What is commercial innovation, you ask? It is new ideas generated across the marketing mix, based on insight, that refresh the brand’s equity, build differentiation, and ultimately drive brand growth without changing the existing product offering. Your options are only limited to your imagination!
Nutrition Brand in Fortune 500 Company
Competencies needed by faculty and students involved
- Consumer-obsessed, Critical thinking/problem solving
- Creativity & Curiosity
- Marketing concepts & Startegic thinking
- Good oral and written communication skills
Final deliverable format:
A commercial innovation strategy – a series of well-planned tactics, based on a consumer insight, that leverages the brand’s equity. The strategy should answer the following questions: What is the consumer insight? What problem are you solving? Why is your strategy meaningful to consumers and does this brand have the right to win? How would it build differentiation versus competition? What are the implications (i.e. creative needs, growth, consumer engagement, cost)? Recommendations should include strategic/creative messaging, partnerships, programs, and visuals of bringing the commercial innovation strategy to life!