This week, you will finalize your presentation from Wk 5 by designing a deployment plan to promote your innovation project to the executive team of your organization.

Running head: INNOVATIVE NEW PRODUCT

INNOVATIVE NEW PRODUCTS

Developing An Innovative New Product at Coca-Cola

Patrick Carrasquillo

University of Phoenix

Ongart (peng) Ratchaworapong

10/9/2021

The Coca-Cola Company is American grounded and majors in selling beverages. The company sells distillates to different bottling amenities all over the world. This corporation's products are non-alcoholic, and they include sodas, water, energy drinks, and coffee (Jones & Comfort, 2018). This company has been in the beverage industry for decades and has been rivaling companies such as PepsiCo and Red Bull. The company's revenues are derived from these products. It is an international company operating in more than 200 countries. It would be true that it is a giant in this industry.

Since this company is best known to people worldwide, it can start an innovation project and develop alcoholic drinks. Coca-Cola is a company known for several competitive advantages that make it untouchable in the beverage industry, and that's why it can still go ahead and introduce a new product. The fact that Coca-Cola is an international company places it in a better position to bring a new product which will be worldly appreciated and bought. This company's broad vending partnership network illustrates how successful it can be if it produced an alcoholic beverage.

Coca-Cola is a company known to have distinct innovative flavors. Until now, there is no company in the beverage industry with more soft drinks compared to Coca-Cola. Coca-Cola has expanded its territories to more than 200 countries because it knows how to get people to like its products (Jones & Comfort, 2018). That's why introducing any alcoholic drink, especially in cans, should pull close different people. Brand and customer loyalty is a competitive advantage that makes this company unbeatable. With its sweet beverages, Coca-Cola can add an alcoholic drink with just a small percentage of alcohol, which means that the company will still be pulling in more customers as it retains the current and old ones.

Coca-Cola's strategic plan can be reviewed and seen in its vision and mission statements. One of the main objectives of the Coca-Cola Company is refreshing the world. The new product (an alcoholic beverage) can still refresh the world, and that's why this product fits the company. Just like soda and energy drinks, alcoholic drinks inspire moments of happiness. The company's vision statement indicates crafting any beverage choice that people will love and refresh their bodies and spirits. So, this company should try out an alcoholic beverage because it can refresh their body and soul and because they may end up loving it.

One of Coca-Cola Company's competitive advantages is that it tells many stories during its promotional campaigns. Most people know this company as the "storyteller." The storytelling technique of promoting its products has made the company gain enormous word of mouth publicity (Sattar, n.d). It would be fantastic if Coca-Cola developed alcoholic beverages with these kinds of storytelling because more people would buy the product.

Marketing is another stronghold and advantage held by the Coca-Cola Corporation. The company has been able to its strong image through the marketing techniques it's has been using. Every time this company markets its products, more new customers are attracted, increasing its products' demand. The product portfolio of this company is extensive and earns it billions of dollars. Many of these brands give the best preferences and taste to Coca-Cola, making it the number one corporation in the beverage industry.

Coca-Cola is an idea-generating company. Most of Coca-Cola's innovations create a breakthrough to explore the world, giving the company a chance to develop new business ideas. Coca-Cola pursues revolutionary Innovation. The main advantage that contributes to this is that it operates both inside and outside the United States. While carrying out business in these nations, Coca-Cola has the advantage of stealing, structuring, or borrowing an idea that can be put into practice. For instance, this company can borrow the idea of producing or manufacturing alcoholic beverages from a different nation. While marketing its products, it can collect other ideas from people and see whether they like it adding another product to its menu.

The company can start producing alcoholic beverages and have the product liked by people through a collection of ideas from different people. Talking to people about the project is always the best and first method of choosing a product. Research is a method that includes consulting with people, other organizations, or customers about the new product, and their feedback will help. The company can do this on its online platform or hold marketing campaigns to ask people about the new product. This will help define the people who are being targeted. Then the company should know how to reach its audience. Developing this product will include giving it a name, packaging, pricing, and timing. Timing is the first method of developing the product, and this can be done during Christmas Eve because this is when people use this product a lot.

Ideation is the first step to develop this innovation. The company can combine some of its existing flavors with alcoholic beverages and bring out the best taste. The company can then plan on bringing the project into practice before prototyping it (Sutton. 2020). The last method of developing this product is sourcing, which includes bringing in elements that will be used to make the product. After the product is manufactured, it can then be made available to consumers.

References

Jones, P., & Comfort, D. (2018). The Coca Cola Brand and Sustainability. Indonesian Journal of Applied Business and Economic Research, 1(1), 34-46. Retrieved from http://econbiz.org/index.php/ijaber/article/view/1

Sutton. M. r (2020). How to Develop a New Product. (From Concept to Market). Shopify. [Blog]. Retrieved from https://www.shopify.com/blog/product-development-process#:~:text=The%20new%20product%20development%20process,prototyping%2C%20sourcing%2C%20and%20costing.

Sattar. S. B (n.d). Major Competitive Advantages of Coca Cola. The Strategy Watch. Retrieved from https://www.thestrategywatch.com/competitive-advantages-coca-cola/

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