New Product Development – Food Product Developer’s Recipe for Success
As per the famous book Positioning: The Battle for Your Mind, around 90% of products are brought to the market only to fill the void. The book was originally published in 1980. Since then, not many things have changed. Even today, many companies introduce a product when they notice minimal competition. However, the book gave a revolutionary approach to create a position in one’s mind. This approach helped reflect a company’s and its competitors’ strengths and weaknesses.
In today’s competitive industry, many companies take the revolutionary approach to understand the market and potential customers, take vision, analyze risks, and consider capital. For example, a food product developer spends more time on research and development (R&D) to introduce new products than other manufacturers.
However, new food product development is still a mystery for many manufacturers.
Evolution of Product Development
If we look into history, we find that past inventors remained dependent on ideas and risks to create new products. Also, they looked at the market void to examine whether or not it was safe to bring new products to the market. As time passed, companies spent millions to take risks on product development.
In addition, over the years, investors came into play and allowed manufacturers to focus on product development. With the help of the theory of product segmentation, investors found a void in the market to safely place a product for success. New products were made to make clients try a new set of attributes. Marketers used market segmentation to stay ahead of competitors or gain market share.
How to Create A Successful Product Development
Here, the best example of the new food product development is cheese companies. How do they create new products that taste success most of the time? It is a multi-step process. In the first step, a company’s strategy needs to be analyzed. What is the company? What does it do? What are its goals? How will a new product support its goals? Before introducing a new product to the market, it is important to find answers to these questions.
There are two types of approaches: Proactive and reactive. In the first type, the focus is on expansion and diversification, While the other type occurs for ever-changing consumer behaviour and technologies. Apart from that, there is a defensive approach, which is used because the competition did it first.
So, the best way for a food product developer to introduce a new product is:
- Spot void in the market
- Product segmentation
It helps ensure that the product is placed to ensure success for the company. Also, it makes sure clients are happy.
In the End
If a company or a manufacturer has no idea how to do product development or how to introduce a new product, it can hire food and beverage design consultants, who know how to place products on the market for success.