Requirement of Innovation And Commercialization

Innovation And Commercialization

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Table of Contents INTRODUCTION ...........................................................................................................................1 1. Difference between invention and innovations............................................................................1 2. Value and Importance of Innovation to organizations and embedding it within organizational leadership and culture of Essence Drinks ........................................................................................2 3. Four P's of Innovation ..................................................................................................................2 4. Innovation funnel and Frugal Information approach that can be undertaken by Essence Drinks for innovation ...................................................................................................................................3 5. Deriving new and innovative drink from Essence Drinks ..........................................................4 CONCLUSIONS..............................................................................................................................4 REFERENCES ................................................................................................................................5

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INTRODUCTION Commercialization is procedure of launching new product into commerce, making it available in market. Innovation is result of successful commercialization (Ansari and Krop, 2012).

The assessment has taken Essence Drinks into consideration which was launched by Akshay Kumar in UK and was successful for first year but not in coming years. So the commercialization and innovation schemes need to be applied to improve the growth rate of Essence Drinks.

1. Difference between invention and innovations Innovation is defined as the creation of a process or method that has not been into existence before. It leads to the introduction of more precise and up-to the mark solutions that satisfy the existing market requirements.

It generally includes the method of identification of needs of the market, current popular trends , processing competencies and support in terms of finance. It causes expansion and renewal of products. It also leads to evolution of new ways of production (Balachandra, Nathan and Reddy, 2010).

Inventions are assumed since they provide security to the inventor in accordance with rights of property and to be known as a real invention. It is the creation of a product for the very first time.

It involves the transformation of brand-new thoughts or concepts into products that are tactual. It deals with overall procedure of development of product and engineering of same. It might be an improvement on a product or an outcome.

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Table 1: Difference between Invention and Innovation Invention

Innovation

A novel concept, process, device or product is Unveiling of a brand-new and more finer considered as invention.

solution that meet new requirements or the existent requirements of market is considered as innovation.

Financial aid, competency and knowledge is Technical required in it.

information

,

competency,

knowledge about needs of the market , currently popular trends and financial support is required in it (Gassmann, Enkel and Chesbrough, 2010).

2. Value and Importance of Innovation to organizations and embedding it within organizational leadership and culture of Essence Drinks Every organization wants to be innovative in order for successful running of it.

Importance of innovation is rapidly rising. It has a major impact on strategic planning. It causes creation of wealth for a organization. Currently there are many organization that are using certain methods in order to improve their ability to innovate. Such type of organizations are creating operating systems which are dependable for the process of innovation to indicate corporate sustainability. Every organization that feels the impacts of globalization, migration knowledge based and technology revolutions , climatic change issues require innovation for bringing added value along with widening of base of employment (Gibson and Naquin, 2011).

Considering Essence Drinks, the introduction of mango flavoured lassi was a boon for its initial stage in first year. But carrying out out the same product for further years that too too without any innovation lead to a slight decrease in the growth rate of it. This could be a result of lack of innovative minds that is young people who are heart and soul of every country. Lack of innovative ideas affects the company. The leader of the company is not efficient enough to Avail the best e-commerce dissertation topics from the professional writers of Instant Assignment Help.

motivate the members to bring out new ideas and the culture is also not good that is why members are finding it difficult to communicate with each other. Hence company needs to introduce some more innovative flavours and ideas in new products to increase their growth.

3. Four P's of Innovation Innovation is the procedure of doing new things. The four P's in terms of innovation have discussed below: 

Product innovation: When the organization redesigns a product that is already there in existence, then this procedure as a whole is termed as product innovation. An innovative idea could be quickly changed into smart and creative product by persistence. Essence Drinks has been circulating the same mango flavoured lassi since 3 years. People prefer new flavours with the changing time. So company should hire a team that will work on n innovative flavours that can be included in new range of products along with old one.



Process Innovation:This method usually lays its focus on the process of how the product is being manufactured. Essence Drinks, since it was started by Mr. Akshay Kumar, gained very much popularity but as the years passed by company faced downfall.

Therefore in order for innovation in process, company should focus on how these products could be made available to customers at their residence by offering home delivery just in time method.



Position Innovation: It is the repositioning of established product in specific context (Hoque, Chishty and Halloway, 2011). Since Mr. Akshay wants that the mango flavoured lassi should not be excluded, so reposition the Essence Drinks would prove to be beneficial. This can be done by transforming it into a brand of lassi in UK through innovative ideas.



Paradigm Innovation: It means changing the services and product completely. Certain things such as changing the staff completely in order to let young minds help in building of an innovative organization for success of the Essence Drinks.

4.

Innovation funnel and Frugal Information approach that can be undertaken by Essence Drinks for innovation Development of an innovation funnel involves three steps that have been discussed below

with respect to Essence Drinks: Avail the best e-commerce dissertation topics from the professional writers of Instant Assignment Help.



Wide mouth of funnel: At this point the company lays its focus upon gaining of more knowledge and increasing the information base. The products by a company can be more in quantity if ideas are increased. Hence Essence Drinks should focus on gathering innovative ideas and this could be done by either hiring young and talented staff or by taking suggestions from people who use their product.



Narrowing segment of funnel:The innovative ideas go for screening that whether they are meeting with the goals being set or not. Now assessment should be made that which idea finally needs to be selected. So Essence Drinks can focus on each and every aspect of that idea is matching with the goals set up for enhancing the company's growth.



Narrow segment of funnel: The ideas that have been selected should meet the objectives of company and then the brand new product is released in market (Libaers, Hicks and Porter, 2016). Essence Drinks now finally release their new products that is fully satisfying the objectives of the company.

Using innovative approaches in order to maximise the sales of the drinks of Essence

Drinks Company is based on frugal information. This can be done by involving new young people in staff which can lead to ideas, innovative enough to help essence Drinks to reach new heights in market as well as in the minds of people using their product.

5. Deriving new and innovative drink from Essence Drinks Bringing innovations in the products and services of Essence Drinks has become of uttermost importance for the company to regain its standards as set by Akshay Kumar. 

Ideas and reviews can be taken from common people because they are the best source to gather information, about what they find is lacking in company's service or product.



A report should be formulated on the ideas collected and then samples should be made which can be circulated among few regular customers.



Necessary changes should further be made based on their reviews.



After making those changes the products should then be released in the market.

CONCLUSIONS Innovation needs to be applied in an organization for the sake of success in market. If the same product without any innovations is circulated, then people find it boring and rather prefer

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other brand. Hence Essence Drinks needs to realise the importance of innovative ideas for regaining their success like two years ago and increase its status in market.

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REFERENCES BOOKS AND JOURNALS Ansari, S. S. and Krop, P., 2012. Incumbent performance in the face of a radical innovation: Towards a framework for incumbent challenger dynamics. Research Polic. 41(8). pp.13571374.

Balachandra, P., and Nathan, H. S. Reddy, B. S., 2010. Commercialization of sustainable energy technologies. Renewable Energy. 35(8). pp.1842-1851.

Bienkowska, D., and Larsen, K. Sรถrlin, S., 2010. Public-private innovation: Mediating roles and ICT niches of industrial research institutes. Innovation. 12(2). pp.206-216.

Gassmann, O., and Enkel, E. Chesbrough, H., 2010. The future of open innovation. R&d Management. 40(3). pp.213-221.

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