Part 3 Companies find good ideas by researching competitors’ products and services. Select one consumer product category with which you are familiar, either because you or a family member or friend purchase it or use it frequently (for example: shampoos, carbonated beverages, snack foods, baked goods– if you have a question about whether the category qualifies, just ask).
Suggest one incremental innovation that you would like to see for the product/category chosen. For example, would you prefer a different form of bottling for shampoos? A different flavor for soft drinks—cola flavored chips, for example. Do any of the items in your research have glaring weaknesses as in its cleaning properties, smell, or taste that a company can improve upon?
Link your suggestion to an unmet consumer need. State why you think others might have this same need?
Why is competitive research so important for companies to undertake?
Last part , you wrote an essay about incremental improvements to existing products and why these improvements might meet unmet consumer needs and attract a segment. This week, your assignment is to describe the product or service attributes of the product/service featured in your marketing plan. Discuss why these attributes were chosen. Be sure that the attributes can be linked back to unmet needs of the targeted segment(s).
The opening vignette of this chapter is about Oreo, including its real-time marketing efforts. Read the following very short articles which were the sources for the vignette: