business. The invention is the final step that can be beneficial for shaping the product (Adair, 2019). Moreover, both invention and innovation can help in the successful and competitive advantage by business aspect.

2.2 Organizational vision for innovation and commercialization

It is important to contribute to innovation and commercialisation by the Essence of Drinks. Innovation and invention are oriented to help the organization for commercialization.

Leadership qualities and other skill are necessary for them to achieve a good business scope by the Essence of Drinks. Creative and innovative thinking is achieved with the help of this invention and innovation technique. New and improved quality can be achieved by the process here. Thus Essence Drinks vision is to create a good and profitable future (Do, H et al. 2018). Employee and stakeholders are provided with a proper objective regarding the organization and have clear thoughts regarding the company.

Organization culture is based on the structure of organization and control system. Values and attributes are necessary for this organizational culture. Mainly the organizational culture is being forced by the country and the attributes as well as seen that one can be same for one country and the other can be different for the other one. Thus Essence Drinks are aggressive and oriented to their goals, thus culture can be beneficial for any organization to shape their process of innovation and commercialization.

Teamwork is highly required in completing any task in given time according to the plan available (Dezi et al. 2018). Essence Drinks is composed of a good team to initiate the task and performs the innovation and commercialization method by this teamwork. Thus for the formulation of innovative and commercialization work the teamwork is highly necessary here.

3.0 4Ps of innovation

These 4ps of innovation are required for the Essence Drinks to grow in the market. These 4Ps can be a helpful method in identifying the needs and requirement of customers so that changes can be made easily. Organizational innovation and changes can be understood by these 4P strategies. Moreover, new business model and structure can also be made by the help of this 4P m method (Polzin, 2016). Space and strategy are thus created by this 4P methodology so that a proper and successful business can be achieved here.

Paradigm: These are the changes that are made during any requirement of the organization. These are generally a planned process that is required by the Essence Drinks so that they can work in challengeable conditions also. There may be changes and undesirable conditions for Essence Drinks where they have to work in an ethical manner and this paradigm method can help then in doing so. Thus Essence Drinks has to face challenges regarding the fake candidates and customers also and thus in such condition paradigm methodology can help them to cope up with those changeable conditions (Winand, 2017). Changing old employees is required so that new aspiring minds can be employed for building an innovative work environment.

Product: These are offering that is provided to the customers and will be helpful for the organization to get a value addition with them. In Essence, Drinks if they are able to innovate and invent a new product, then this product can help them to add value for competitive advantage in the market. The product innovation can be termed here as the redesign of the available product in an organization (Beyene, 2016). Innovative flavours and drinks are the new methods that can be implemented by the organization and these changes can be achieved by new team members.

Process: This processing is the method to provide products to the customers. Manufacturing the product and transferring it to the customer is an essential task that is seen here. An example that can be seen for this process innovation in Essence Drinks is using a new drink and replacing the older one. May times the Process and product innovation are seen to be a similar one. If the processing of the product is consuming less time, then this can be said to be success criteria for achieving the innovative method (Klimek, 2017). Thus process innovation is highly required in Essence Drinks so that a good impact on the market can be made easily.

Position: This describes that the company wants a good position in the market. If specific innovation and commercialisation can be introduced for Essence Drinks then they can achieve a good position for their business by providing a number of services to their customers. For example, Mr Akshay is not ready to exclude a service from their business then a condition may appear where repositioning of this product can be done in order to regain its market value (McDonald-Junor, 2018). This can be a performance-enhancing methodology in the business and market perspective.

4.0 Adoption of frugal innovation by Essence Drinks

This frugal innovation method is a resource method that can be looked after as the opportunity for the organization. This method doesn't surprise the customer but instead provides a good quality solution to the customers available. A good quality solution can be achieved at a lower cost. This frugal innovation comes into existence when the resources are available in a limited amount. In the same way Essence Drinks also focuses on removing various milestones that are available in their business. A new technological track can be formed by the help of this frugal innovation method (Dakup, 2018). The political, social, cultural and environmental factors are necessary to look after for this frugal innovative method. Reducing the expenses in the polarized and modified methodology it is researched by this frugal method whether the organization can gain success or not in this business condition.

Generally, Essence Drinks has to move to its lower level in order to reduce the poverty and complexity regarding the products. An organization can enhance and raise themself in the big market by the help of this frugal innovation methodology. For frugal innovation methodology becoming social, sponsoring and forming resource is a necessary task required by the customers here. Some of the steps are necessary to be followed by the Essence Drinks are

Constructing a market and understand the demand of customers (da Silva Lopes, 2019).

Reshaping the portfolio is being required here.

A proper performance can be understood here easily.

The commercial investment is required to be looked after properly.

5.0 Conclusion

Thus it can be concluded that innovation and commercialization both are necessary for the companies to gain a good name and fame in the marketing aspect. Innovation and invention are both necessary for the product to be enhanced. Essence Drinks mission, vision, leadership qualities and organizational culture all are required for the better understanding of their marketing aspects. Therefore 4P are introduced in this paper for the application of this innovative method in Essence Drinks. Adoption of the frugal method to again a good market value is being described here in this paper.

Assignment 2

Essence drinks problems

A soft drink organization Essence Drinks are being highlighted here to understand the innovation and commercialization techniques. Essence drinks are being considered here for commercialization and innovation which is led by Mr Akshay Kumar in the UK and was successful during their initial periods. Soft drinks are said to be harmful for consumption and thus it is controversial for Essence Drinks to commercialize and introduce their new products in the market. Thus expanding the soft drinks and new products can result in downfall for their business aspect (Spence, 2017). Innovation and commercialization are important part of organizations. Essence Drink is highly oriented to provide proper information regarding the products they manufacture and they are frightened of misleading information regarding the products they made. To get successful market value and business it is required to deal with the different needs of customers.

Thus the invention, innovation and commercialisation will be seen in this paper that can help the organizations to come above to achieve a good business structure. Commercialization is the measure used to introduce as a product to the market. Implementation of these techniques in Essence Drinks for their future will also be discussed over in this paper. Proper management technique regarding innovation is being discussed over here. Organizational culture, as well as teamwork, is also being seen for the innovation purpose to be applied in the company. Moreover, 4P for innovation will also be discussed in for a better understanding of this innovation and commercialization process (Ghasemi-Varnamkhasti et al. 2017). Good knowledge of commercialization and innovation is discussed over in this paper for their better understanding. Risk is there for maintenance of quality regarding the product that can leave an impact on the society as well as the customers. Thus a strict step is required by them to gain a proper business and market value for them.

A product that is in the market but stills needs to be revised in the market can be done by the help of this innovation and invention method. Many times it happens that these products don't gain a good name during their production and thus the innovation methodology can be a helpful one for them to regain their value in the market. In the same way, innovation and invention can be a helpful one for removing every problem in the company and thus regaining the name can become an easier task (Wilson, D., 2017). Creating a new drink for the organization can be proceeded here possibly by the company so that a good business perspective can be constructed here.

A problem related to Essence Drinks is to gain the trust of customers. The introduction of modern soft drinks and other materials by Essence Drinks can be seen here possibly done by the organization. It is hard to regain trust regarding the health drinks. Immunity, health and boosting energy can be helpful criteria for the Essence Drinks to gain a good business perspective. Flavouring and colouring the soft drinks are also a problem that can be a negative point for the Essence Drinks. Bacteria and preservative drinks are necessary to be initiated by the Essence Drinks so that an essential technique can be introduced by the organization. Staying at top of industries are the required things to be initiated by the market (Moran, 2018). The team and partners are to be looked out properly so that the proper team and group can be initiated by them for the business perspective.

The proper difference between the innovation and invention are to be understood by the Essence Drinks properly. The need for Commercialization for those innovative ideas is to be initiated by the Essence Drinks properly. The successful running of the business is possible with the help of this methodology here (Chithra, 2020). The strategic plan and methodology are required to be initiated by Essence Drinks so that several problems can be easily cleared by them.

Commercial funnel for Essence Drinks

A product or material requires various steps that are generally initiated by the help of this commercial funnel technique. Refinery systems are applied here in initial steps for the development and gaining ideas related to the business perspective. Idea after this refinery is left which is being implemented in the company. For the progress and enhancement of products converging ideas are being implemented by the companies. There are three challenges that are involved in this funnelling technique (Ubaid, 2019). The first one is the process of narrowing the neck of the funnel and to focus on the single idea. Resource focused ideas are to be seen here and the attractive opportunities are thus seen to be followed. The next challenge is to widen this mouth and open up the opportunities that can occur further. Various, information is to be accessed by the organization and the knowledge is required to be enhanced by them.

Two models for the funnel case can be seen in which the first one is innovation funnel in a single method and the second method is innovation funnel on multiple projects. The first model is generally small and focuses on top to the down procedure. The second model is a large one and focuses on intensive technology. Research and development group is generally depended upon by the companies for ideas of product and technology available (Gray, 2017). This funnel technique is based on certain steps such as discovery, definition, design and development. In Essence Drink the funnel innovation technique is initiated by various steps. The first steps are to collect information regarding the customer and the customers need and demands re generally focused here for the production. Then the implementation of that idea is seen by the organization. Companies' opportunities and consequences are best supported by the implantations of those ideas. Questions and solution to those questions are supported next. Finally, the actualization of those ideas is seen in reality to gain a proper product and manufacturing of those goods by the organization (pdfs.semanticscholar, 2019).

The innovation funnel is described by a diagram here. This innovation funnel for Essence Drinks looks similar to the funnel that is used.

A purchase funnel is being described by the diagram above. This purchase funnel is composed of four strategies those are awareness, interest, desire and action. A good perspective for the business can be seen here possibly by the business perspective. This funnel is designed from top to bottom. Various perspectives can be seen through this funnel. Those are the awareness that starts from the top and is a potential one for the business of Essence Drinks. In awareness, the Essence Drinks tries to grab the attention of people so that they can sale their products easily. Awarding people so that each and everyone can gain a good understanding and information regarding their products. Different marketing strategies are used in this step so that these products can reach to the individuals available. The interest is the second step here and is the suspect one (bitstream, 2019).

After gaining the attention it is required to spark interest regarding the products so that people can understand the need and problems of their product. The risk and milestones for the Essence of business can be understood by this process here easily. Then the next step seen is the desire which is the requirement of the company is to be done by the company to achieve their goals. In this step generally, the relationship and connection between the market and organization are being constructed. The final step is action. This is related to the customers that are related to the organization. In this step engagement of clients with the company becomes smooth and easy. Moreover, the connection between the customers and the Essence is being constructed with faith and trust here.

Innovation case for Essence Drinks

An innovative case that can be seen for Essence Drinks is of production of soft drinks. Some of the soft drinks those have left their names can gain a good market value again by the help of innovation and invention technique available. It can be seen that the implementation of new innovative ideas so that new soft drink products can be encouraged in the market. Originality and addition of new ideas can be seen here possibly.

Market research and funding are possible through the partners available. A more productive and effective technique is available by the help of this agile technique that can be used by the Essence Drinks here. These agile methods can be said to be a hidden innovative method that can be said to be a creative one for the Essence Drinks here (Dakup, 2018). The brand and the organization's name can be in the advantage of the specific goals available in the market. The agile research can be said to be an effective measure that is being initialised by various organization for their annual report and a good business opportunity. Moreover, research tools and technologies are also available for a good business perspective and achievements.

Product development is highly required for the innovation and invention of new soft drinks that are produced in the market. Common people and their reviews are highly recommended for the introduction of new material in the market and for the business perspective. Keeping the same price tags and the introduction of new products can be a beneficial one for them to introduce in the market. Agile research is easy to be produced here by the help of agile software available in the market and organization. Lunching products, campaigning and other advertisement methods are highly recommended for the agile methodology here. Product development and introduction to the market is easily possible here by this agile methodology. This agile methodology can help the customers to address them easily and can reach to the customers available (surveymonkey.com, 2019).

The strategy can be made here for a better understanding of the innovative case implemented by the Essence Drinks. A variety of case can be useful forth innovative case here for the consumer behaviour and performance of Essence Drinks here. The market research can be productive and helpful in the innovation of the Essence Drinks and their new products available. Pasteurised drinks and pathogens drinks are still not acceptable and require acceptance of customers for their existence and coming to the market and business.

Tools required for Essence Drinks

Retaining and development of the Essence Drinks are based on these tools and technologies here. Invention and innovation play a crucial role in this part for the Essence of Drinks to grow. Competition among the market can be enhanced by the help of this technique. Essence Drinks is focused on the changing of taste and getting an innovative method to discover new drinks. Unique products and the taste is seen to be an innovative method for the Essence Drinks to grow and gain a good name in the market. Protection of intellectual property is highly required here for the business to grow and create a competitive advantage in the market. The business portfolio is the first attempt to be seen for the tools to be implemented by the Essence Drinks. Then the monitoring of social media or advertisement can also be a tool required for the better performance of Essence Drinks here (bestassignmentexperts.com, 2018).

This social media usage technique can help them in understanding whether any other organization is copying them or not or if any violation of their intellectual property is there. Understanding the legal steps can be a helpful one in better understanding of their intellectual property. The other tool that can be implemented by Essence Drinks is the law implemented by the UK for the preservation of their intellectual property. New and innovative tools or methodology is required by the Essence Drinks because this innovative methodology will not reside forever and thus required to be upgraded as per time. Common regulation is available for the better implementation of these preservatives and additives in the soft drinks that are introduced by them. Various techniques for flavouring and taste can also be implemented by Essence Drinks so that new opportunity can be gained by them in the market (academia.edu, 2018).

Four P is described in details for implantation of these tools and technology. These 4 p gives a better understanding of how can the implementations of these tools can be done there for a better business perspective. National legislation on the basis of these codes and legislation can be seen here possibly. All FDA requirements are to be completed here by the help of the safety techniques implied by the organization. Several of drinks aspect such as wellness drinks, sport and energy drinks are generally proposed by them. Hygiene requirements and various microbial criteria can be a good aspect for the production of their soft drinks. Additives and colour sweetener can be a good aspect for them to enhance a new technique for gaining a good market value. As discussed the wide mouth or the narrow-mouthed funnel can be a good aspect for them to enhance their business aspect (researchgate.net, 2018).

A report should be formulated by them in order to get a good business perspective. Changes as per review are required to be made so that enhanced techniques can be achieved here easily. Thus it can be suggested that these innovative ideas can help them to gain a good business status in future. Copyright, patent, trade and design are important tools that can be used in this intellectual property. Governance and corporate values can also be understood here for a better business perspective. Intellectual property rights are required to be brought from the owner or the governance for their business perspective. Copyright can be defined here as the registering work from UK governance. Patent is generally done in order to protect the innovation and invention ideas that are proposed by the Essence Drinks. Legal action and measures are possible here by the help of these patent methods (pure.roehampton, 2019).

Thus it can be said that these tools are a required one for the innovation purpose here. The commercialization and innovation are easily possible by these techniques demonstrated in the paper. As suggested the copyright, patent and other methods are highly required for the Essence Drinks to get their innovative idea with them. If anyone tries to steal their innovative idea then they can report it and can get formulated for their future (Kramer, 2017). As suggested above the frugal technique is highly recommended for the purpose here. Te marketing, customer and governance frugal system is highly understood by this frugal innovation technique here. Moreover, an extended frugal innovation technique is also determined here which consist of capture, connect, convert, confirm and conclude. Moreover, the commercial funnel is also described here for a better understanding of this business technique utilised. The business will lead and proceed to a good stage by the help of these funnel technique here. New products development strategy is required to be adopted by Essence Drinks so that they can a good market and business value can be achieved here easily (s3.amazonaws, 2018).

Reference List

Books

Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and organizational change. John Wiley & Sons.

Adair, J., 2019. Decision Making and Problem Solving: Break Through Barriers and Banish Uncertainty at Work. Kogan Page Publishers.

Journals

Kramer, J.M., 2017. DRINKING OUR STORIES: FOOD SOVEREIGNTY IN ECUADOR AND AMAZONIAN RUNA RELATIONS WITH MANIOC AND GUAYUSA.

Dakup, K., 2018. The adoption of eco-innovations: a study of SMEs in the Scottish food and drink sector (Doctoral dissertation).

Do, H., Mazzarol, T., Soutar, G.N., Volery, T. and Reboud, S., 2018. Organisational factors, anticipated rents and commercialisation in SMEs. International Journal of Innovation Management, 22(02), p.1850018.

Dezi, L., Santoro, G., Monge, F. and Zhao, Y., 2018. Assessing the impact and antecedents of university scientific research on firms' innovation commercialisation. International Journal of Technology Management, 78(1-2), pp.88-106.

Polzin, F., von Flotow, P. and Klerkx, L., 2016. Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries. Technological Forecasting and Social Change, 103, pp.34-46.

Winand, M. and Hoeber, L., 2017. Innovation capability of non-profit sport organizations. Sport Entrepreneurship and Innovation, pp.13-30.

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Klimek, K., 2017. The Role of Destination Management Organizations (DMOs) in Commercialization of Summer Tourism Products. New Challenges for Mountain Destinations in an Integrated and Global e-Market Place. Ekonomiczne Problemy Turystyki, 40(4), pp.19-28.

McDonald-Junor, D., Rossiter, W. and Smith, D., 2018. From commercialising intellectual property to facilitating open innovation: The evolution of UK biotechnology incubators.

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da Silva Lopes, T., Casson, M. and Jones, G., 2019. Organizational innovation in the multinational enterprise: Internalization theory and business history. Journal of International Business Studies, 50(8), pp.1338-1358.

Spence, C., 2017. Enhancing the experience of food and drink via neuroscience-inspired olfactory design. The Senses and Society, 12(2), pp.209-221.

Ghasemi-Varnamkhasti, M., Amiri, Z.S., Tohidi, M., Dowlati, M., Mohtasebi, S.S., Silva, A.C., Fernandes, D.D. and Araujo, M.C., 2018. Differentiation of cumin seeds using a metal-oxide based gas sensor array in tandem with chemometric tools. Talanta, 176, pp.221-226.

Wilson, D., 2017. Making Creative Cities in the Global West: The New Polarization and Ghettoization in Cleveland, USA, and Glasgow, UK. In Inequalities in Creative Cities (pp. 107-127). Palgrave Macmillan, New York.

Moran, M.E., 2018. An environmental and cost comparison between polypropylene plastic drinking straws and a" greener" alternative: An Oberlin case study (Doctoral dissertation, Oberlin College).

Spence, C., 2017. Enhancing the experience of food and drink via neuroscience-inspired olfactory design. The Senses and Society, 12(2), pp.209-221.

Chithra, M.S.A., 2020. INFLUENCE OF PARADIGMATIC AND SOCIAL INNOVATION IN NEW MEDIA: AN EXPLORATORY STUDY ON MEDIA CONVERGENCE. Our Heritage, 68(47), pp.553-560.

Ubaid, A.M., Sahban, M., Hammad, O., Ramadan, A. and Abdel-Razek, R., 2019, March. Advancing Knowledge in Technological Innovation: Innovation Mapping Model. In 2019 Advances in Science and Engineering Technology International Conferences (ASET) (pp. 1-7). IEEE.

Gray, S., Voinov, A., Bommel, P., Le Page, C. and Scmitt-Olabisi, L., 2017. Purpose, processes, partnerships, and products: 4Ps to advance participatory socio-environmental modeling.

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