Significance of Innovation in Product and Services : Assignment

Added on - 21 Jul 2020

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ENTREPRENEURSHIP
Table of ContentsPROJECT 2......................................................................................................................................3INTRODUCTION...........................................................................................................................3Background to the organisation and its associated issues...........................................................3Scope of the new idea about new product development.............................................................3Identification of the solution to the problem by implementation of the commercial funnel......4Determination of the tools for test the features of the new commodity......................................5Explanation about that how corporation can protect the intellectual property rights of a newEnergy Drink...............................................................................................................................6CONCLUSION................................................................................................................................7
PROJECT 2INTRODUCTIONInnovation is a very significant aspect in the competitive business environment by whichcompany can easily acquire the large customer attraction. Customer is a king of market and it isgreat responsibility of firm to deliver such high quality and innovative items to them whichprovide huge satisfaction(House, Vines and Corden, 2016). The current assignment helpsindividual in developing knowledge about significance of innovation along with product andservices. Scope of the new product development and solution of the implementation ofcommercial funnels has been also discussed in this current report.Background to the organisation and its associated issuesCoca-Cola is one of the famous American multinational beverage company, retailer andmanufacturer which deal with soft drinks. Cited venture has mission to produce the high qualityof drink and meet customer expectations (Horton and et.al., 2016). Its vision is to create a longterm destinations for business and delivers customers with Roadmap.As per the research, it has been found that company is facing the issue regarding poorsales 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 theydo not purchase the soft drinks because it has high volume of sugar and caffeine citrate (Perrelliand Schimmelpfennig, 2016). Due to this reason, company's performance is also declined in themarket.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 whichcompany 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 healthconscious. Furthermore, this new Energy drink will provide good health and energy tocustomers.Scope of the new idea about new product developmentIt has been assessed from the above discussion that Coca-Cola company is facing issueregarding the poor market share and profitability because customer are very health conscious andthey required healthy drink. In order to again redesign its position in the market, corporation isgoing to launch Energy drink which does not any side effect on health and it is especially for
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