This report analyzes the business challenges faced by Essence Drinks, a UK-based company selling mango lassi, due to increased market competition and reduced sales. The report proposes a new product development strategy focused on introducing a new line of flavored lassis, exploring various flavor options like peanut butter, pineapple, and chocolate. It utilizes the commercial funnel and New Product Development (NPD) processing to identify the best product ideas. The report highlights Essence Drinks' strategic capabilities, including financial strength, marketing, and leadership. It also addresses risk assessment, applying frugal innovation techniques to reduce costs and improve resource utilization. The report outlines strategies for testing the new product, protecting intellectual property rights, and securing funding through capital investments and bank loans, along with a comprehensive list of references.
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