Designing Effective Presentations Part III

Product Development at Coca-Cola

Elbert Johnson

Com 295

Dianna Lobst

October 13 2016

Memo

To:

From:

Subject: Product Development at Coca-Cola

The aim of this memo is to convince the key stakeholders in Coca-Cola to commit capital resources to the development of new products as well as highlight what the company stands to gain with the introduction of the new product. In order to ensure the success of a new product for the beverage company, it is essential to develop a profile audience by establishing the target market as well as positioning the product in a better way.

The target audience for Coca-Cola's products is mostly people between age 12-35 years since this niche of the market is likely to consume the product more compared to individuals above 35 years of age who are likely to consume the product but in significantly lesser amounts. This is to say that the target audience for the new products is mostly youngsters. However, the target market is not defined since everyone is a potential customer. The profile audience shall also involve the employees since-since they are involved with the consumers and hence, they are strategically placed at ensuring the success of the new product (Hill, & Jones, 2010).

Among the audience would be the customers, employees, customer associations, suppliers, local community and prospective employees. Each audience would be approached differently based with the role they play in the society and the company. The customers would be approached on the basis of how best they would like the products, which will be better achieved through their feedback after consumption of the product and also ensuring good customer relations (Shavinina, 2003). Employees, on the other hand, would be approached through ensuring good relations with their seniors and coming up with strategies such as performance appraisal and regular education to ensure innovation and invention (Grant, 2016). Suppliers, on the other hand, would be approached by coming up with procurement policies in terms of securing right price, quality, and quantity, fair and equitable transactions, compliance with laws and social norms, environmental protection and prohibition of personal-interest relationships.

The services and product that I intend to develop include expansion of the bottled water line of Coca-cola brands as well as improving the packaging of the existing products. Packaging has proved to be a valuable asset in the Coca-cola franchise while the bottled water line of products has proved to be the most consistent growth market segments. The target audience for the bottled water is women below the age of 40 as well as the younger consumers in urban markets. An essential aspect of product development is the marketing program. An efficient marketing program extends beyond simple promotion. That being said, the resources to be invested shall also cover partnerships with the local community, packaging, multi-modal communication, as well as distribution to establish the value of the brand in the central demographic (Hill, & Jones, 2010).

Packaging is our most evident and worth quality "according to Chief selling Officer, The Coca-Cola Company. "The Coca-Cola Red Disk has was a mark element of the whole, similar with awing style, growth and refreshment. By introducing it to the packaging of the company's product in such Associate in Nursing intense means, we tend to area unit creating the subsequent stride towards full reception of the "One Brand" technique, connexion the Coca-Cola family beneath one visual character and creating it a lot of less stringent for purchasers to choose their Coca-Cola with or while not calories, with or while not caffein."

The new packaging graphics were uncovered at an event tonight to commend the start of the "One Brand" approach in North American nation. New bundling are accessible in stores in North American nation the premier week of could. Comparable variants of the Red Disk illustrations can start into further markets so much and wide throughout 2016 and into 2017 (Shavinina, 2003).

The unification of the brands through define, denote the primary run through in our 130-year history that the disreputable Coca-Cola visual identity has been shared crosswise over things in such Associate in Nursing clear means,according to vice chairman world style, The Coca-Cola Company. At the purpose once connected crosswise over bundling, retail, hardware and experiential, this new approach turns into a worldwide configuration idiom that uses a chronicled whole image to show the scope of Coca-Cola things accessible nowadays in an exceedingly up to date and easy means."

The Company as these days according the dispatch of the "One Brand" approach, that amplifies the worldwide worth and notable bid of distinctive Coca-Cola over the Trademark and is meant to empower customers to choose whichever Coca-Cola suits their style, means of life and feeding routine.

The goal of every business is to develop, be it a start-up that's merely settled its initial negotiations or a developed sector attempting to more build productivity. In any case, however will a business decide on the simplest system for development? The Ansoff Matrix administration tool offers a solution for this inquiry by mensuration the amount of danger – considering whether or not to appear for growth through existing or new things in existing or new markets. The endowed capital resources shall play a essential role in guaranteeing the following:

I. Market Penetration

This methodology includes a trial to extend market share of the trade within existing businesses, either by giving a lot of product or by finding new shoppers within these business sectors – often by adjusting the "advertisement" part of the promoting combine. thanks to the unbelievable quality of Coca-Cola's image, the organization has possessed the capability to use the market entrance on a yearly premise by creating a relationship between Coca-Cola and yuletide, for instance, through the shameful Coca-Cola Christmas advert, that has helped deals amid the bubbly time-frame (Hill, & Jones, 2010).

II. Product Development

This includes growing new things for existing markets by considering however new things will address consumer problems all the a lot of nearly and beat contenders. a primary-rate} case of this was the dispatch of Cherry Coke in 1985 – Coca-Cola's first augmentation past its distinctive formula – and a system incited by very little scale contenders United Nations agency had recognized a paying probability to feature cherry-seasoned sweetener to Coca-Cola and exchange it. The organization has since gone ahead to effectively dispatch alternative seasoned variations as well as lime, lemon, and vanilla (Annacchino, 2003).

III. Market Development

Thirdly, the business advancement system involves finding another gathering of purchasers for a current item. The dispatch of Coke Zero in 2005 was associate exemplary case of this – its plan being indistinguishable to Diet Coke; the goodish style of Coca-Cola but with zero sugar and low calories. Diet Coke was sent over thirty years previous, and whereas a larger range of females food it systematically than another soft drink complete, it became visible that young fellows shied removed from it owing to its important impression of being a lady's food. With its sparkling dark will and total inverse advertising effort, Coke Zero has effectively created a a lot of "manly" claim The name of a complete can assume a key half in business market positioning because it speaks to associate association's interest in its things. The company's expect to influence (or profit from) the standard of their brands by enterprise wares enlargement. for example Diet Coke (propelled in Australia in 1983) was a characteristic augmentation of Coke and dilated the Coke product providing and complete (Annacchino, 2003). Information gathering and investigation is vital in new item improvement. Quantitative applied mathematics measurement concentrates on numerical information and key execution pointers and knowledge, as an example, piece of the general business, demographic that specialize in and deals development . Subjective applied mathematics measurement depends on criticism through center gatherings, new item testing and trials and on-line input. Innovative add the drinking water market has seen the event of upgraded waters, that rely upon together with regular flavors and/or vitamins and minerals to even currently water to boost association. Improved waters square measure set some place between games drinks (which square measure essentially male-orientated) and still waters. It's lone common that associate association, as an example, Coca-Cola has taken advantage of the wants of this developing prosperity market, with water that has upgraded flavor. Coca-Cola's Pump is set for the innovative, dynamic client. Its useful squeezy bottle settles on that an ideal call for on-the-go association (Annacchino, 2003). In conclusion, investment in introduction of latest product and services shall be essential in making certain the expansion of the Coca-cola business in increasing its profitableness. The Ansoff Matrix tool of management shall be essential in developing the expansion strategy for the new product. It assesses the amount of risks related to the introduction of the printing operation of product. This shall be essential in making certain that price for the investment within the line of product is achieved.

References

Annacchino, M. A. (2003). New product development: From initial idea to product management. Amsterdam: Butterworth-Heinemann.

Hill, C. W. L., & Jones, G. R. (2010). Strategic management theory: An integrated approach. Boston, MA: Houghton Mifflin.

Shavinina, L. V. (2003). The international handbook on innovation. Oxford: Pergamon.