My reference for this is taken from Coca-Cola company.
Product Development, in 1985 Coca Cola came up with a new flavor cherry coke, this was the cola flavored drink with a mix of cherry in it. Subsequently they came up with other flavors like vanilla coke. This was an entire new coke flavor which used the strength of the regular coke market to make revenue for Coca Cola.
In relation to my bakery since its a totally new business, aside the baking of baked products other food would be introduced to the market, however these food would be streamlined so they do not take the focus of the main product which is the baked food.
Diversification, this is made up of related diversification and unrelated diversification. In regards to Coca Cola company, the company acquired Glaceau and its top product vitamin water because Coca Cola company anticipated that in some years to come a lot of people would begin to patronize more sugar and carbon free drinks.
With my bakery, I shall acquire a small restaurant, partner up with a beverage company as well as an ice-cream company. This is because a restaurant would help me achieve my product development goal and the beverages and ice-cream taken with baked food complement each other best and the public would not want to just eat dry baked foods.
Unrelated diversification, with Coca Cola company, there are merchandises such as shirts and pens. This is given to customers to encourage them to come back and also an unconscious form of advertisement and marketing. I would use this same merchandise approach but also organize picnics, cooking competitions among other events to market my product.
This task has made me plan how I am going to introduce my business to the public. Also it has helped me find ways on how to expand my business so that though my business may be risky it could a high chance of surviving.
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