The development an innovative product or service

Summary

The purpose of this paper is to development an innovative product or service that addresses a specific consumer or business need. The innovative product is developed from one of the fields like artificial intelligence, social media, drone technology, and the business to consumer model. The business need to be addressed is HelloFresh’s objective to increase number of customers and diversify delivery channels making it more competitive, and to accommodate consumers inconvenienced by the lone subscription model.

An assessment of the four innovation fields resulted in business to consumer model as the best area that meets the objectives due to the consumer-centric feature of the model. For that note, the innovative idea is to partner with Tesco Petrol and put up a pick-up point for HelloFresh meal kits for customers to buy them as they drive through the petrol stations. Tesco Petrol has over 600, 24-hour working service stations and will provide a perfect pick-up point for HelloFresh meal kits. One of the advantages is that HelloFresh will differentiate its product from competitors because consumers will now instantly purchase meal kits.

The meal kit market research projects value to reach $8.9 billion by 2025, with HelloFresh enjoying a 30% share. Some of the leadership skills that will be required to launch the pick-up point are communication, teamwork, and creativity. Besides, HelloFresh and Tesco Petrol have to collaborate and work together for a successful pick-up point.

Even though there are other innovation avenues like artificial, a pick-up station is the best option for the business to reach more consumers and increase market share. Therefore, it is a recommendation that the firm explores this innovative idea to achieve the objectives.

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