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  • Subject Name : Management

Extended Diploma in Strategic Management & Leadership

Contents

INTRODUCTION..

Background.

Company overview..

Dissertation study in context to organisation.

Rationale of study.

Significance of study.

Research Aim..

Research objectives.

Research question.

Proposed outcome.

Exclusion and assumption of study.

LITERATURE REVIEW...

RESEARCH MYTHOLOGY..

Philosophy, Approach, paradigm..

Research design.

Research tool

Data Interpretation and Analysis.

CONCLUSION AND FINDING..

RECOMMENDATION..

REFERENCES

Introduction to Research Methods for Strategic Managers

Background

Innovation is considered as tool in which firm makes investment in order to encourage advancement so that entity can attract new consumers and can meet expectation of clients in effective manner. Invention is the tool that is used for process improvement. This innovation helps in bringing new changes in the firm and its products. Entrepreneur always like to create value for its consumers hence they conduct market research and find out needs and expectation of buyers. According to requirements of customers companies make investment and innovate new products that can create value for the end users. Innovation is considered as processes which always help business in generating high revenues if innovation is done by conducting systematic market review (Wang & Chiou, 2020).

There is huge difference between innovation and intervention. Intervention is done to modify existing products but innovation is to implement or introduce something new which is not in business currently. Innovation strategies are supportive for the growth of companies. It aids in gaining attention of new buyers and raising interest of existing consumers. In both condition company becomes able to gain success in market (Sjödin, et.al., 2020). Such kind of innovation practices always create unique image of brand and aids business in gaining competitive advantage. Innovation strategies always aid business in its product development and attracting more consumers towards the brand. There are many people those who demand for new products rather than having sugar drinks. But there are less firms those which believe in taking risk. Innovation is associated with huge risk as firms have to bear huge expense sand operational cost which enhance burden of the organisation. But if this innovation is being implemented in significant manner by conducting proper marker research then it can give great result to the firm and can help the business in growing well in market. New product development is the interesting task but it needs to be done after deep research. This research is beneficial in examining preference of potential buyers so that enterprise can invest capital in the new product development.

Innovation works as problem solving tool. There are many companies that are selling FMCG products since longer duration. Consumers always want to buy something new that is valuable for them and profitable as well. FMCG companies can solve the issue of buyers through implementing innovation strategy. This solution always helps in making business better and increasing productivity of organisation to great extent. Over a period of time sugar drink sector has grown well. It is contributing well in the economic development of nation. Now people are more concern about their health hence demand of such healthy beverages has been increased greatly (Durana, et.al., 2020). If companies are introducing drink which is healthy and can meet such expectation of buyers then consumers will take more interest and sales of the firm will be raised. This is the great way through which enterprise can gain long term profit and can sustain in market for longer duration.

Company Overview

Coca-Cola is multinational beverage firm which has main headquarter in Georgia. It emphasises on retailing and manufacturing non-alcoholic beverages. This is public limited business which is traded in New York Stock Exchange. It was established in the year 1892 and right now serving to global consumers. In the year 2019 it has generated revenue of 31.27 billion and its operating income was 10.09 billion. Coca-Cola has employed around 86200 employees worldwide those who are engaged in retailing, manufacturing and distribution of its beverage products worldwide (Abdulkader, et.al., 2020). Its products are Green Tea, Glaceau, Huiyuan Jiuce, Coke Mini Can, Holiday can, Stake in Monster beverage etc. All these products are worldwide popular and satisfying needs of wide range of buyers.

Dissertation Study in Context to Organisation

Nutraceuticals is considered as umbrella in which product is being sourced from the elements that is associated with extra health benefits. This is the term that denotes that food or beverages that has enhanced dietary components which are helpful in keeping people healthy. These beverages are associated with health benefits beyond normal nutrients. Coca-Cola is aiming to introduce such innovative beverage that is beyond the nutrients elements. As health issues and diseases are increasing with rapid speed hence there is need to introduce some new product in market that can give nutrients elements to the consumers and can prevent them from health illness issues (Lin, et.al., 2020).

Rationale of Study

Researcher has huge interest in such kind of topic related to nutrition’s and health benefits. Scholar is particular about wellbeing and having great health. Hence this is interesting topic of research so it has been chosen. Researcher has worked in the firm as product development executive hence have knowledge about the strategies that need to be followed by firm in order to develop new products and individual has knowledge about innovation as well. This knowledge has supported the person in taking this topic for individual research. In addition, many authors have carried their studies on the same topic hence huge data is available so the same has been chosen for this research (Müller, Buliga, & Voigt, 2020).

Significance of Study

This study is significant for the beverage sector in order to understand the current and future trends so that they can design their products accordingly. This would be better for them to implement innovation strategy in adequate manner in order to generate great revenues. Furthermore, this study would be significant for Coca-Cola in analysing effectiveness of innovation strategy with respect to nutraceuticals beverages. By this way company can be able to launch great product in market that will fulfil health needs of potential buyers globally. This would be effective study for other scholars as well as they will get brief overview about trends and c they will be able to conduct their investigation on same topic in near future (Zhang, O'Kane & Chen, 2020).

Research Aim

To evaluate the Coca-Cola's innovation strategy and effectiveness in introducing products that meet current trends and future scope of nutraceuticals.

Research Objectives

  • To understand importance of innovation in FMCG companies and its impact on their business growth
  • To evaluate trends in food and beverage sector industry and effectiveness of Coca- Cola to introduce products that can meet changing trends in recent years
  • To critically analyse the consumer centric innovation adopted by FMCG companies and its impact on their performance

Research Question

  • What are the trends in beverage sector and identify effectiveness of Coca-Cola in tapping new opportunities in these trends
  • What are the main products of company that are being launched by the firm in last 10 years
  • How products of Coca-cola are performing in market?
  • What is the new framework that company should adopt to meet the several market challenges?
  • What drawbacks are associated with not focusing on innovation strategy?

Proposed Outcome

The agenda of this investigation is to evaluate actual effectiveness of Coca-Cola to sustain in the market for longer duration by meeting consumers trends in recent time. This study aims to find out the process that is used by firm to meet expectation of consumers. Researcher also likes to investigate the facts related to past products of Coca-Cola that have been introduced by business unit is last 10 years. It will give necessary suggestions that need to be followed by business unit to observe trends from unsuccessful products and introduce innovation strategy for the launching of new market in order to meet expectation of buyers.

Exclusion and Assumption of Study

The first assumption of study is that company is required to make equal investment in order to develop new product. Another assumption of this study is that company needs to consider financial, logistical, technical requirements equally for launching a new product in market that can meet expectation of consumers.

Literature Review of Research Methods for Strategic Managers

Importance of innovative products in FMCG companies and impact of business growth

As per the view of Velu, (2020) innovation is the process when companies introduce something new in the market. Such innovations have great impact over the performance of firms to great extent. The main agenda of implementing innovation is to create new value for consumers and boost the growth of business unit. Future success of company is highly depended upon the innovation strategy of company. This innovation helps the firms in increasing demand and raising production capabilities of firms as well. Al-Dmour, et.al., (2020) stated that innovation is the necessity of today’s corporate world. In the recent time completion is very high and companies are required to launch something new in the market for buyers so that they take interest and consume the products of business unit. If there are no innovative products then enterprise will not be able to sustain in market for longer duration. This is considered as essential element to survive in the modern era. Though it has many undesirable consequences as well but these changes are inevitable that creates positivity to entity.

LESTARI, et.al., (2020) argued that intervention is the kind of newness in which companies introduce new element in existing operations or modify existing products and launch in the market. This seems same as innovation but has very differences between innovation and invention. There is huge difference between invention and innovation. Innovation is the idea which is not being implemented earlier at any phase of business, hence the idea or products which are being introduced for very first time is considered as innovation where invention is making changes in existing idea to make it new. Invention requires amazing scientific skills so that modification in exiting products can be done in significant manner, this ads value in existing items. Whereas innovation requires broad research so that actual need of new product can be identified and accordingly new item can be introduced in market.

According to Berghöfer, et.al., (2020) innovation has great impact over the business performance as it helps the firm in creating competition in market and raising profitability of firm as well. By introducing some new product in the market as per the need of buyers company can attract new consumers those who will buy the same products. Hence enterprise can be able to cover large market through which profitability of entity will be increased. ....stated that innovation creates unique image of business in the market which becomes the path of getting success in market. This is helpful in responding towards competition and raising new trends in the market. Innovation practices always boost the image of firm hence it become the unique selling point for the firms that always help enterprises in managing its business in market for longer duration and gaining success as well.

Growth prospectus of Sugary drinks in near future and future trends in beverage industry

Frankovic, Kuhn & Wrzaczek, (2020) stated that demand of sugar drinks is very high in markets like emerging and developed markets. People are more conscious about their health hence they prefer to buy items that can help them in keeping their health good. They are negative towards such products that can affect their body and wellbeing. Traditional beverages have element of sugar and excess sugar can affect the weight and can cause several diseases. Hence there is need to offer something new which has high nutrition values and able to serve the health needs of buyers,. Such healthy beverages can be replaced with traditional beverages. There are many products like plant-based- water and Kombucha etc those which will be in high demand in near future.

According to Fecher, et.al., (2020) there are many people those who always prefer to get quality goods and services, they ignore the other elements such as price, manufacturing etc. In context to food and beverages people are looking at products that has element of nutrition and can ads value to the products hence they are ready to pay high prices for the same. Now many companies are working on introducing low- calorie zero sugar products, this is completely new innovation that have element of zero sugar. These innovative products will influence the consumption of beverage products in near future.

As per the view of Velu, (2020) Global RTD tea will be in trend in coming years in beverage sector. This is expected that till the end of 2021 this global RTD tea will get revenues of 1380 million. It will grow by 9% growth rate annually in coming future. This is amazing healthy drink that has taste element alone with health benefits. This is the beverage in which high level of antioxidants are present which boost energy of human being and make them healthy as well. Though it is expected that sales of this product will be raised but still there are less chances to get replaced by carbonated soft drinks. . The reason of not being replaces with other products is that this is only looked by consumers as hot beverages when it comes to soft drink buyers prefer to get such carbonated soft drinks. This will take time to make changes in the taste of people.

Plant based milk which is included in the category of non-dairy beverage will be alternative option that may create opportunities for businesses to attract new buyers. But over a period of time sales and demand of this item has been declined by 22%. Soymilk is in demand as it has element of protein. Many people those who like to go to gym and fitness clubs generally have this soymilk to meet the protein requirement of body.

Exploratory and exploitative strategies in FMCG companies and its impact on business performance

According to Zhang, O'Kane, & Chen, (2020) over a period of time it is noted that many companies have grown well due to their relentless efforts to develop new products and offer amazing customer services to wide range of consumers. Innovation is the hard practice and very difficult to implement. There are many firms those which are exploiting their resources to meet future needs. This affects their revenues badly because exploitation of resources negatively impact on performance of business unit. Poor organisational structuring is considered as major cause of failure for such firms. Exploration can be defined as strategy in which enterprise try with alternative options. Such method can give uncertain results and sometime it gives negative outcomes as well. On other hand Velu, (2020) argued that exploitation is another strategy in which companies refine and extent the already available technology. Its results can be predictable and it most of the time gives positive results to business unit.

Companies that work on the exploratory strategy always work to look at the environmental trends for developing new products. On other hand companies that work on the exploitative strategy ensure to makes improvement in existing products so that existing consumers retain in the brand.

Technical aspects that are affecting innovation strategies that are adopted by companies and its impact on their overall performance

As per the view of Müller, Buliga & Voigt, (2020) FMCG companies are moving to adopt new and highly developed technologies in order to implement innovative ideas in effective manner. Consumers give frequent feedback of such FMCG products. In order to get reviews of buyers companies have used mobile application technology. This is the advance version of mobile app in which customers can make connection with business unit and can share their reviews with the firm. It has great impact over the sales of products. If enterprise has introduced new soft drink in market and people do not like it then other consumers will be influenced hence revenues of the firm will be decreased. On other hand if people are giving positive reviews on site then it will attract new customers and will boost sales of product.

According to Velu, (2020) social media is considered as latest technology that is being used by every firm now-a-days. Large number of people is using these social networking sites. These sites are able to influence buying decision of consumers. People look at the other’s reviews when they invest in any new products. On the bases of these reviews they make their purchase. Hence this can spread the identity of firm to great audience and can affect its performance to great extent.

Fecher, et.al., (2020) in the today’s time data modelling and simulation techniques are being used by FMCG companies. These technologies are helpful in reducing the cost of operation. This improves the market performance of organisation to great extent.

Research Mythology

Philosophy, Approach, Paradigm

In order to carry this investigation scholar has adopted pragmatic approach. This is considered as scientific method that always concentrates on qualitative and quantitative aspects. Scholar has to gather all the necessary information y involving respondents. This may help individual in gaining success in the market. This is the great approach as involved people have great knowledge about subject area hence they can give realistic information about topic and can help person in answering research question in significant manner. The main objective of conducting this research is to McCosker, & Gerrard. (2020) hence pragmatic approach can give best results and can help scholar in identifying the actual issue in the subject area. Use of Pragmatic paradigm can be helpful in managing the system in effective manner and ensuring that overall goal of study is obtained.

Furthermore, research methods help the researcher in identifying the reality of the society and answering the actual question by using current factual information. Research philosophy can be defined as tool that helps the person in getting the actual phenomenon actual the topic. Research philosophy is considered as belief that helps scholar in analysing detail and using the factual data in most accurate manner in order to generate the significant results (Trimmer. 2020). There are several philosophies that are used by researcher in the dissertation and research project on the bases of nature of investigation. This is essential to understand sensitivity of topic so that individual can carry the entire study in significant manner. Positivism philosophy is the kind of technique in w which is generally used in quantitative kind of studies. In this scholar is required to use facts and figures to justify the answers. This is the tool which helps in formulating the hypothesis and testing this hypothesis. These test results help investigator in answering research question in significant manner. Positivism philosophy has great association with the natural science. On other hand interpretivism is another kind of research philosophy which usually applied in qualitative kind of studies (Frost, et.al., 2020). This is the tool which ensures interpretating subjective information that can help in finding the reality and understanding topic in great manner. All the data that are being used in this study are collected form the human being. These respondents answer the research questions which help scholar in finding reality and interpretating data in accurate manner so that research aim can be achieved.

For carrying out this investigation in significant manner scholar has applied iminterpretivism philosophy. This is best suitable for the topic effectiveness of innovation, this may help in knowing the reality related to innovation hence scholar would be able to find the interesting data about topic (Shrivastava & Shrivastava, 2020).

Research approach can be defined as outline which helps scholar in conducting an investigation in actual in pre-defined process. There are two main kinds of approaches that are used by investigators in various studies. Inductive and deductive are two main methods. Inductive is the tool in which researcher always ensure to begin the investigation with observations (Ahimbisibwe, et.al., 2020). Individual always seek empirical observations and accordingly theory is developed. Scholars move from the empirical observations to generalised theories. These theories are helpful in answering research questions in effective manner. On other hand in the deductive method researcher ensures framing hypothesis and test these hypothesis. This test results answer the research question. In the deductive method researcher always ensure to take theory and on the bases of this theory develop hypothesis. These are confirmed by using test and results interpret the answer the research question. Both these methods are unique in nature. In order to conduct investigation on effectiveness of innovation scholar has selected inductive research approach. This is considered as most suitable method as it supports in avoiding the complex calculation and finding the answers of research question in most significant manner (Giltrap, et.al., 2020).

Research Design

Research design reflects the actual way that is going to follow by scholar in reaching to end results. In order to carry this investigation on....scholar applied exploratory research design and descriptive both. The main reason of choosing this design is that this is most suitable with the pragmatic approach. This method will help researcher in conducting interview of questionnaire with the respondents in order to gain more information about subject area. By this way person can be able to find root cause of problem and would be able to stabilise the relationship between causes of issue on other element (de Klein, et.al., 2020). Exploratory research deign explore the new areas so that research can gain insight detail about topic and can find the most interesting facts related to subject area. This is the best way through which great conclusion can be framed and individual can get suitable answers of research questions.

Researcher has used primary and secondary information in order to know more about the subject areas. All the confidential details and current information will be applied to this study in order reach to final results. Research has taken care of confidentiality of study materials so that no further issues can take place. Furthermore, scholar used secondary information as well. All these details are helpful in managing the system in effective manner and knowing more about the subject area so that scholar can answer research questions in significant manner (McCosker, & Gerrard, 2020)). There are two main kinds of researchers: qualitative and quantitative. In the qualitative research type scholar uses theoretical information where in quantitative scholar will use facts and figures as we Present research on effectiveness of innovation is qualitative in nature as researcher will include all the descriptive element and theoretical elements in order to enhance the efficiency of study. Involvement of primary and secondary data is helpful in enhancing knowledge about innovation and gathering the current detail which is most relevant to subject area. This is helpful for the investigator in reaching to end results.

Research Tool

In order to carry out investigation there is need to take assistance of correct tool. Researcher has used questionnaire method, it is the best technique in qualitative researches through which investigator can collect huge data about subject area. Questionnaire is the great technique, scholar can design questionnaire as per the suitability of study which helps in gaining insight detail about topic (Trimmer, 2020). Researcher designed the accurate and most relevant questions that can help in answering research questions in significant manner.

Designing of questionnaire will be based on ordinary scale method but individual will also asked close ended questions. Respondents are highly connected with the subject area hence they have great knowledge about it. This would help scholar in fining the relevant factual detail about subject area and answering the research questions significantly. Employees of Coca-cola will be involved as participants. Researcher has involved 25 managers of company to know more about effectiveness of innovation (Shrivastava, & Shrivastava, 2020).

Ethical consideration plays significant role in the research project, this is duty of scholar that to involve highly relevant information about subject area without involving any kind of unethical practices. Scholar has not harmed any of the respondents in order to collect the information about topic. Furthermore, confidentiality is maintained to great extent, researcher has ensured to keep all the details related to this investigation confidential so that such detail do not be used by third person unethically. In addition, researcher has taken approval for the topic adn then has conducted this investigation (Trimmer, 2020). Apart from this, consent letter is signed by all the respondents. Scholar has sent them consent letter on mail, they have read all the terms and condition and once they were agreed with every element then they signed that letter and revert back to scholar. Researcher has ensured that if person is not confirmable to answer any question then researcher has not forced any on them. People were allowed to skip any question if they do not want to answer it. In addition, researcher has given respect to every respondent which has made them able to give their full participation. By this way investigator has become able to find the best answers of research questions and this has supported in obtaining the aim significantly.

Data Interpretation and Analysis

Theme 1: Most valuable FMCG soft drink brands globally

Coca- cola

15

Red Bull

5

Sprits

2

Pepsi

3

Interpretation: From the above table it is found that 15 out of 25 respondents have viewed that Coca-Cola is considered as most valuable FMCG soft drink firm which is conducting its operations in many nations. On other hand 5 out of 25 answers replied that Red bull is most popular and valuable soft drink brand as multinational firm. Furthermore, 3 out of 25 people have answered that Pepsi is the great brand that serves consumers well. From the above table it can be interpreted that Coca-cola is highly trusted and valuable brand that always serve its consumers well.

Theme 2: consumers demand for new innovative products of soft drink

Regularly

17

Sometimes

6

No demand

2

Interpretation: When researcher has asked from respondents about demand of consumers then 17 out of 25 people have answered that consumers are regularly demanding for the new products of soft drink. They are not need healthy soft drinks that has great impact over human body. On other hand 6 out of 25 answerers have replied that sometimes consumers ask for the innovative soft drink. Whereas 2 answers viewed that there is no demand of consumers related to innovative products. It can be interpreted that yes consumers have need of new products that can have great taste and healthy as well.

Theme 3: people are less likely to buy current product as it is sugar drink

Strongly agree

10

Agree

7

Disagree

4

Strongly disagree

4

Interpretation: It is found that 10 out of 25 answers have opinion that they are strongly agreed with the point that people are less likely to buy current sugar drink products. As they face health issues like obesity, blood pressure by having such kinds of sugar drinks products. On other hand 7 out of 25 answers have answered that they are agreed that people have less interest in such kind of items. Whereas 4 people have viewed that they are disagrees with the fact that people are less likely to buy such sugar drinks. From the above data it can be interpreted that consumers of soft drinks need some better products which does not have element of sugar as sugar causes health issues in the human body hence they need something new .

Theme 4: innovation of healthy drink can enhance performance of Coca-cola

Yes

18

No

3

Not sure

4

Interpretation: From the above detail it is identified that 18 respondents have replied that yes innovation of health beverages is helpful in enhancing the performance of Coca-Cola. This would be great product because it will improve immunity of consumers and will keep away them from any kind of disease. 3 out of 25 respondents have answered that no innovation of healthy drinks cannot enhance Coca-Cola ‘s performance because it has no taste hence people has less interest in having such beverages. It can be interpreted that company needs to introduce healthy drink products in market so that it can meet the health needs of buyers.

Theme 5: Future market trend in beverage industry

Healthy drinks

8

Nutraceuticals beverages

12

Hot beverages

3

Others

2

Interpretation: 12 out of 25 participants have viewed that nutraceuticals beverages would be great trend in the beverage industry as this product will meet health needs of buyers. In the recent time people like to get add for money but always prefer to spend huge money on such products that can make them healthy. This kind of products can reduces illness and can make them happy as well. On other 8 people have answered that healthy drinks are the future trends. From the above study it can be interpreted that companies are required to implement innovative ideas that can help these firms in meeting nutraceuticals needs of buyers. If firms are introducing such products that have nutrition values alone with medical care then people will definitely buy it.

Theme 6: Exploitative or exploratory is great innovation strategy

Exploitative

5

Exploratory

20

Interpretation: from the above study it can be said that 20 out of 25 people said that exploratory is better innovation strategy. On other hand 5 respondents have opinion that exploitative is great strategy of innovation. It can be interpreted that exploratory strategy always prefer to explore new ideas rather than modifying existing products hence it is more effective and help business to finding new way to gain success. Explorative innovation strategy is considered as valued added strategy that always recycles the knowledge of scholar and help in finding new ways of working in business. Explorative learning supports in obtaining the great knowledge and applying these knowledge to generate value for money. By using this approach firm can be able to manage its resources well and can be able to develop such product that is new in market and able to meet needs of wide range of consumers of Coca-Cola

Theme 7: drawbacks associated with introducing new product in market

High cost of operation

12

Spend huge time to know about needs of buyers

6

Loose demand of current products

7

Interpretation: 12 Out of 25 answers have replied that innovation is cost incur process as operational cost of company can get raised. 6 out of 25 participants have replied that company has to spend huge time to know needs of buyers then only innovation is possible. 7 people have replied that company’s can loses demand of existing products in market if it works on new products.

Theme 8: Advantage of choosing exploratory innovation strategy in order to mitigate challenges of introducing new products

Cost effective

5

Environmental scanning

8

Analysis customer needs

12

Interpretation: above table indicates that 12 out of 25 respondents think that exploratory innovation strategy helps in analysing needs of consumers and accordingly innovation decision is taken hence it is great method. On other hand 8 out of 25 respondents have said that there is need to conduct environment scanning that helps in understanding capability of firm which helps in making sound innovation decision.

Discussion

From the above results it is found that innovation strategies are effective enough for companies to gain success in market and gaining competitive advantage as well. These firms need to ensure implementing correct strategy that can give positive results otherwise it can spoil the operation performance of firm to great extent. Consumers are health conscious hence their needs must be analysed first before developing new products. This is the best way through which business can offer satisfactory goods and services to large audience and can gain more profit.

Conclusion and Finding of Research Methods for Strategic Managers

After conducting this research it can be concluded that innovation is the essential for the business growth. Companies always want to retain its consumers for longer duration. Firms ensure to offer them satisfactory services so that they retain with brand for logger duration. There are many multinational firms which deal with FMCG products. Customers always spend money by looking at quality of that item. Innovation needs to be done on the bases of market demand and trends. There is essential that companies conduct market research first and after environmental scanning firms can get to know the actual needs of buyers and future trends. This is the great method through which need of innovation can be analysed. There are several factors that impact on overall performance of organisation in innovation strategy. Companies have to conduct research and have to make changes in its operational process so that it can give something new to this market. This changes are cost consuming and overall net profit of business unit can be decreased. This is the major issue that is faced by Coca-cola as well. Coca-cola is the most trusted and valuable brand globally. It has large number of consumers those who are highly satisfied with its products and services at global level. But beverages of Coca-cola re made with sugar. High sugar causes health problems in human being hence medical professional always suggest people to have balanced sugar otherwise person can get suffer from diabetes, obesity etc. These are dangerous illness that can create lifelong issue for the person.

People are highly conscious about their health. They want something new that can et their medical care and nutrition both requirements. Though there are many companies such as Pepsi and Red bulls those which are working on principle of invention where these companies modify the existing technologies in order to develop new products. This invention can give negative results to the firm. But innovation is always helpful because it is done after conducting deep research. This is the best way through which enterprise can attract new buyers and can retain its existing people as well. Innovation raises demand hence production capacity of firm gets raised. This is the best way through which entity can gain success in market. Increase demand enhances profitability and creates completion as well. In such condition entity can be able to gain success in market and can sustain in market for longer duration.

Innovation is effective for gaining competitive advantage and accomplishing overall goal of firm. Explorative innovation strategy is the great technique in which enterprise can explore the new idea by looking at future trends. By this way firm can predict the future response of those items and accordingly it can introduce the product in the developed or emerging mart. This explorative strategy plays significant role in working on completing new products which will be introduced in market for the first time.

Study has used qualitative method where individual has applied questionnaire method to know about effectiveness of innovation strategy. Researcher has asked to participant to give answers of each question and develop understanding about the researcher related to innovation strategy regarding health drinks by looking at future trends. Designing of questionnaire was done by looking at research objectives and, literature review. These both elements have helped scholar in designing the most relevant questions and getting answers of each question. Furthermore, themes are papered on the bases of made question and interpretation of these themes are done which has helped scholar to reach to end results.

Recommendation on Research Methods for Strategic Managers

In order to implement innovative ideas properly there should be proper and deep market research. Coca-cola should understand future trends and must collect preference detail of buyers. It has to design new product by looking at its own capability, market trends and consumers responses. This can help business unit in gaining success in the market. Research indicates that Coca-Cola needs to first test the product as sample in market for few weeks once people are taking interest in this product and giving positive reviews then only it has make investment in launching new product in market completely. Otherwise entity can get fail to recover loss soon because if people are not positive towards the product and enterprise has invested huge capital into innovation then it would have to bear huge loss.

References for Research Methods for Strategic Managers

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