Social Media Feedback Analysis & Innovation Funnel Process

This assignment explores the role of social media in gathering customer feedback for product and service evaluation. It also delves into the innovation funnel process, comprising stages like assessment gate, development gate, test gate, and launch. The report emphasizes the significance of testing to analyze new products' features and effectiveness, facilitating necessary improvements.

ENTREPRENEURSHIP

Table of Contents
PROJECT 2......................................................................................................................................3
INTRODUCTION...........................................................................................................................3
Background to the organisation and its associated issues...........................................................3
Scope of the new idea about new product development.............................................................3
Identification of the solution to the problem by implementation of the commercial funnel......4
Determination of the tools for test the features of the new commodity......................................5
Explanation about that how corporation can protect the intellectual property rights of a new
Energy Drink...............................................................................................................................6
CONCLUSION................................................................................................................................7

PROJECT 2
INTRODUCTION
Innovation is a very significant aspect in the competitive business environment by which
company can easily acquire the large customer attraction. Customer is a king of market and it is
great responsibility of firm to deliver such high quality and innovative items to them which
provide huge satisfaction (House, Vines and Corden, 2016). The current assignment helps
individual in developing knowledge about significance of innovation along with product and
services. Scope of the new product development and solution of the implementation of
commercial funnels has been also discussed in this current report.
Background to the organisation and its associated issues
Coca-Cola is one of the famous American multinational beverage company, retailer and
manufacturer which deal with soft drinks. Cited venture has mission to produce the high quality
of drink and meet customer expectations (Horton and et.al., 2016). Its vision is to create a long
term destinations for business and delivers customers with Roadmap.
As per the research, it has been found that company is facing the issue regarding poor
sales of product due to which market share and profitability is also negatively influenced.
Furthermore, another major issue is that customers are more health conscious due to which they
do not purchase the soft drinks because it has high volume of sugar and caffeine citrate (Perrelli
and Schimmelpfennig, 2016). Due to this reason, company's performance is also declined in the
market.
In order to overcome this problem and improve its existing situation within the business,
Manager of Coca-Cola is focusing on the idea of new product development under which
company will launch the Energy Drink which has no sugar and caffeine citrate (Terrones, 2016).
This new Energy drink will provide full satisfaction to those customers who are health
conscious. Furthermore, this new Energy drink will provide good health and energy to
customers.
Scope of the new idea about new product development
It has been assessed from the above discussion that Coca-Cola company is facing issue
regarding the poor market share and profitability because customer are very health conscious and
they required healthy drink. In order to again redesign its position in the market, corporation is
going to launch Energy drink which does not any side effect on health and it is especially for

health conscious people so that they can gain effective satisfaction. This new product has huge
scope in the future because in the present time, customers are very health conscious. They prefer
to eat and drink healthy food which does not harm their body (Erbenova and et.al., 2016). This
new Coca-Cola Energy drink will satisfy expectation of health conscious customers in the
market. Furthermore, this energy drink will also help company in developing impressive brand
image in the market. This feature of Coca-Cola drink will differentiate its product and services
from its competitors because no other company have such kind of product and services. This
unique featured Energy drink will have huge scope in the market because it will be available in
the lower price. Moreover, it will be purchased by any income group of customers because it will
not be too much expensive.
Identification of the solution to the problem by implementation of the commercial funnel
Innovation funnel is very significant method to launch the innovation and creativity along
with product and services. It has several stages such as assessment gate, development gate, test
gate and launch. Coca-Cola has to focus on the several stages of the innovation funnel in order to
launch Energy drinks in the market for health conscious people. Coca-Cola can focus in the
several stages of the innovation funnels which are discussed below- Assessment Gate- In this stage, company's product manager focuses on the creativity
thoughts and innovation along with product and services. In this phase, product manager
can also focus on the goal of organisation, actual requirement of customers, demand,
availability of competitors in the market etc (Ichiue and Lambert, 2016). Coca-Cola
company have main aim is to produce healthy drink which provide effective satisfaction
to health conscious customers. In this phase, company will also focus on the packaging
strategy, colour of drink, ingredients and so on. Development gate- This is the stage of product development under which company
focuses on the development of commodity. Manager of firm also focuses on the
packaging, pricing strategy, distribution, marketing and segmentation in this phase. It is
great responsibility of product manager to focus on the quality and features of the
commodity in this stage because if quality of commodity is not good, then it will be
unable to meet customer expectations. (Reinhart and Trebesch, 2016) Thus, it can be said
that in this stage, manager has to focus on the methods and tools that are used in the
product development procedure. Coca-Cola company manager will focus on the method

and equipment of new product development by which it can produce high quality of
energy drink. Test gate- This is very important stage to analyse the effectiveness of the new product
and services which is going to be launched by organisation in the market. In this phase,
company can select small segment of market to test the effectiveness of commodity. It is
very important stage in the new product development by which firm can easily identify
features of product and customer interest in it. Coca-Cola will conduct testing activity in
order to identify the interest of customer, their feedbacks, reviews regarding product and
services (Marone, 2016). Coca-Cola will introduce the new Energy Drink in the small
market segment for identifying customer reviews and feedback. On the basis of customer
review and feedbacks, company can make further improvement in the new product. Once
the testing has been done, then corporation evaluates its positive and negative impact. In
the small segment of market, corporation can identify the effectiveness of commodity,
then it will launch in the large segment of market.
 Launch- Once of the testing of new product is successfully done, then in the next stage,
company will take the decision of final launching (Cerra, 2016). On the basis of the
testing, company takes necessary actions and improvement in the new product, then
finally launch in the market. In this phase, new product will be launched at the large scale
and company increases marketing and advertisement activities for promoting new
product in the market. Coca-Cola will finally launch the Energy Drink at the large scale
of the market.
Determination of the tools for test the features of the new commodity
Once the product has been developed within an organisation, then it is very important for
company to check and test effectiveness of the new product and services. With the help of testing
the product, company can easily analyse the features and effectiveness of the new product and
make necessary improvement and changes on the basis of result in testing. In addition to this,
testing of the product and services can also help company in assessing features and
characteristics of commodity (Ahokpossi, Martinez and Kemoe, 2016). Company can easily
acknowledge the customer review, feedback, comments, opinion and suggestion related to the
new product and services in the market. There are various methods and techniques that can help
Coca-Cola in identifying features and effectiveness of new product that is Energy Drink-

 Market Testing- This is another important way to check the effectiveness of product and
service that helps company in analysing performance of commodity in the market.
 Survey- It is essential way to check the effectiveness of new produce and services in the
market. This method is mostly adopted by organisation in order to analyse features of
commodity (Gottschalk, 2016). With the help of survey method, company can get the
review, feedbacks, comments, suggestion and drawbacks regarding product and services.
Thus, with help of this method, corporation can easily acknowledge the requirement for
further improvement within new product and service.
 Social Media- On the social media, there are several channels such as Facebook, Twitter,
Instagram, YouTube etc. through which company can acknowledge the customer
feedback about the product and services. On the social media channels, customer can put
the feedbacks and comments about the product and services through which company can
evaluate their success and features.
Explanation about how corporation can protect the intellectual property rights of a new Energy
Drink
Secure and protect the organisation's learning and intellectual property is essential
concern on the grounds that if the individual data is stolen by another enterprise then they can
build up the comparative procedure and item. Therefore, insurance of protected innovation and
knowledge is essential aspect for Coca-Cola. It can utilize following device for this specified
goal
Patent and Trademark- This is very essential right of the property which can keep secure the
product and services of the organisation. With help of this right of the intellectual property, no
other corporation can misuse of name of brand (Jobst and Lin, 2016). A pursuit of the patent and
trademark database is great begin for deciding if a reversal, name, image, gadget or thought has
just been protected or trademarked. Coca-Cola can utilize this device to secure its image, thought
and gadget.
Information Protection policy- This is another very essential right of the intellectual property
through which no one have right to misuse the information of anyone (Terrones, 2016).
Company can utilise information security arrangement by which UK government has expressed

that no individual have right to get data about any organisation or worker without their
authorisation. Coca-Cola will use this intellectual policy by which it will be able to keep secure
its employees as well as product and services’ related information.
CONCLUSION
By this assignment, it has been summarised that on the social media channels, customer
can put the feedbacks and comments about the product and services through which company can
analyse effectiveness and features of the same. It has been also summarised from this report that
Innovation funnel is very significant method to launch the innovation and creativity along with
product and services. It has several stages such as assessment gate, development gate, test gate
and launch. With the help of testing the product, company can easily analyse the features and
effectiveness of the new product and make necessary improvement and changes on the basis of
result in testing.

REFERENCES
Books and Journals:
House, B., Vines, D. and Corden, W.M., 2016. International Monetary Fund. In Banking Crises.
Palgrave Macmillan UK.
Horton, M.M.A and et.al.,2016.Exchange Rate Developments and Policies in the Caucasus and
Central Asia. International Monetary Fund.
Perrelli, R. and Schimmelpfennig, A., 2016. Surprise, Surprise; What Drives the Rand/US
Dollar Exchange Rate Volatility? International Monetary Fund.
Erbenova, M. M. and et.al.,2016. The withdrawal of correspondent banking relationships: a case
for policy action. International Monetary Fund.
Ichiue, H. and Lambert, F., 2016. Post-crisis International Banking; An Analysis with New
Regulatory Survey Data. International Monetary Fund.
Reinhart, C. M. and Trebesch, C., 2016. The International Monetary Fund: 70 Years of
Reinvention. The Journal of Economic Perspectives. 30(1). pp.3-27.
Marone, M. H., 2016. Demographic Dividends, Gender Equality, and Economic Growth: The
Case of Cabo Verde. International Monetary Fund.
Cerra, M.V., 2016. Inflation and the Black Market Exchange Rate in a Repressed Market: A
Model of Venezuela. International Monetary Fund.
Ahokpossi, C., Martinez, P.G. and Kemoe, L., 2016. Monetary and Fiscal Policies and the
Dynamics of the Yield Curve in Morocco . International Monetary Fund.
Gottschalk, J., 2016. The Role of Excess Liquidity and Interest Rate Pass-Through for the
Monetary Transmission Mechanism in the Pacific. Resilience and Growth in the Small
States of the Pacific.pp.261.
Jobst, A. and Lin, H., 2016. Negative Interest Rate Policy (NIRP): Implications for Monetary
Transmission and Bank Profitability in the Euro Area. International Monetary Fund.
Terrones, M., 2016. Financial De-Dollarization; A Global Perspective and the Peruvian
Experience. International Monetary Fund.