Functioning in a competitive market with ongoing product developments, a beverage company wanted to explore the potential of a new package introduction to increase market share. Considering the various options, validation was required to ensure that any new package introduction would be well received by consumers and meet performance benchmarks.
A custom-designed approach and model provided the means to simulate the effect of new package introductions within the competitive landscape. A comprehensive analysis assessed the various package options in terms of:
While management was predisposed to the introduction of a specific package format, analysis showed that package was not well received. An alternative package format performed extremely well and was ultimately chosen for introduction into the market. The launch of this new package format helped the company achieve a 10% increase in sales during the introductory year.