As part of project for an MBA marketing class, my team is trying to develop some recommendations to revitalize the Alka-Seltzer brand. One angle we’re looking at is is a refresh of the packaging so that it stands out a bit more on the shelf, provides differentiation from generics, looks a bit more "up-to-date, etc. while still playing off the existing brand equity. We’ve run surveys and focus groups and some of the most consistent comments we’ve gotten say that the packaging looks like a hold-over from the 90s – I was wondering if anyone here had any thoughts or recommendations? Our initial thought was to soften the font a little (maybe go a little retro to reflect the brand’s history), declutter the front while still keeping the tablets, bubbles, etc., but since I’m not coming at this from a design background, I’d love to hear what you all have to say. Sorry if this isn’t the right place to pose a question like this, but thanks in advance for your help!
Were you in my 10:00 packaging review meeting today? You sound just like our marketing guys. 
I would start first by looking at your competitor range. The pic you showed us does not really show us the competitor products, but it does show the customer shopping view (which is a good thing). When I say look at your range, I mean look at what your competitors are doing. Does your package blend in with theirs? Is the value perception greater or smaller than theirs? Are they using different packaging than you? What is the top seller in the category and what is working for them? Are you the top in the category? if so what do you need to change to make you better and what are elements that if you change can hurt you? These are all questions that need to be considered in a packaging redesign.
Another thing I would evaluate is the why the package needs a change. Like mentioned above, is it the product or the package that needs an overhaul? Personally I do not use that product because it tastes bad and I perceive it as being an old man hangover remedy. To this point do some research on the perception of you brand, not on do these graphics look good or not, but what do people perceive to be the nature and feeling of the product. This will help in creating a theme for you package redesign.
Lastly, Think about you entire line. Nothing is worse than when a company redesigns the packaging and graphics of on particular product in their brand, but does not think about the entire line. A brand is more than just one product, it is a family of products that need to work together. By doing this you create organization and brand blocking which makes people want to by it. It’s a bit like if your office and house is clean than you feel more productive and energized. If a brand has order, than it adds order and looks more inviting.
Hope this helps. Went on a bit of a rant there.