Strategic Plan For New Product

Executive Summary

Every year hundreds of different variety of products are introduced in the consumer goods market in order to gain market share or remain competitive but only few of the organizations are able to meet their objective or increase its market share. The main reason for failure among product development and implementation plan is lack of effective research and marketing strategy. A product extension in a category is comparatively less risky and provides the company with an opportunity to increase its market h share at less cost. Carbonated Soft drink (CSD) industry which consist of different variety of products that are different from one another at attribute level is always experiencing demand and pressure from the customers to come up with new innovative products in the CSD category to keep them engaged (Coleman, 2009, pp. ii). Per capita consumption of CSD has increased 2.5 times in thirty years and it accounts for 49 percent of US beverage industry ((Muris et al., 1993; Dube, 2005). The main aim of this paper is to analyze the introduction of a new product in the CSD industry by Coca Cola company, to keep the demand of organizations product high, gain market share and increased customer loyalty. For this purpose the company will use unique strategies for introduction of an innovative product that will be different at features and attribute level from other competing products. The aim of this report is to present a strategic marketing plan for this new CSD which is a functional drink named Bubble Bizz, it implementation and evaluation of the outcomes towards the end. This report will help the company in analyzing the market demand and requirement of the product and the strategies that will help the company in introducing this new functional drink successfully. It has been reported the these new strategies of product innovation and implementation will help the Coca Cola company in reaching a market of around 8,688,300 people with profits of 243, 029.47 in the next coming years. In this ways the company will be able to target the unserved market of functional drinks which in this case is bubble tree and gaining increased market share and customer loyalty thus driving the company towards market leadership (Brilliant et.al, pp. 3).

Limitations to Research

The company will engage in both qualitative and quantitative research by making use of primary and secondary research sources and data. primary data with regards to customer's preferences and demand of this drink in CSD market will be collected with the help of surveys and questionnaires while secondary data will be collected from different journals and existing research literature and relevant information. The major limitation in case of collecting primary data collection would be that of customer bias and the bias of researchers especially in case of open ended questions. Researcher might manipulate the data according to his preference and opinion which may affect that authenticity and validity of the data. one the other hand in case of secondary data collection, ...