INNOVATION 5

2013). In fact, innovation can be related to processes, marketing styles, price policy, promotion
strategies, and place selection. The four Ps of innovation are presented below:

i. Product Innovation

Product innovation is about bringing innovation in the offered services and products.
Product innovation encourages that organization needs to add new features, and functions.
Considering this, Essence Drinks can introduce new products with new color, innovative flavor,
new designs and shapes, and new different types of ingredients (Wittke & Hanekop, 2011).
Products innovation can support Essence Drinks to enhance customer demand and open a new
market for their product line.

ii. Process Innovation

The process represents the method and way of manufacturing and producing products in
the production sector. Sometimes existing method fails to provide a competitive edge in the
organizations. In such situation, management needs to ensure invention or innovation in the
process that can help out the organization to cope up with the fluctuating customer demand and
requirements in selected markets (Snyder & Duarte, 2003). In other words, innovative and
competitive processes must be added in the organizations to gain better production outcomes.
Currently, competition is increasing for Essence Drinks. Therefore, market growth is decreasing.
In such a situation, Essence Drinks need to introduce a new process in the organization that can
produce high quality products in a cost-effective way.

iii. Position Innovation

Position innovation relates to the changes in the way how some specified processes and
items are seen representatively and the way of utilization of these processes and items to ensure
achievement of authoritative objectives (Keeley, et al., 2013). In accordance with this, Essence
Drinks need to target a new market segment. The company can target a new market on the basis
of demographic segmentation.

iv. Paradigm Innovation

The last "P" from the 4 innovation Ps represents that organizations should characterize and rethink
about their predominant paradigms (Snyder & Duarte, 2003). It relates to the innovation in the
way how things are done in the Essence Drinks.

Concluding the whole discussion we recommend incremental innovation form to the

Essence Drinks Company. The product manager needs to introduce new flavor and tastes in the
current product line. Thus, it is clear that company need innovation in the product innovation (from
4Ps of innovation).

4) Approaches to Process Innovative Ideas

There are some approaches that can be taken by the Essence Drinks in order to process
innovative ideas including frugal innovation and innovation funnel.