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Innovative Business Case Presentation Institution Course
By
Introduction
Red Bull manufactures energy drinks consumed globally.
The products help the consumers to boost their energy level in terms of vigorous exercises.
The new product innovation involves production of new food supplements that will provide vital nutrient in the body as well as boost energy levels.
The product will expand the organization’s target customer spectrum
Red Bull manufactures energy drinks consumed globally. It products, when consumed, boost the energy level when on is under vigorous exercises. The New innovation is the product that will not only boost the energy but also include diets that will allow the consumer to maintain high level of energy level. The new products will allow the company to expands it customer base further.
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Problem solved by the product
According to the research done by the sport department, athletes who are not conscious on diet have low energy levels despite them consuming energy drinks.
Energy drinks boost energy temporally and is important when one is competing. However, the drink do not provide solution long term issue of low energy level.
Therefore, the food supplement will provide boost energy level by providing nutrient necessary for boosting energy levels.
Several research have been conducted to find out ways in which the energy level could be maintained. According to the research done by the sport department, athletes who are not conscious on diet have low energy levels despite them consuming energy drinks (Baker, Jayadev, & Stiglitz, 2017). Energy drinks boost energy temporally and is important when one is competing. However, the drink do not provide solution long term issue of low energy level. Therefore, the food supplement will provide boost energy level by providing nutrient necessary for boosting energy levels.
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Innovation alignment with Company’s Strategy
The innovation align with business strategy of expanding the organization’s target market (Trott, 2017).
The few products that the company manufactures currently not enough to make it compete at the same level with other big firms such as the Coca Cola.
Therefore, through introduction of additional products that will meet the customers need by solving their issues is the best strategy.
The innovation align with business strategy of expanding the organization’s target market (Trott, 2017). The few products that the company manufactures currently not enough to make it compete at the same level with other big firms such as the Coca Cola. Therefore, through introduction of additional products that will meet the customers need by solving their issues is the best strategy.
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Target customers
The products targets athletes and other individuals who need high level of energy for their daily duties.
The target customers cut across all ages, genders, cultures and across the borders.
The company through the innovation target customers who use a lot of energy on daily basis. These are mostly athletes who must use a lot of energy on daily basis.
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Pricing strategy
The innovation will implement the penetrate vie pricing strategy.
The strategy first allow the product to enter the market at the lowest price and then increase the price with time (Liu, Zhai, & Chen, 2019).
The strategy is best since the innovation is a new a product that need strong marketing strategy which pricing is part of it.
The innovation will implement the penetrate vie pricing strategy. The strategy first allow the product to enter the market at the lowest price and then increase the price with time (Liu, Zhai, & Chen, 2019). The strategy is best since the innovation is a new a product that need strong marketing strategy which pricing is part of it.
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Potential Market size
The market size of the product is large considering the market of the current company’s products.
The Red bull brand will make it easy for the product to enter the market and sell well.
The beverages market already exists that will provide an already existing market to the innovation. There are many products with different brands in the market that will provide the best market for the product (Sipa, 2017). Therefore, the product will not need strong marketing strategy.
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Potential competition
The innovation is likely to attract competition from established and upcoming firms.
The establishing firm pose a completion than the upcoming company's since they have a ready market.
Coca Cola and Pepsi are the l the leading firms that can pose strong competition (Sipa, 2017).
Therefore, it critical to ensure that the intellectual property right is protected.
The innovation is likely to attract competition from established and upcoming firms. The establishing firm pose a completion than the upcoming company's since they have a ready market. Coca Cola and Pepsi are the l the leading firms that can pose strong competition (Sipa, 2017). Therefore, it critical to ensure that the intellectual property right is protected.
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Protection of intellectual property
The intellectual property right protection id critical for our product.
The following are some of the strategies that will be used to protect the innovation.
File intellectual property right
Introduce relentless innovation cycle to enhance product
Publish the innovation widely
Get Strong Non-Disclosure Agreements (Baker, Jayadev, & Stiglitz, 2017)
There are numerous protect intellectual property right. The choice of one strategy depends on what one wants to achieve. The best strategy that should be implement for this innovation is the filing of intellectual property right (Baker, Jayadev, & Stiglitz, 2017)
. This strategy will ensure that no company will replicate what we are doing. The other strategies are meant to boost the product after it has been introduce in the market
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Development Strategy
The product development strategy has clear steps.
1. Concept – this where the concept of innovation is introduction.
2. Market research – seek to understand customers need and how best they can be implement.
3. Analysis – the analysis of the information regarding the products and its introduction to market (Kiss & Barr , 2017). .
4. Build product - the phase is involve the manufacture of the product.
5. Development - the product is introducing to the market.
The product development strategy requires the product under innovation to follow phases before that product is released into the market. The strategy has 5 key steps which must be followed carefully. The first is the product innovation concept where the organization put together concepts that will lead to successful development of the innovation. The second is market research that seeks to understand customer need and the best strategy to implement those needs. The third is analysis phase, where all the information regarding the product innovation are analyzed for the best implementation (Kiss & Barr , 2017). . The fourth phase is where the team put together technologies that will produce the product before it is released into the market. The last is the development phase where the product is finalized and released to the market after successful testing.
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Organizational Structure
the figures shows the organization structure that will be implement in the manufacture and sale of the product.
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References
Sipa, M. (2017). Innovation as a key factors of small business competition. European Journal of Sustainable Development, 6(1), 344-344.
Baker, D., Jayadev, A., & Stiglitz, J. E. (2017). Innovation, intellectual property, and development: A better set of approaches for the 21st century.
Trott, P. (2017). Innovation management and new product development. Pearson education.
Liu, J., Zhai, X., & Chen, L. (2019). Optimal pricing strategy under trade-in program in the presence of strategic consumers. Omega, 84, 1-17.
Kiss, A. N., & Barr, P. S. (2017). New product development strategy implementation duration and new venture performance: A contingency-based perspective. Journal of Management, 43(4), 1185-1210.
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