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.
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WK5AssignmentImplementationPlan.pptx
Implementation Plan Patrick Carrasquillo University of Phoenix
Introduction
Innovation is important in any organization, and it contributes to the competitiveness of the company.
Innovation is needed in order to improve the product quality and maintain the loyal customers and attract new customers.
New product innovations is undertaken in scenarios where the customer needs to be addressed after getting their feedback (Jones, P., & Comfort, 2018).
Product innovation is vital because it allows you to carve out new areas in an otherwise congested market. You may discover an audience and serve consumer wants in a novel and refreshing way by identifying holes and imposing yourself into a new sector.
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Innovation Product Description
The company of interest is Coca Cola Company that is known as the leading non-alcoholic beverage company globally.
Coca Cola is popularly known for its non-alcoholic products, and it would be an additional value if the company ventures on alcoholic beverages (Jones, P., & Comfort, 2018).
A product line on alcoholic product should be innovated in the company because it is within the company strategy of refreshing people that alcoholic beverages also does.
The innovative product (alcoholic product) is the best idea for the Coca Cola company that enjoys the popularity of its products and has partners in more than 200 countries globally making it easy in developing the product based on the customers interest. The innovation would serve the interest of the customers that supports the company brand but has not gotten their product. The innovation would promote diversity and brings in customers that like the company products and have been looking for an alcoholic product.
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Targeted Customer Problem
Innovation for a Company like Coca Cola that has multiple product line that include sodas, energy drink, coffee and water. The gap that is there for the company is that it has no alcoholic beverage line and this has segregated the customers that like the alcoholic beverages. There is a limited input needed for the alcoholic product to thrive in the market because there are the non-alcoholic beverage customers that would like to have the alcoholic products. The research information about the market and networks are there to use in reaching out to potential customers and get to understand the specific needs about the alcoholic products.
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Coca Cola Company is a popular giant in non-alcoholic beverages and there are alcoholic beverage customers that feels left out by the company.
The innovation targets on meeting the interests of alcoholic customers that are loyal to the Company and the new customers (Sattar, 2020).
There are customers that like the non-alcoholic beverages and would have liked to enjoy the alcoholic beverages from the company.
Aligning the Innovation Project with Company’s Strategy
The vision and mission statements of Coca-Cola reveal the company's strategic plan. One of the Coca-Cola Company's primary goals is to refresh the world. The new product (an alcoholic beverage) has the potential to rejuvenate the globe, which is why it is a good fit for the corporation. Alcoholic drinks, like soda and energy drinks, can make you happy. According to the company's vision statement, the company will create any beverage option that people will enjoy and that will refresh their bodies and spirits. So, this organization should try an alcoholic beverage to rejuvenate their body and soul, and they might end up liking it.
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Coca Cola is a company that is known to have distinct flavors and can adopt the same strategies in getting the best flavor for the alcoholic product.
The company’s strategy and objective is refreshing the world and inspire moments of happiness (Jones, P., & Comfort, 2018).
Alcoholic beverages also serves the same purpose that is refreshment, and the mission and vision statement should be reviewed to accommodate the innovated product.
Target Customers
Coca Cola innovates the alcoholic product targeting the young people of age from 10-25 years as primary market (Jones, P., & Comfort, 2018).
The secondary market is those between 25 years and 40 years.
The alcoholic product that the company develops targets people that needs an alcohol that has the strong cola flavor and the company consider the preferences and health conscious.
Coca-primary Cola's market consists of people aged 10 to 25, with people aged 25 to 40 constituting the secondary market. Cola products including the innovated alcoholic product are marketed to consumers who prefer a strong flavor, whilst diet cola and its variants are marketed to the health-conscious sub-segment.
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Pricing Strategy
Coca Cola has been using the meet-the-competition pricing where they are set around that of competitors that is PepsiCo and Red Bull.
The same strategy would be adopted in pricing for the alcoholic product and incorporate the best price the customer is willing to pay for the product (Sattar, 2020).
The competitors for the alcoholic product will be different from that of competitors and market research is conducted to get the market prices.
Coca-pricing Cola's approach is what they call "meet-the-competition pricing": Coca-Cola product prices are set around the same level as its competitors, because Coca-Cola must be viewed as different while being inexpensive. The same strategy would be adopted in pricing for the alcoholic product and incorporate the best price the customer is willing to pay for the product.
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Potential market size
The Coca-Cola Company dominated the carbonated soft drink market, with a 48.6 percent market share. The global market was predicted to be worth 341.6 billion US dollars. Market share of main carbonated beverage businesses globally in 2015. In 2019, Coca-Cola had a 43.7 percent market share in the United States. Other market shares for the soft drink industry can be found here.
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According to 2019 statistics, Coca Cola’s U.S had a market share of 43.7% (Sattar, 2020).
The introduction of alcoholic product line would attract the market share but might be a slight lower on the start at approximately 35% (Sattar, 2020).
The global market share for the carbonated soft drink is 48.6% and this indicate that the existing potential customers are likely to take the alcoholic product.
Potential competition and strategies for intellectual property protection
The Coca Cola Company venturing into the alcoholic product line would get competition from other alcoholic beverage companies like Reyes Holdings, Diageo and Altria Group among many more (Sattar, 2020).
The company should protect the intellectual property from competitors in a similar way it succeeded in protecting that of non-alcoholic beverage making the Company successful.
The Coca-Cola Company's product is protected by many overlapping intellectual property rights. It was granted the first and second design patents for the bottle shape. It has a trademark on the shape as well as the words Coca-Cola and Coke, among others. There are a variety of copyrights for advertising and promotion, as well as for their label.
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Developmental Strategy and Methodologies
The innovation of the product requires planning for its success. Coca Cola has best structures that promote the development of new product line and this include reaching out to potential customers and know their perception about the product line (Sutton, 2020). A pilot product is developed and subjected to market testing. Finally the product is improved and taken to the market for a commercial use.
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The innovation of the product requires planning for its success.
Coca Cola has best structures that promote the development of new product line, and this include reaching out to potential customers and know their perception about the product line (Sutton, 2020).
A pilot product is developed and subjected to market testing.
Finally, the product is improved and taken to the market for a commercial use.
Timeline
| Activity | Timeline |
| Collecting existing and potential customers data about the product plan | 2 months |
| Developing a pilot product | 3 months |
| Market testing | 1 month |
| Product improvement and taken to the market for commercial purposes | 2 months |
The marketing team and sales team of Coca Cola Company plays the role of reaching out to the existing and potential customers and the top executive management makes sure that the team has the resources needed to reach to the market. The production and innovation team develops the alcoholic product and makes sure that it meets the customer needs (Sutton, 2020).
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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. (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 (2020). Major Competitive Advantages of Coca Cola. The Strategy Watch. Retrieved from https://www.thestrategywatch.com/competitive-advantages-coca-cola/
