Product & Service Development

TASK A

Introduction

Product and service development is specified as enhancing the utility of the products and service quality. It also involves launching new products that can better serves the requirements of target customer's. This report is based on the case study of Sovereign beverage company. Henceforth, this report will emphasis over the launch of new product. Company is planing to launch its new product call Fruit ceder. This report will briefly overview about the detailed analysis of new product. Precise detail of product will be reported. Product cycle will also be discussed in respect to the new product. PLC Analysis will also be conducted to project the current status of all the company's products. Justification will also be projected over different aspect of new product such as innovation, adaptation and renovation.

Company Overview

• Sovereign beverage company limited is established in the year 2004.
• Company incorporated its business operations in food and beverage sector.
• Michael David Chandler Davies is the director of the company.
• Company serves its products and services across the globe.
• Product range of Sovereign beverage company comprises with Ales, Ciders and Spirits.
• Net worth of the company is around ₤ 357.3k
• Company export its products in more than 60 countries which also indicated about the dominance of Sovereign beverage company in the target market.
• The company has witnessed the huge success specially in South Korea.
• Matt Ashton Melia the head of sales department in the company has indicated that the packaging format of the company is among the major reason behind the company achieving such huge success in South Korean beverages market.
• Due to same reasons the company has noticed an effective presence in the market.
• Company is also having a total assets worth ₤1.3 m.
• Company sponsor various brands like Green King, Marston's, Westons and other respective brands that has improved the presence of the company in beverage sector across the globe.
• Green King is among the top brands of Sovereign beverage company Limited.

Portfolio Analysis:-Sovereign beverage company Limited deals in multiple beverages brands that has improved the presence of company in the beverages sector. Company deals in Marston's, Hanami, Wychwood, Green King, Westons, SB, Eagle and various other brands in the beverages sector. All the products of the company enable an effective beverages experience to company's target customer's. Company's products like Hanami, Green King, NELSON, Belhaven is among the most prioritised beverages brands across the world. Korean and UK market has witnessed the heavy demands of all such leading brands of the Sovereign beverage company. All the leading products sustain the major contribution of the market share for the company. Among spirits Bedrock's and Hanami's are the two products and brands that has sustain the market presence of company in target market. Ales is also a crucial product segment of the Sovereign beverage company. Company serves brands like Wychwood Hobgoblin, Innis and Gunn, Robinson's Iron Maiden Trooper Beer are among the most prioritized brands of the Sovereign beverage company. Cider is also a crucial product segment of the company. Company offers the best Ciders with the support of Aspalls and Henry Westons brand. All the leading brands of the company in different product segments comprises to frame an attractive brand portfolio of the Sovereign beverage company. Get Assignment Examples.Talk to our Experts!

Product Life Cycle Analysis (PLC Analysis)

Product Life Cycle analysis (PLC) is an strategical analytical tool used to assess the position of company's products in the target market. Corporate organisations deals in multiple products and brands in order to meet the best consumer's requirements. Sovereign beverage company also deals in multiple products like Ales, Ciders and Spirits in process to cope up with the expectations of the target customers of the company. PLC analysis denotes about the market presence of different product segments offered by Sovereign beverage company in order to project the company's performance in target market. This analytical tool also guides the company management to make suitable marketing and development strategies that can effectively improve the market performance of respective brands and products of the company. PLC involve various stages of product life cycle that involve induction, growth, maturity and decline stages. Based on the presence of the product in the target market PLC analysis is denoted the market situation of company's product.

Introduction

Sovereign beverage company is launching its new product call fruit ceder. All products in the beginning of the stage specifies in introduction stage. Company frame strategies like product development, marketing strategies, promotional strategies and other respective strategies in order to improve the presence of new product in the target market. The new product of the company is a fruit beer segment that do not consume alcohol in the production. This new product will cater to mock tail lovers.

Growth: Growth is an important stage involve under product life cycle analysis. Profitability of company is highly depends upon the products covered in this stage of product life cycle. Products and brands of Sovereign beverage company covered in this stage involve Wychwood, Belhaven, Marstones, Robinson's, Greene King, Saltaire under the Ales product segment. Product segment of company call Ciders also comprises with multiple brands that can be concluded under the growth stage of product life cycle. Brands like Aspalls and Henry Westons are specifically covered in this stage based on the revenue of such brands. Under the product segment of Spirits company offers brands like Merrys Irish and Hanami's that can be specifid under the growth stage in PLC analysis.

Maturity: Maturity is also a crucial stage involve in product life cycle. All such products of the company that has reached to that level where the profitability from the specific product started to decline. After the one point of time the sales of products start to decline due to outdated aspects of the product and also due to product development in target market. Under the product quality of Ales brands like Marston's Pedigree and Moorhouses White Witch can be covered in this category of product life cycle. Under the product segment of Ciders brands like Adams Cider are covered in this category of PLC analysis. Spirit is also a crucial product segment of Sovereign beverage company. Brands like Bedrock Gin and Glassbox Cocktail can be denoted in this PLC category. All such products are covered under maturity stage of PLC analysis due to market presence of all such products in the target market. At this stage company management frame suitable product development strategies such as inclusion of new elements in current products in order to enhance the customer experience from such products.

Decline: Decline is a crucial stage covered under PLC analysis. All such product of the company that has reduced the market demand due to lack of consumer's preferences towards the specific product are covered under this category of Product Life Cycle. At this stage product starts to looses its market presence because of the customers looses its interest in consuming the specific product category. Many times over consumption of product is also becomes a huge reason behind the market decline. Sovereign beverage company's products also facing the maturity stage under PLC analysis. Products like Innis and Gunn are covered under this stage under the product segment call Ales. Aspall is also covered in this segment of PLC analysis.

Justification

Sovereign beverage company is launching its new product call Fruit Ceder.

Innovation: This is a new product segment under the beverage market. This is a non-alcoholic brand which will feeds the needs of such customer's who likes to prefer mocktails instead of cocktails. The launch of new product will potentially improve the brand presence of the company as it will entertain a different customer experience in the target market. Company management will also utilise modern marketing techniques like social media marketing advertisements and other brand management strategies.

Adaptation: The new product of the Sovereign beverage company will give a unique and different experience to company's target customers. This product does not consumers alcohol which enable the product to be a Mocktail product brand. Based on the features of the product this product will entertain a huge acceptance under the target market of the company.

Renovation: This is a new product which will catch a new experience from company's target customer base. Company is aiming to renovate the consumer experiences with the launch of this new product segment. Mocktail itself contains a specific customer base and company management is trying to meet the needs of all such customers with the launch of this new product brand. As this new product will expand the customer base for the company by meeting the requirements associated with such consumers who don't consider alcohol. Based on all the facts company has a huge growth and development opportunities with the launch of new product segment call Fruit Ceder.

Capital Investment: Company management has prepared a budget of £ 5 lack Pound for the new product.

Conclusion: Brief overview about the company is concluded in this report. Portfolio analysis is also summarised in this report to project the market presence of all the company's products in the target market. This report also brief about the product life cycle analysis in order to project about the different stages associated with company's brands. Brand like Marrys Irish is going through the stage of growth based on the market performance. This report also project about the maturity stage involved under product life cycle. Brands like Bedrock Gin and Glassbox Cocktail are associated with maturity stage involve under PLC analysis. Brand of Sovereign beverage company associated with maturity and decline stages involved in PLC analysis is also concluded in this report. Justification has also provided to specify about the innovation, product adaptation and renovation aspect associated with the new product launch of the company.

Synopsis: Based on the findings of this report key elements about the company is identified like the revenue of the company. This report also specified about portfolio analysis of Sovereign beverage company. Portfolio analysis has projected about the different product segments like Ales, ceder and aspall. Different brands like Marston's Pedigree and Moorhouses in which company operates its operational functions. Product life cycle has also projected in this report to analyse about the different stages of the company's products. Brands like Marstones, Robinson's, Greene King, Saltaire of the company are covered in the growth stage under product life cycle. Marston's Pedigree and Moorhouses brands of company are identified as under the stage of maturity under the product life cycle analysis review. Company's brand like Innis and Gunn are going through the stage of decline under the product life cycle analysis review. Aspects associated with the new product launch like the new product is considers as the profitable for the company as the new product will expand the target customer base for the company by engaging with such customers who do not like to prefer to alcohol. This is a profitable decision-making for the company as it will expand the current market share of the company. Due to uniqueness of the product quality this new product will receive a huge adaptation from the target customer's of the company. Company will need an investment of around £ 5 lack Pound for the new product launch.

PART B

Processes involved in the new product development

There are a lot of changes which are made in organization so that the company have a better functioning and have a strong customer base for the organization. The organization which would be discussed in the further report is sovereign beverage company which is established in United Kingdom. This will help the company to improve the satisfaction level of customers so that the company can have a better productivity and have a better standards for themselves so that they can have a competitive advantage (Bayik, 2017). Products have to be developed and new products also must be launched so that the company can attract more customers which is a very important factor for the company. There are 8 stages in new product development process so that the organization can make future decisions accordingly which will make the company have a better functioning for themselves.

• Idea Generation:-There has to be an investment of all the internal and external factors of the company so that there are new products which can be added in the company so that there is a better functioning for the organization. This will help the company to get a competitive advantage so that they can have a strong market base. Internal sources which can help in idea generation are research and development and the employees so that there are different ideas and methods which can come up which will improve the products and services of the company. The external sources are the customers, suppliers and competition so that they can have a better understanding of their existing products so that they can improve accordingly.

• Idea Screening:-There are a lot of ideas which are generated in the company but they have to be filtered so that the organization can come to a conclusion. There has to be a clarity of working and to make the organization have a specific plan for the future is going to be very helpful. Since there are many people who are giving ideas there are going to be useless ideas also which are going to be entertained in idea generation so that there is a better decisions which can come out so that they can have a better functioning for themselves. Putting the ideas together and removing those which are not going to be practical has to be done so that there is a good idea which can come out and there are two ideas which can be put together which will make the company have a better competitive advantage.

• Concept Development and Testing:-There have to be attractive ideas which the company should consider their attention to so that they can have a better functioning and attract more customers and provide them with unique products in market (Medini et.al., 2018). Designing of the product has to be done so that there is a better functioning for themselves which is a very important factor for them so that they can get more customers in the organization. Idea which Sovereign beverage company has come up with is unique which will make the company have a strong competitive advantage which will help the company to get a higher profitability in market. The idea has to be practical in nature so that they can have a better functioning for themselves and that is very important for Sovereign beverage company so that the organization can have a targetted customer base.

• Marketing Strategy Development:-There has to be a plan which is supposed to be there in organizations which is for new development of product so that the organization can maintain their productivity which is going to be very helpful for the company (Zakaria and Lim, 2017). How to increase their market share and profit goals so that the organization can profit from the changes which they are getting in market. This will attract and increase the sales of the business which is going to be good for a long run in market but their has to be a plan or strategy which is being used so that there is a clarity of work which is taking place in organization.

• Business Analysis:-It is very important for the organization to have a better functioning and for that to happen it is very important for the organization to have a strategic plan for themselves (Richter and et.al., 2016). There has to be a low cost for production which is being used for the product to be produced so that the organization can have a better way of making profit. Research and development department has to have a better functioning and find out the best way to produce the product for the market so that the organization can attract more customers and have a better market base for themselves. This stage can help the company to know how to price their product and design the product so that the customers are satisfied with the innovation they have done. Want to get Assignment help? Talk Our Expert Now!

• Product Development:-The product which is coming up has to pass the business type only then the product will be launched in market by the organization which has invented that product. There are changes if required by the product to match the standards of the organization is required then it will be done so that the portfolio of the organization is maintained and the customers remain loyal to the organization. It is very important for the product to be liked only then the organization will be able to have a better market base for themselves. Even if the improvement takes months, days or years the organization's research and development team will have to change the product. This is a very important stage for the development of product because this will help the organization to capture the market base more and the customer satisfaction will increase which is the aim of organizations.

• Test Marketing:-This stage comes before the last stage which is commercialisation because before the product is launched in the market it is very important for the company to know the market and if the product is fulfilling the needs and demands of the customers (Helm and Graf, 2018). The product will be given to those who can give the actual feedback about the product which is being produced by organization, that can make the business be confident about the product which they are going to introduce in market.

• Commercialisation:-In this stage the organization decides if the product is supposed to be launched or not in market. In case the company decided launch it then where and when is the next question which comes in front of the company so that they can have a better profitability and easier for them to target their customers. It is very important to target the right customers if the businesses want a long run in market and the new product takes investment which has to be maintained so that the organization can have a better standards in market.

New product development stages impacting on new products and services

New product development can really help Sovereign Beverages company to have a better functioning for themselves which is a very good factor but following the stages of new product development by the company will make the risk factors reduce (Schuhmacher, Kuester and Flötotto, 2017). There is a lot of risk which is involved while launching new product in market therefore having a strategic way of doing things will make the company be helpful.

Idea generation is the first very important factor in organizations which want to have a better functioning and a competitive advantage for themselves. The employees in the company are very creative and experienced which is why the organization is having more innovative ideas and are being able to improve their products and services from time to time. Sovereign beverage company is serving vegan beers which is already unique in its nature which is a very good advantage for the company but adding variety to that factor is a very important factor for them. Customers are asked for feedbacks so that the company can understand them and the research and development department can work accordingly (Budylin and et.al., 2018). This is done so that there is a customer value in the organization which is a very important factor for the organization.

Idea Screening is the second step which Sovereign beverage company must follow so that they can have a better functioning for themselves which is going to be very helpful. The company already has Vodka, ginger beer and cream liqueur but there is a new product which the company is coming up with which is fruit cider which is unique in the market. This is a very important factor for the company to have a positive functioning for themselves which will make the organization have a better decision making. There are a lot of ciders which are there in market and from the idea generation the company has come to a conclusion that they can have a fruit cider for the better functioning for themselves. There are a lot of ideas which Sovereign beverages company have come up with so that they can have a better functioning for themselves which is going to be very helpful.

Concept development and testing has to be done of Fruit Cider so that they can find out if the product is good and the customers will appreciate in the future. The concept is developed and the concept is tested in this stage so that they can have a better functioning for themselves which is going to be very helpful (Kitsios and Grigoroudis, 2016). Sovereign beverages is having a better functioning in market therefore they have expanded themselves in 60 countries which is making the company have a lot of experience. Targetting of customers for the new product has to be done so that they can have a better functioning for themselves which is going to make the new product be able to have a better future in market.

Marketing strategy development has to be taken by Sovereign beverages company so that they can have a clear vision and mission for the organization which is going to be very helpful. Pricing and distribution of the new product has to be decided by the organization so that they can have a better understanding and make the product reach the customers and meet the demands and needs of the customers (Sangiorgi and Prendiville, 2017). Goals have to be set after the new product is developed so that they can have a better functioning and effective functioning for themselves in market which is going to be very helpful. Marketing mix, long term sales and profit goals are set by organization so that fruit cider can attract customers and make the achievements which have been thought by the organization for the new product which Sovereign beverage has come up with. Planning can make the employees of the organization know their roles and responsibilities which is going to make the productivity level of the employees increase and make the company have a better functioning and an effective market for themselves.

Business analysis is very important and the research and development department of Sovereign beverage company is very strong because they have come up with a lot of varieties in vegan beer's already and getting fruit cider is going to be a very good factor for them. The R&D department has to find the best and the cheapest way to produce the product with high quality so that they can have a better functioning for themselves. There are a lot of risks factors which are involved in introducing a new product in the market which Sovereign beverage has got an experience in which is going to be very helpful for the organization so that they can have a better functioning for themselves and make the company have a larger customer base. The targetted customer for this product are from the age of 28 to 60 years because of the people shifting to veganism in the world.

Product development is a very important stage for fruit cider which sovereign beverages company has come up with because it can make the product improve. There is a high demand of the product to meet the customer needs and the standards of the organization so that the portfolio of the company can be maintained which is a very important factor for the organization to have a long run in market. Research and development department of Sovereign beverage company is very good therefore it is very important for the company to have a better functioning for themselves so that they can have a better functioning for themselves.

Testing marketing has to be done before the product actually is introduced in the market by Sovereign beverage company so that they are sure of the measures which are being taken (Aas, Breunig and Hydle, 2017). The product will be given to those who are going to give the company an honest review so that the improvement can be done accordingly. It is very important for the organization to have a better functioning for themselves so that they can maintain their standards and their portfolio in the market. The organization has expanded themselves in a lot of countries which is why the company has to be even more careful and the company will have to make sure that there is something good.

Commercialisation is the last stage when Sovereign beverage decides if they should be launching the product in the market or not and if they decide to introduce the product then how and when they should so that the customers can reach for the product easily. There is a lot of investment which is done for the product which is a very important factor for the company which will help the company to have a better functioning for themselves. All the new development stages can help the organization to make the decisions accordingly which will make the company have a better functioning and productivity level in the organization so that the demands and needs of the customers can be maintained (Glaa, Kristensson and Witell, 2019). Get Best Management Assignment Help from our management experts!

Critical Reflection on team working, presentation and creative development

My individual contribution to the team's operations revolved around researching, planning and implementation of Sovereign's marketing strategy. A proper marketing strategy is instrumental for the marketing and success of any new product and hence it took myself and other members various session of brainstorming to come up with a marketing strategy that not only highlighted the new fruit cider product amongst its competitors but also showcased the various health benefits of consuming the product (Kingsnorth, 2019). The team's overall performance was effective and efficient in relation to addressing the problems that were tasked to them to solve. The team undertook the project by first dividing up total amount of issues and tasks amongst team members based on member strengths, weaknesses and relevant prior experience. Then team leaders clearly delegated individual tasks to team members for them to make presentations on and the final presentation was later compiled by combining all individual presentations into one final piece. Due to this there was no confusion amongst team members in regards to their roles and responsibilities within the team, which helped the team increase its productivity. The team leaders organised and planned the team's work by scheduling daily discussions and demanding regular progress reports in order to ensure the team's cohesiveness, cooperation and productivity during operations. The level of interaction amongst team members was very high due to daily team discussions and conferences taking place supervised by team leaders (Rosenman and et.al., 2018). Scheduling discussions and conferences daily had the added benefit of increasing team interaction which helped a lot in improving team dynamics and raising team efficiency and productivity. Regular progress reports to supervisors also helped members achieve optimum performance and increase team productivity. These team conferences and discussions also helped enable creative thinking amongst team members as we had to think outside the box while performing relevant research upon various fruit ciders, conducting necessary market and feasibility analysis for product development. Initially the team's performance was below par due to various disagreements and conflicts taking place among-st team members in relation to team's functions and decision making, but after a few days when most members had begun to gel together among-st each other, the member's teamwork and cooperation measures improved significantly. All initial disagreements and conflicts were resolved internally by the team members and management without them affecting team's performance in the long run. The quality of final presentation was judged to be good by team members and management with all the objectives and goals set at the beginning being achieved by the team in a timely manner (Kowalski, 2018). The only major issues or concerns we faced in group were during the early days of team working when certain team members were being overconfident in their abilities and trying to dominate other less confident team members. The resulting disagreements were duly addressed to by team leaders and management but it could have been resolved in a faster fashion in order to maximise team's productivity and efficiency.

CONCLUSION

New product development is a very important factor in any organization because there is a lot of competition in market and to get a unique identity in market is very important. Following the trends and customers needs and demands and improving the products accordingly is a very important factor for the company. This is going to make the organizations in market have a competitive advantage and have a better functioning for the future which is a very important factor for any business to have.

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