TOPIC 6.

PRODUCT DEVELOPMENT

Product development comes into play when a firm wants to develop a new product to
target a specific market segment or in improving an existing product or its packaging.
Product development plays a key role in the success of a product and also on the
lifetime of the product

Here are the five major phases in the product development process. Now, we will
discuss each one of them in a fair amount of detail. Now let us see starting from the
initial phase and going forwards to the last phase.

Slide 4

Idea generation or ideation is the act of forming ideas. It is a creative process that encompasses
the generation, development and communication of new thoughts and concepts, which become
the basis of your innovation strategy. A SWOT analysis is another go-to tool in the ideation
stage. It's a simple but effective way to avoid sinking time into the wrong product for your target
market. By exploring new idea generation techniques, you can give your team the creative tools
they need to generate ideas in any situation. An Idea to produce product or services that are not
currently available is applied in this stage.

Slide 5

Research and Idea Screening. In this stage, the generated ideas have to go through a screening
process to filter out the viable ones. The business must seek opinions and feedback from
workers, customers and other businesses to help avoid the pursuit of expensive or unnecessarily
complex ideas, this is also the part where the company must gather information on market
trends in order to predict future buying habits as much as possible

Slide 6

Concept Development. In this phase of development, the business must assess potential costs,
revenues, and profits arising from the product, (identify the human and capital resources
needed, and conduct surveys to further refine the product idea.( this also include the creation of
the marketing plan

Slide 7

In phase 4, Prototyping and Evaluation, this is when the business creates and actual prototype
or mockup of the product, asses how well the prototype performs and making necessary
adjustments to the product. And the business must also ensure that the performs efficiently
with regards to development and manufacturing costs

Slide 8

In the last phase, Commercialization and Rollout. The product is finally placed in the
marketplace and ready to be sold, putting a product in the market is expensive and success
 requires the full cooperation of the whole company. And it is also here that the business
launches its promotion campaign for the new product. The market research conducted during
the conception stage influences the timing and location of the product launch.

Slide 9

And that is all for our presentation, thank you for your time and have a great day

Innocent Drinks is a company that produces healthy drinks such as smoothies and
juices, that are sold in supermarkets, coffee shops, and various other outlets. If you are
familiar with the Coca-cola Company, then you should know that it owns 90% of the
company.

Innocent Drinks was founded by three Cambridge University graduates named Richard
Reed, Adam Balon, and Jon Wright. When the three were still students of St. John's
College, in Cambridge, they started chatting about creating their own business during a
snowboarding vacation. In 1998, they spent around six months experimenting with
different smoothies, until later that year, they finally sold their smoothies to the public for
the first time at a London music event. The amusing thing about how they started is that
they conducted their market research with customers at their stall, asking their
customers if they should give up their jobs and make those smoothies, and based on
the votes, the customers pushed them to give up on their jobs and make smoothies as a
business. They've come a long way since that big decision, and now, they're still
growing and succeeding.

While it's true that the company is a successful one, they too have experienced
challenges from which they could learn effectively. Innocent Drinks has always been
dedicated to supporting the community. Their desire to help others and their ethical
obligations were valued by the corporation, which nearly bankrupted Innocent in 2008
since they could not save enough money for the company to survive.

This highlights the companys' difficulty in reconciling corporate profitability with charity
generosity. The corporation is having a hard time determining what to do with the
money it makes. One of the policy's flaws is the large capital withdrawals.

There are 4 main business-level strategies. cost leadership, differentiation, focused cost
leadership and focused differentiation. The company applied a product differentiation
strategy. Innocent has produced items with a distinctive feature for its customers as a
result of its strategy. Customers admire the company's distinctive qualities because they
believe they are superior to those of its rivals. The utilization of natural fruits and the
style of the package are two of the most distinctive features. As a result of their unique
characteristics, the corporation has been able to demand higher costs for its items.

After many years, Innocent launched its own range of delivery vehicles. In 2001, they
moved to new offices at Shepherd’s Bush, where they began their first advertising
campaign, Made by Nature. In 2004, they decided to launch their own registered
charity, The Innocent Foundation. The same year, Innocent opened its overseas offices
in Amsterdam and Paris and its continued growth as a global brand began.

New drinks have also been introduced, including ingredients such as ginger and carrots.
Super Smoothies were released in March 2014. Another fresh line of cold-pressed fruit
and vegetable juices was introduced the following year. Coca-Cola's ownership in the
company climbed to more than 90% in February 2013. The company developed from
just selling smoothies in a stall to selling more than two million smoothies per week
across the globe. In business, you should never stop learning. It is really essential to
adapt quickly to the changes and challenges that we go through. These are all the
informations that we can share, Thank you for listening.