Testing effectiveness of new product for commercialization

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Reference no: EM132241414

Case Study: Essence Drinks

When Akshay Kumar, the founder of Essence Drinks, started the company two years ago he could not have foreseen the rapid early stage growth that took place. He launched the company with one drink (a healthy Mango Lassi) into the UK market and achieved a dramatic rise in sales in his first year due to the innovative formula and distribution capability. However, as the company enters its third year of trading there has been a significant decrease in sales as a number of competitors have entered the market. Akshay thinks the answer is to create an innovative new range of drinks, but does not want to move away from the Lassi products.

Scenario:

You are an innovation consultant that the company has hired to evaluate the situation and present recommendations on how the company should move forward. This assignment is in two parts. You are to produce a business report to present to Mr Kumar to provide background information about innovation and the processes of innovation development.

The business report will address the following:

Determine techniques for testing the effectiveness of the new product for commercialization. Identify the solution to the problem and build a detailed business case of Essence Drinks, using the commercial funnel to highlight strategic capability meeting following guidelines:

1. Matching goals to funding resources and ways to access funding.

2. Assessment of risk.

3. Value analysis applying frugal innovation.

Reference no: EM132241414

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