INNOVATION AND COMMERCIALIZATION.pptx
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Innovation and commercialization both are necessary for the Essence Drink for their business. Business aspects are seen by the Essence Drinks. The customers need and requirements are focused here. 4p for the business are discussed here. Frugal innovation method are discussed.
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INNOVATION AND COMMERCIALIZATION.pptx
- 1. Company Name: Home Of Dissertations Website: https://www.dissertationhomework.com Contact Number: +44 7842798340 INNOVATION AND COMMERCIALIZATION(Case Study) CONNECT NOW
- 3. Essence drinks problems • 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. • Organizational culture as well as team work is also being seen for the innovation purpose to be applied in company • A risk is there for maintenance of quality regarding the product. • A product that is in market but stills needs to be revised in market can be done by the help of these innovation and invention method • Gaining a name again in the market. • Creating a new drink for the organization.
- 4. • A problem related to Essence Drinks is to gain the trust of customers. • The introduction of modern soft drinks. • Flavouring and colouring the soft drinks are also a problem that can be a negative point for the Essence Drinks. • Competitive market and business environment are all seen to be important here. • The team and partners are to be looked out properly. • The proper difference between the innovation and invention are to be understood by the Essence Drinks properly. CONT.
- 5. Commercial funnel for Essence Drinks • Funnel technique is a sequence of steps required by organization to gain a good business aspect. • For the progress and enhancement of products converging ideas are being implemented by the companies. • Three challenges involved are narrowing the neck, widening the neck and gaining the information. • Two models for the funnel case can be seen are single method and the other is multi method. • This funnel technique is based on certain steps such as discovery, definition, design and development
- 6. Steps followed in funnel technique • The first steps are to collect information regarding the customer. • Second step is customers need and demands are generally focused here for the production. • Third is Companies’ opportunities and consequences are best supported by the implantations of those ideas. • Finally the actualization of those ideas is seen in reality to gain a proper product and manufacturing of those goods by the organization
- 7. Purchase funnel • This purchase funnel is composed of four strategies those are awareness, interest, desire and action. • In awareness the Essence Drinks tries to grab attention of people so that they can sale their products easily. • The interest is the second step here and is the suspect one. • After gaining the attention it is required to spark the interest regarding the products so that people can understand the need and problems of their product.
- 8. Innovation case for Essence Drinks • production of new soft drinks. • It can be seen that implementation of new innovative ideas so that new soft drink products can be encouraged in the market. • Market research and funding are possible through the partners available. • Agile methods can be said to be hidden innovative method that can be said to be creative one for the Essence Drinks here. • 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. • research tools and technologies are also available for the good business perspective and achievements.
- 9. • 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. • Keeping the same price tags and introduction of new products can be beneficial one for them to introduce. • Product development and introduction to the market is easily possible here by this agile methodology. • A variety of case can be useful forth innovative case here for the consumer behaviour and performance of Essence Drinks here.
- 10. Tools required for Essence Drinks • Retaining and development are based on tools. • changing of taste can be an innovative method to discover new drinks. • Unique products and taste can be a good tool. • Protection of intellectual property is highly required. • Business portfolio is the first attempt to be seen for the tools to be implemented by the Essence Drinks. • monitoring of the social media or advertisement can also be a tool • The other tool that can be implemented by Essence Drinks is the law implemented by the UK. • 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.
- 11. Conclusion • Innovation and commercialization both are necessary for the Essence Drink for their business. • Business aspects are seen by the Essence Drinks. • The customers need and requirements are focused here. • 4p for the business are discussed here. • Frugal innovation method are discussed.
- 12. 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. • Beyene, K.T., Shi, C.S. and Wu, W.W., 2016. Linking culture, organizational learning orientation and product innovation performnace: The case of Ethiopian manufacturing firms. South African Journal of Industrial Engineering, 27(1), pp.88-101. • 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. • Dakup, K., 2018. The adoption of eco-innovations: a study of SMEs in the Scottish food and drink sector (Doctoral dissertation). • 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. • Online Article • pdfs.semanticscholar, 2019, Importance of research, innovation and commercialisation for technological success Available at: https://pdfs.semanticscholar.org/7865/7028e45aed690f78c2879ed8ef2965ad9f25.pdf [Available on: 25.02.2020] • bitstream, 2019 COMMERCIALIZATION OF R&D Available at: http://14.139.40.199/bitstream/123456789/11789/1/Unit-16.pdf [Available on: 25.02.2020] • ir.ucc, 2018, MANAGING INNOVATION, Available at: https://ir.ucc.edu.gh/jspui/bitstream/123456789/3001/1/%5BJoe_Tidd%2C_John_Bessant%2C_Keith_Pavitt%5D_Managing_In%28BookZZ.org%29.pdf [Available on: 25.02.2020] • s3.amazonaws, 2018, Problem-Solution pattern in Internet presentations of local- and global-target start-ups Available at: https://s3.amazonaws.com/academia.edu.documents/56528939/Kowalski-Grzegorz-issue- 34-May-2018-ESTIDIA-Final.pdf?response-content-disposition=inline%3B%20filename%3DProblem-Solution_pattern_in_Internet_pre.pdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz- Credential=AKIAIWOWYYGZ2Y53UL3A%2F20200316%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20200316T111859Z&X-Amz-Expires=3600&X-Amz-SignedHeaders=host&X-Amz- Signature=b93b797b147121a50bc854d5be325cab3f7ca6d3e4cc6fdc5135b2664363408d [Available on: 25.02.2020] • pure.roehampton, 2019, FOR EFFECT OR AFFECT? UK DEFENCE CHANGE: MANAGEMENT Available at: https://pure.roehampton.ac.uk/ws/portalfiles/portal/594653/PhD_ThompsonGabriela_1_.pdf [Available on: 25.02.2020] • Website • researchgate.net, 2018, Hidden Innovation in the Creative Industries Available at:https://www.researchgate.net/publication/318431538_Hidden_Innovation_in_the_Creative_Industries [Available on: 25.02.2020] • academia.edu,2018 Innovation and Commercialisation, Available at: https://www.academia.edu/36074876/Innovation_and_Commercialisation [Available on: 25.02.2020] • surveymonkey.com, 2019, 5 ways in which agile market research is revolutionizing how companies get insights today Available at:https://www.surveymonkey.com/curiosity/agile-market-research-growth- innovation/ [Available on: 25.02.2020] • bestassignmentexperts.com, 2018, Innovation And Commercialization Of An Organisation Available at: https://www.bestassignmentexperts.com/samples/innovation-and-commercialisation [Available on: 25.02.2020] •
- 14. Contact us now Website : https://www.dissertationhomework.com Contact Number : +44 7842798340 THANK YOU !! CONNECT NOW
Editor's Notes
- A soft drink organization Essence Drinks are being highlighted here to understand about the innovation and commercialization techniques. Essence drinks is being considered here for commercialization and innovation which is led by Mr Akshay Kumar in 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 into downfall for their business aspect (Spence, 2017). Innovation and commercialization are an important part of organizations. Essence Drink are highly oriented to provide a proper information regarding the products they manufacture and they are frightened of misleading information regarding the products they made. To get a 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 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 team work is also being seen for the innovation purpose to be applied in company. Moreover 4P for innovation will also be discussed in for the better understanding of this innovation and commercialization process (Ghasemi-Varnamkhasti et al. 2017). A good knowledge of commercialization and innovation is discussed over in this paper for their better understanding. A 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 market but stills needs to be revised in market can be done by the help of these innovation and invention method. Many a times it happens that these products doesn’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 same way the 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 a 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 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 of Commercialization for those innovative ideas is to be initiated by the Essence Drinks properly. The successful running of the business is possible by the help of this methodology here (Chithra, 2020). The strategic plan and methodology is required to be initiated by Essence Drinks so that several of problems can be easily cleared by them.
- 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 single method and the second method is innovation funnel on multiple projects. The first model is generally small and focuses on top to 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 are 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 is 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 these funnel. Those are awareness that starts from top and is potential one for the business of Essence Drinks. In awareness the Essence Drinks tries to grab attention of people so that they can sale their products easily. Awaring people so that each and everyone can gain a good understanding and information regarding their products. Diferent 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 the interest regarding the products so that people can understand the need and problems of their product. The risk and milestones for the Essence business can be understood by this process here easily. Then the next step seen is desire which is the requirement of 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 is being constructed. The final step is the 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 Essence is being constructed with faith and trust here.
- 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 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. 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 hidden innovative method that can be said to be creative one for the Essence Drinks here (Dakup, 2018). The brand and the organizations name can be in advantage for 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 the research tools and technologies are also available for the 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 introduction of new products can be beneficial one for them to introduce in the market. An 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 customer’s available (surveymonkey.com, 2019). The strategy can be made here for the 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 an acceptance of customers for their existence and coming to the market and business.
- Retaining and development of the Essence Drinks is based on these tools and technologies here. Invention and innovation play a crucial role in this part for the Essence 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 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. Business portfolio is the first attempt to be seen for the tools to be implemented by the Essence Drinks. Then the monitoring of the 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 are 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 the 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 the 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 the UK governance. Patent are 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 is 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 are 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 the better understanding of these 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 are 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).
- Thus it can be concluded that innovation and commercialization both are necessary for the companies to again 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 innovation method in Essence Drinks. Adoption of frugal method to again a good market value is being described here in this paper.