Conceiving a brand new product requires brainstorming, research, design, and branding and marketing ideas. Students also need to think of needs that aren't being met yet. It's a tall order, but there seems to be no limit to the options the market desires and will provide.
Here is a digital mockup of a brand new beverage. Students will need to understand the type tool and how to manipulate type with gradients and strokes, effects, how to move letters independent of each other in outline mode, and even understand how to create and include illustrated elements.
This file can be taken apart and new graphics applied. This doesn't include and image wrap effect or manipulation. It is flat with gradient overlays to create a more 3D appearance. Pretty easy and straight-forward.
I've done this assignment in different ways over the years. Sometimes I've had students design a paper label and we created mockups with real soda cans and had photoshoots, created simple 'spec' sheets.
The next step is to market the idea through advertising. This can be done in Illustrator or Photoshop. I've often used it as a transitional assignment going from predominantly Illustrator-based assignments to predominantly Photoshop-based assignments. An is included here too.