As society continues to advance at a rapid pace the business environment must continue
to change and keep up in the market. This results in companies being forced to rethink strategies
which in return effects new product development. These changes include social, economic, legal
environments, etc. which means businesses must be ready to adapt. An example of this is
globalization that creates a threat of competing products in which businesses must prepare.
Mr. G made long term plays that would allow for future change and increase the non-
cereal components of the K product mix. At this time, company K was dominating the cereal
space in terms of equity in cereal brands and its distribution so it was also important to maintain
this. Mr. G used this to his advantage as he relied on new product development to essentially just
product line extensions to create new K snacks that were similar to their already popular cereals
but in different forms for consumption. Essentially, they began to focus on creating new ways to
make fun snacks for the consumers without taking attention away from producing good cereal.
An introduction to a new product in the market requires a product innovation charter, or a
PIC. A PIC is a document that is prepared for strategy in commercializing new products. In other
