Saudi Arabia contributes to around 10% of the global canned seafood market with a value reaching US$ 400 Million in 2021. Goody Co. spearheads the category in KSA with Goody and Treva brands differently positioned in two consumer segments, Quality Seekers, and Value Hunters.
Goody brand claiming a 25.7% value share, is the undisputed leader in canned seafood offering a wide variety of tuna products along with a recently launched range of salmon. At the same time, the growth trajectory is witnessed to be incredibly sluggish with only 1% in the past three years. Despite of the leadership, the brand is sighting stagnancy and diluted differentiation. The challenge is discovering what could be the next product idea in the seafood category that will create breakthrough for Goody Brand to make a leap and be more differentiated?
Welcome to the Goody Innovation challenge, where creativity is ignited, and new product ideas are brought to life!
You have been appointed as the new consultant for Goody seafood brand and assigned the task to identify opportunities of business growth by crafting new products or solutions. The challenge involves studying the market/competition and consumers/users, discover relevant insights, think of a product idea in-line with the insights, and present to investors (the interview panel) a convincing argument to bring your idea to life.
The following is expected:
- Creative Introduction:
As a start, introduce yourself in the most creative way possible to your audience (the interview panel) – the Intro should not exceed 5 minutes.
- Landscape Assessment:
Overview of your findings and insights from market visits and consumer discussions. Is there any struggle or unmet need out there? Is there any opportunity or gap in the seafood space?
- New Product Proposition:
Present your innovation idea or creative solution to the Interview panel. The new proposition could be related or unrelated to the current line-up, as far as it is Unique, it is relevant, and it is Seafood – it is Good! Think unrestricted – all dimensions are welcome for discussion (new product, new packaging, new formula/recipe, or anything beyond that…)
The discussion with the Interview Panel will revolve around the following:
What is the idea? for who (target audience)? Why they’ll buy it (relevancy)? And how it is different from what is available currently (differentiation)?
Furthermore, what price would you sell it at? And if there is any specific size/weight recommendation? And finally, how big do you think this idea can be (market potential)? and ideally where you’d like to manufacture or produce it? and why?
Important Note: You are encouraged to make assumptions as and where necessary.