This week, you will continue your work from the Wk 3 Apply assignment by drafting a presentation to promote the innovation project to the executive team of your chosen organization.
Review the project information in the Wk 3 – Apply: Signature Assignment – Innovative Business Case and incorporate it into your presentation. Include key assumptions and a clear description of the elements listed in the instructions below.
Create a 10- to 15-slide presentation in which you complete the following:
- Describe your Innovation Project.
- Explain the customer problem your product will solve.
- Outline how the project aligns with the company’s strategy.
- Outline the Innovation Project’s:
- Target customer(s)
- Pricing strategy
- Potential market size
- Outline the potential competition and the strategies for intellectual property protection.
- Design a development strategy and a schedule for the innovation project, including the organizational structure and development methodologies.
Page 6 of 7
Innovative Business Idea
Red Bull is an energy drink manufacturing company that has been in existence since 1987 in Austria. In 1997, the company established its first outlet in America and has managed to expand to different states, cities, and towns in the United States. Red Bull Company is a direct and influential competitor of major leading brand Coca Cola a company that has dominated the soft drinks industry for long. Over the years, Red Bull has managed to attract diverse clients that have helped in maintaining the brand more so by targeting sports people. However, despite the company dealing in high quality products known for boosting levels of energy, it is important for the company to also focus on a different new line of production that would lead to a diverse target population (Eudy, et al., 2013). The most effective innovative business idea is the production of food supplements that would not only boost the energy levels but also help in meeting other vital nutrients the body needs. With dietary supplements, the company can manage to target people of all ages, gender, culture, and religion indiscriminatively.
Red Bull is in a good position to develop this new product because it has been in the industry for long and has established a reliable brand that has made it possible for many people in the society to believe in its products. For long, people have not believed in the power of dietary supplement products that can be attained from healthy and natural products like fruits, grains, and other products (Nazir, et al., 2019). At the same time, the nutrients the body needs even for the energy drinks to work effectively are diverse and not always normal feeding creates the opportunity for one to meet the daily nutrients intake. Red Bull can hence come up with different supplement products that a single dose intake would supply the body with the right amount of calcium, protein, vitamins, carbohydrates, and irons among others depending on the type or types of supplements the client would prefer consuming. This is to mean that clients would have to determine nutrients they have deficiencies in and boost using Reb Bull dietary supplement products to meet the right levels the body need.
The dietary supplements products fit perfectly well with Red Bull’s current strategic plan due to the fact that the company has for long desired to increase its target market, sales, and overall profit margin. It is one of the company plans to within a span of five years come up with an innovative idea that would attract clients in a reliable and effective way. it is a fact in the world today many people are not in a position to feed in the right way necessary because of lack of finances but lack of genetic food products together with the demanding preparation process. Reb Bull can cease the opportunity and develop products that a consumer would require to drink a minimal amount of fluid or take a single tablet in a day and meet the day’s necessary nutrients. The situation would save consumers in the sense that even if they do not feed on healthy products, the supplements would help meet the needed nutrients hence keeping the body at bay from illnesses and conditions.
The same would also be effective for sports people and the sick unable to feed properly. Additionally, the introduction of the new product would not interfere with energy drinks production since it is only different new lines of production would be introduced in different company production plants, have the products marketed, packed and supplied into the market using the same system energy drinks have been using. Moreover, the situation would be easier for Red Bull Company since the company has a reliable list of clients that uses energy drinks and they are in high need of dietary supplements. By so doing, the company would have met one of its long-term goals in the current strategic plan.
Red Bull has for long invested on its reputation and is known for its high quality products. The proposed creative and innovative business idea is highly evolutionary as it would help the company target old and new clients in a health and reliable manner (Sterling, 2015). Of importance to note is that Reb Bull competitors like Coca Cola has for long been accused of supplying the market with products that negatively affects the body causing diseases like diabetes and obesity. This is a clear indication that the consumers are highly sensitive on the kind of products companies are manufacturing them to consume. Clients are in dire need of products that can make their lives better. Additionally, Red Bull has been accused for having energy drinks high in caffeine which is not healthy for people with heart conditions and children. The natural dietary supplements would hence help curb the accusation and make the company’s brand and reputation better which is a great competitive edge.
Before this innovative business idea was selected, there were many other ideas that had been thought but this idea seemed the most suitable. This is to mean that massive thoughts and interrogations have been applied before concluding that the idea is the most suitable for the company. Introducing the idea to the business internally requires professionalism and ethics. This is because the manner in which the idea would be introduced would determine stakeholder’s reaction and attitude towards the product. The entire change process ought being undertaken to make sure that effective communication is done. More so, employees ought to understand that their job opportunities would be lost but rather the idea only creates them opportunities for better challenges, advancement and promotions. Secondly, all other stakeholders ought to understand how the new product would be manufactured, amount of investment needs, and how return on investment would be attained. The introducer must make sure that all stakeholders’ progress in the same page to eliminate the feeling of being pressured which might attract resistance. Professionals in the supplementary dietary products must be invited to ensure that newly recruited employees are highly trained, quality products are manufactured and effective marketing done.
Step 1: developing the plan for all supplements the company would manufacture, raw materials needs, and resources needed
Step 2: communicate the idea to all stakeholders and grant them ample time to share and make contributions where necessary
Step 3: start putting plans in place after the disbursement of necessary resources
Step 4: production to start
Step 5: marketing of the new products
Step 6: suppling the products to consumers while maintaining high levels of product marketing.
Eudy, A. E., Gordon, L. L., Hockaday, B. C., Lee, D. A., Lee, V., Luu, D., … & Ambrose, P. J. (2013). Efficacy and safety of ingredients found in preworkout supplements. American Journal of Health-System Pharmacy, 70(7), 577-588.
Nazir, M., Arif, S., Khan, R. S., Nazir, W., Khalid, N., & Maqsood, S. (2019). Opportunities and challenges for functional and medicinal beverages: Current and future trends. Trends in Food Science & Technology, 88, 513-526.
Sterling, E. (2015). Red Bull. Note from the Editor 3, 99.
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.