The 5 'I's - Assignment Example

14th March 5 ‘I’ Innovation Method Tool Ideals Coca-Cola Company, the world leader in the non-alcoholic beverages industry is in a process of launching a new product. The key ideal that will make the new product to be successful is based on the high value Coca-Cola places on its product. In addition, the company ethical values that include production of safe brands that are environmental friendly will significantly enhance demand and the sales volume of the new product.IdeasDue to the high demand of Coca-Cola products by middle aged consumers, old and young consumers have not been adequately considered.

This acts as the key inspiration that trigger the company to initiate a low sugar product that meets the needs of young children and old customers who are loyal towards the company products.Initiative In order to be successful in the soft drink market that is characterized by stiff competition, strong marketing team will be employed to carry out intensive market research. Through the use of feedback from parents and young consumers, the company will ultimately produce a quality brand that effectively puts at bay its competitors.

Additionally, promotional strategies that include free samples, competition and road shows will greatly influence the demand of the new product among the young consumers.InvestmentTo be successful in the market, Coca-Cola will need to emulate various initiatives. First, duration of approximately 3 months is needed to undertake market research. After the research, the company needs to adopt marketing strategies for 6 months in order to create strong customer awareness (Tuomi 35). This implies that the company should employ various avenues of advertisement such as television, magazines as well as social sites including face book and twitter.

For these strategies to be effectively put in place, the company requires approximate US $250,000 per year.InventionTo meet the high demand of its product in the market, the company will need to produce large volume of syrups in it production facility. In this regard, the technical team will be expanded and new machines will be put in place. Additionally, the company will adopt an effective communication system to monitor the sales of its new product in the current and new markets. Through the coordination of the 5 ‘I’, Coca-Cola will be not only successfully penetrate new markets but also it will expand its customer base an aspect that will contribute to its sustainable profitability.

Works CitedTuomi, I. Networks of Innovation. Oxford: Oxford University Press, 2002.