What Are The Four P's Of Process Innovation

Innovation as discussed above, is the introduction of something new in the market which provides value.

Innovation Space, on the other hand, refers to a place where we can use our abilities and capabilities in order to grow and develop in the market.

There are four P’s of Innovation Space:

1. Product Innovation: It simply means the changes in a product or a service that the organization offers. Air Conditioning or refrigeration being an important invention in our lives, it can also be taken as an example for product innovation or incremental innovation as it has transformed from window AC to split AC. (Anon., n.d.)

At Essence Drinks, Product Innovation can be done by Adding local and more complex flavors like sweet, sour spicy et. Local flavors

Process Innovation: It means the ways and changes in which products are delivered and created. Here, the main aim is focusing on the customers. Organizations also focus on processes. By improving the process to an innovative process, organizations increase their efficiency and effectiveness. (Anon., n.d.)

At Essence Drinks, Process Innovation is simple. Lassi products are made available almost everywhere excluding supermarkets, hypermarkets. Vending machines, which is an effective delivery method allows the consumers to get the product almost everywhere which also has an add on advantage of 24 hours availability.

3. Position Innovation: This is all about perception. Position innovation refers to how a particular product is perceived and how they are used to achieve the organizational goals. Jeans, which were used for manual workers are now used as a fashion item is a popular example. (Anon., n.d.)

At Essence Drinks, Position Innovation may not work much for Essence Drinks as it is normal everyday product that the consumers use. Essence Drinks products may be chosen by the customers as a substitute for soft drinks. It depends on the customers different

The 4 P’s of innovation give a boost to the organization’s products. It basically enhances almost everything in an organization positively from increased sales to better understanding of the consumers and most importantly, it supports the capability and management of the business. Therefore, it can be said that the four P’s do play an important role in an organization. (Dave & John, 2005)

Conclusion:

Essence Drinks must mainly engage in product and process innovation. Product Innovation will have better flavors in lassi products and new target market can be created because of this. Local consumers may also enjoy the product over soft drinks due to this as it has a variety of flavors plus it is cheaper than the soft drinks.

Process Innovation on the other hand, can be a useful way to increase Essence Drinks sales in the market. Vending machines can be a way to increase their sales as vending machines can be placed anywhere other than in supermarkets, hypermarkets and so on, plus they also have 24x7 availability and so the consumers will prefer lassi products because they are easily available and cheap. This might also change the perception of the consumers and help in position