Coca Cola is a worldwide, ready to drink, non - alcohol, soft drink company. The company evolved during 125 years from one product, coca-cola, to more than 500 brands in 2011, and expanded from only one city to availability in more than 200 countries around the world.
As we understand from chapter 11, new products are very important to keep growth and to increase revenues and profits. Coca Cola’s heart is innovations, “It is the driving force behind our 3,500 juices, waters, sports drinks, sparkling beverages, energy drinks, teas and coffees” “And it is what makes our cutting-edge marketing connect with consumers around the world every day” (from The Coca Cola Company website).
Example of types of new products innovations:
- “New product line” - Sprite launches Sprite Tea, new innovative Tea flavorous sparkling beverage in China, the company used massive consumer testing to fine-tune the taste, the right amount of tea essence and percentage of bubbles.
- “Addition to existing product line” - New 1.25 Liter Coca Cola package introduce as part of the company’s 125th anniversary celebration.
- “Improvement or revision of existing product”- DASANI and Odwalla available in plant bottle packaging nation wide.
Another example for "New- Product Development Process", the coffee drink innovation which introduce by Victor Behrman, head of the group’s competence center for Europe, Eurasia, and Africa,
(The company didn’t talk about the third level, idea screening, and about sixth level, test marketing- it is part of the development).
- Idea- the consumption of coffee increasing around the world, home and outside, due to this fact Coca Cola Company decided to enter this market.
- Building analysis - the company identify the competitors in the past and present in the past and present, the company also makes a research on similar products throughout the world and find a niche on the global market. Than the company partnership with the Italian coffee producer Illy.
- Development- the key product is Illy ready-to-drink coffee, the company launched on each market the drink with variant coffee power, in the beginning without preservatives and without milk and after in different variations until it got to the maximize satisfaction.
- Preparation for the introducing of the product - creating legal entity for the partnership, development of supply, packaging, first commercial production under supervision.
- Commercialization - ensuring the great exposure, focus on availability in retail store, penetration of high quality stores. The product is sold in 18 countries.
Developing at first should be qualitative not quantitative.
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