This report examines the challenges faced by Essence Drinks, a UK-based company selling mango lassi, which experienced declining sales due to increased market competition. The report proposes solutions through new product development, including diverse lassi flavors like peanut butter, blueberry, and others, along with innovative serving methods. It utilizes the commercial funnel to identify strategic capabilities, such as financial strength, ideal store location, and strong marketing strategies. The report also covers the 8-step New Product Development (NPD) process, and discusses frugal innovation strategies to reduce production costs and improve resource utilization. Furthermore, it addresses the importance of testing new products in real environments and conservative testing. Finally, it outlines methods to protect intellectual property rights through patents, copyrights, and strong non-disclosure agreements, along with funding strategies including capital investments, bank loans, and stakeholder investments.
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