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Innovation in Business: Report 2
Table of Contents
1. Introduction------------------------------------------------------------------------------------------4
2. About Company-------------------------------------------------------------------------------------4
12. Steps Involved Deriving New and Innovative Drinks in the Business----------------------12
13. Conclusion---------------------------------------------------------------------------------------13
14. References----------------------------------------------------------------------------------------14
Innovation in Business: Report 4
1. Introduction
new ideas. To be innovative, one must come up with fresh concepts or methods of
operation. Thus, incorporating innovation into any company may help owners and
entrepreneurs save time and money while also giving them a competitive edge to
grow and adapt their firm in the marketplace. In addition, the goal of innovation is to
business seeks to make a new product, service, or concept available to the broader
public. In order to achieve commercial success, a variety of factors must be taken into
customer service.
workers will be discussed, and the difference between innovation and invention.
chosen firm will learn about it. An invention funnel and 4Ps of innovation will be
explained in more detail later in this report. After that, the paper will discuss the
significance of the commercial funnel and the use of frugal innovation in creating new
2. About Company
This report examines the strategy for safeguarding ideas and explains the
operating in the UK and is specialized in selling solely healthy mango Lassi. In order
Innovation in Business: Report 5
to generate more revenue, the firm plans to create a new drink that is both unique and
appealing. The firm should understand the various types of innovations and to
implement them to launch any new product (Rasmussen, 2010). The company wants
to create a new product, but they do not want to restrain Lassis because it is the
primary product of the business to earn revenue. As a result, Essence Drink seeks to
set itself apart from the competition by offering a variety of Lassi flavors in addition
to mango.
'Innovation' is a Latin term that signifies 'new ideas' in their original form. As
a synonym, "new methods of doing things" may also be used. Creating new methods
of doing things is one of the key reasons companies today seek to innovate. It is a
critical step in every company's life cycle, and it has a direct influence on its success
in the marketplace (Ortiz-Villajos & Sotoca, 2018). Any aspect of a company may
benefit from introducing innovation, whether via the use of new ideas, inventions, or
technological advancements.
on the other hand, are the result of successful inventions. Invented products and
services are new products and services that have never been seen in the marketplace
and are not yet accessible. Electricity, for example, or even wireless communications
are examples of new technologies that have yet to enter the mainstream. On the other
side, innovation refers to the process of enhancing existing items to work more
produced and evaluated by a business. A product or service that has never been seen
is a fundamental capability for competitiveness and that environments that encourage
new ways to do things and transform those ideas into possibilities be present. Leaders
that foster individual and group growth and development via the adoption of
behaviors, practices, procedures, and tools that serve as the cultural basis of the
performs, which are embedded in its culture. Leaders should be held responsible for
must demonstrate their commitment and motivation to the strategies that support
(Pathiranage, n.d.). Essence Drink's strategic challenge is to keep coming up with new
and innovative goods and services that succeed in their markets. If Essence Drink
wants to keep innovating, they need to move their unique ideas out of the labs and
products and services. For the products and services of businesses to attract
customers, they must use innovative approaches (Azar & Ciabuschi, 2017). Here, we
Innovation in Business: Report 7
briefly outline four ways in which an organisation might transform. They are as
follows:
1. Incremental
2. Disruptive
3. Architectural
4. Radical
approach. It utilizes your present technology and provides value to your clients (in
addition to new products and design upgrades, for example) in your current economy
niche. Every company uses some type of incremental innovation at some point.
Current goods and services might have new features added, or they can have existing
ones removed are the attributes of this approach (Aldieri et al., 2019).
Many newer technologies are more costly, have a smaller feature set, and are more
difficult to operate (Aldieri et al., 2019). Apple's iPhone is a good example when it
comes to disrupting the mobile phone business. Before the iPhone, several prominent
from one market and applying them in a new one. When applied to a new receptive
Innovation in Business: Report 8
market, this invention may significantly increase the number of clients. However,
most of the time, architectural innovation entails a degree of risk since new markets
need changes in design (Aldieri et al., 2019). As an example, NASA's Ames Research
Centre made an effort to increase the protection of aircraft cushions in 1966. They
were able to do this by inventing a latest type of foam that, when compressed, returns
to its former shape. It was a huge success. Initially, it was promoted as a medical
product, prior to becoming a more popular option for mattresses. This "slow spring
creates new industries (or eats up current ones), and it entails the development of new
and groundbreaking technologies. Even though airplanes were not the first means of
transportation, they have been revolutionary since they have enabled commercialized
Tidd and Bessant define the four P's of innovation: product, process, position, and
When discussing innovation, product innovation becomes the very initial concept
that comes to mind and represents the modifications in an organization's goods and
services (Arena et al., n.d.). To recycle some of the components that made up the grip on
their ball pens, BIC began manufacturing disposable lighters and razors.
Innovation in Business: Report 9
Changes to how goods are made and distributed are considered part of
"process innovation." For example, with the introduction of a new product line in BIC
presented to customers and a modification in the narrative being told about them
(Arena et al., n.d.). Some examples are female and male razors and pocket lighters to
burn cigarettes and the BIC Mega lighter, which can be used in the kitchen or on a
barbecue.
Adopting a new way of thinking about how a company conducts its work and
sets its goals is known as "paradigm innovations" (Arena et al., n.d.). Ballpoint pens,
for example, were BIC's first focus when the company was created. Over time, the
Because of this new perspective, executives at BIC realized that they might
introducing different and unique flavors to mango lassi like orange Lassi, pineapple
Lassi, litchi Lassi. The company needs to follow the radical and incremental form of
innovation, the company does not need to change its nature of business. Instead, it only
Innovation in Business: Report 10
needs to make minor but innovative changes in its drinks to sustain business in the
The purchase funnel is another term often used for commercial funnel. When a
the process they go through to get there. There are five stages in the commercial funnel:
2017).
together to produce a certain result. To satisfy a market need, the product must be readily
et al., 2017). As a preliminary step, it is necessary to restrict the funnel neck so that only
the most promising possibilities are funneled through. After that, the tunnel has to be
widened to raise the volume of new business services and inventions and grow an
organization's expertise.
Models for the innovation funnel are available in two models. They are as given
below,
Model 1: Here, the company puts all of its eggs in one basket. Entrepreneurial and
Model 2: This model is more technologically advanced and bigger in scale. The
corporation will depend on its research and development team to develop new
Product redesign for the benefit of customers, value chain reorganization, and the
development of new business models are all important ingredients of frugal innovation
(Leliveld & Knorringa, 2017). A more inclusive market may be created by tapping into or
New applications are developed for this innovation in an expense- and resource-
out the reality that companies are frugal in the way they structure their operations
For a business to thrive, it must generate revenue from the sales. There are certain
unique and latest ideas that Essence Drink can execute. They are as given below,
11.1 Get Social: If the company wants to build a strong relationship with its
customers, it should use social media. The associate with a well-known internet
marketing business will be in charge of the business's social media profile (Hossain,
2020).
Innovation in Business: Report 12
marketing possibilities that will benefit its partners (Hossain, 2020). With this
partnership, the firm will increase its brand awareness in the primary market.
11.3 Become a Resource: To succeed, it must be a go-to resource for its most
important client. As a result, the firm will sell more products in the future. As a result,
the business must assist customers with advice, data, and other resources (Hossain,
2020).
12. Steps Involved Deriving New and Innovative Drinks in the Business
To introduce a new product, the business may introduce a drinking line with a variety
of flavours. Health drinks that come in various flavours may appeal to consumers looking to
expand their flavour profiles. One of Essence Drink's unique ideas might help the brand
increase revenue. The company may customize the healthy beverage and supply it directly to
the buyer's at their door-step. Advertising the goods may also be done digitally by the
business (Bouwman et al., 2019). If customers can order the products at home and deliver
them right to their door, they will be more likely to purchase them. A company in the United
Kingdom will deliver health drinks right to consumers' doors under the name Essence drink.
overlooked. There are several types of advertisements, and they all fall under one umbrella:
Mission, budget, message, medium, and measurement are the five advertising decision-
making factors (Bouwman et al., 2019). A product's features and benefits may be made
It is also possible for the Essence Drink Company to do environmental testing on the
new product (Bouwman et al., 2019). In order to come up with an innovative business plan,
the corporation needs first to evaluate the total cost of the business in three phases include,
13. Conclusion
In the United Kingdom, Essence Drink solely offers wholesome mango Lassi.
However, to escalate the revenue, the company is looking to improve a new and unique drink.
As an innovation consultant I would like to suggest that the corporation should be conscious
of the various kinds of innovations and how to implement them to launch innovative food
product. The innovation funnel and frugal innovations may assist when it comes to taking in
new ideas. Because of this, new product development addressed in the topic of Essence Drink
should be used for commercialization and innovation. Lastly, the Company should not
change the nature of its product instead it should add diversity in its flavours within same
nature of product.
Innovation in Business: Report 14
14. References
Aldieri, L, Barra, C, Paolo Vinci, C & Zotti, R 2019, ‘The joint impact of different
Kahn, KB 2018, ‘Understanding innovation’, Business Horizons, vol. 61, no. 3, pp.
453–460.
The European Journal of Development Research, vol. 30, no. 1, pp. 1–16.
<https://scholar.googleusercontent.com/scholar?q=cache:sjFKi2NNK-
Innovation in Business: Report 15
UJ:scholar.google.com/+4.%09Organizational+vision>.
Skyword 2020, How the Marketing Funnel Works From Top to Bottom, Skyword.
Wang, J 2015, ‘Structuring innovation funnels for R&D projects under uncertainty’,