Techniques for testing effectiveness of new product commercialization:
1. Generate ideas: New ideas can be easily generated by obtaining basic research using SWOT analysis. Market and consumer trends, R&D departments, focus groups etc. can also be used to launch new product lines or new features in existing products. New product innovations are responsible for employment, growth as well as survival in the market. (Anon., n.d.)
At Essence drinks, this is done by gathering all the employees and discussing each other’s ideas. Here, the point is customer attraction. It does not always has to be profit related. The ideas should be good enough to implement in the organization and help attract customer to the organization.
2. Screening: At this stage, the aim is to …show more content…
Calculation of Return on Investment: This identifies the profit that is gained by the organization after making the changes in their processes or technology.
Innovation Business Case for Essence Drinks:
The Situation The Strategy The Tactics
The big idea
Essence drinks is an organization where they work on with new ideas like adding of new flavors in their product with several other services offered.
Target Customers
Target customers are basically the ones who opt soft drinks. These attract the customers as the product is healthy.
Market Size
Market size at the present is just National i.e only in India, there are a number of branches.
Supporting Trends
When Essence drinks had the idea of complimentary products along with mango lassi and also the traditional drinks.
Competitive Landscape
The competition here isn’t much as these are lassi products whereas other organizations have different products which aren’t exactly related to mango lassi.
Opportunity
The opportunity for the organization was high as no company sold complimentary products along with traditional drinks. Value Proposition
The uniqueness here is the availability of the product and also the complimentary snack items with traditional
1. Generate ideas: New ideas can be easily generated by obtaining basic research using SWOT analysis. Market and consumer trends, R&D departments, focus groups etc. can also be used to launch new product lines or new features in existing products. New product innovations are responsible for employment, growth as well as survival in the market. (Anon., n.d.)
At Essence drinks, this is done by gathering all the employees and discussing each other’s ideas. Here, the point is customer attraction. It does not always has to be profit related. The ideas should be good enough to implement in the organization and help attract customer to the organization.
2. Screening: At this stage, the aim is to …show more content…
Calculation of Return on Investment: This identifies the profit that is gained by the organization after making the changes in their processes or technology.
Innovation Business Case for Essence Drinks:
The Situation The Strategy The Tactics
The big idea
Essence drinks is an organization where they work on with new ideas like adding of new flavors in their product with several other services offered.
Target Customers
Target customers are basically the ones who opt soft drinks. These attract the customers as the product is healthy.
Market Size
Market size at the present is just National i.e only in India, there are a number of branches.
Supporting Trends
When Essence drinks had the idea of complimentary products along with mango lassi and also the traditional drinks.
Competitive Landscape
The competition here isn’t much as these are lassi products whereas other organizations have different products which aren’t exactly related to mango lassi.
Opportunity
The opportunity for the organization was high as no company sold complimentary products along with traditional drinks. Value Proposition
The uniqueness here is the availability of the product and also the complimentary snack items with traditional