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Bringing an innovative product to market: Assure®

Bringing an innovative product to market: Assure®. LEARNING OUTCOMES FOR THIS LESSON. Explain the innovative nature of Assure by Corus. Outline the significance of testing in a research and development process. Apply the Ansoff Matrix to Corus Colors development strategy. . INTRODUCTION.

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Bringing an innovative product to market: Assure®

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  1. Bringing an innovative product to market: Assure®

  2. LEARNING OUTCOMES FOR THIS LESSON • Explain the innovative nature of Assure by Corus. • Outline the significance of testing in a research and development process. • Apply the Ansoff Matrix to Corus Colors development strategy.

  3. INTRODUCTION • Corus provides steel and aluminium solutions for customers worldwide. • A key market for Corus Colors is Controlled Environmental Surfaces (CES). • In 2000 Corus saw a new opportunity in this market. • In the past, Corus produced the steel and then sold it to a company to be coated with an anti-bacterial coating. • This wasted time and took income from Corus. Corus has now produced a steel with the anti-bacterial coating built in. • The product's brand name is 'Assure'.

  4. PROMOTION • Corus uses two types: • Push - Corus highlights the benefits to the supply chain so that they can recommend Assure with their customers. • Pull - Corus tells end users of Assure so that they can build into the specification.

  5. MARKET GROWTH • The market for pre-finished steel with anti-bacterial protection within the food sector is growing. This is due to: • Increased demand for prepared foods. • Tougher laws on health standards. • Both the public and the press stressing food safety. • Consumers being more likely to take legal action if they become ill from bad food. • A greater focus on reducing health risks.

  6. RESEARCH AND DEVELOPMENT • New product ideas have to be tested to show that: • The product can be made. • It is safe. • It will perform at the right level. • The market wants it. • It can make a profit.

  7. ANSOFF MATRIX • Ansoff's Matrix highlights four possible growth strategies for a business

  8. ANSOFF MATRIX • Market penetration occurs when a firm tries to sell more of its existing products in its existing markets, perhaps through greater promotional efforts. • Market development occurs when a firm tries to sell its existing products in a new market e.g. a new segment or country. • New product development occurs when a firm offers a new product to its existing customers. • Diversification occurs when a firm develops new products for new markets.

  9. CONCLUSION • Assure is still a new technology for Corus. • The company is confident of its success due to the nature and growth of the market. • Assure has raised the profile of Corus and enhanced its reputation for innovation.

  10. ASSESSMENT OF LEARNING OUTCOMES • How well can you explain the innovative nature of Assure by Corus? • How well can you outline the significance of testing in a research and development process? • How well can you apply the Ansoff Matrix to Corus Colors development strategy?

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