Innovative Sources of New Product Development Ideas
Discover the various sources of new product ideas, including internal and external sources, customer feedback, and market trends. Learn how to generate successful ideas that meet consumer demands and company goals for a competitive edge in product development.
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Presentation Transcript
SOURCES OF IDEA FOR NEW PRODUCT DEVELOPMENT Presenter Ms.M.DEVAYANI Assistant professor Department of food science and technology Arul Anandar College, karumathur, Madurai
INTRODUCTION New Ideas can produce the exposure to new products. We can know about different products available in market. Idea generation of the product will be successful when it satisfies economic, political and consumers demands.
GENERAL GUIDELINES OF IDEAS Ideas must satisfy the needs and desires of a company s target consumers and can attract the customers. Company can accept the ideas from the target consumers. The seed of idea from the target group itself. Ideas must satisfy the financial and expansion goals of the company within the skill level, technical capacities, managerial and financial resource of the company, these are the core competencies of the company. Idea should be implementable.
SOURCES OF IDEA External sources of Idea Internal source of Idea Idea that is obtained from non-company sources. Idea that is generated from the company itself and belonging organizations. Competitors Ideas from within the company Food conferences, Exhibitions, trade shows and Research symposia Ideas from consumer and customers Public libraries In house product and process, Research and development Specialized libraries Trade literature Collective memory. Government publication
IDEAS FROM WITHIN THE COMPANY Main source of the idea for new products of company are Retail and wholesale personnel Technical sale representatives They directly interfere with consumer and customers. They act as eyes and ears of the company, who can closely watch what is new in the market and movement of product in market. They can easily understand the advancement in the market and consumer behaviour. For example: Complan and Horlicks both are kids targeted product at the beginning by supplementing protein. When complan turned out to give flavour difference, Horlicks started with various product for different age groups.
IDEAS FROM CUSTOMERS AND CONSUMERS Different ways of consumer expression: Vent anger about failed product Express pleasure about a Favourite product Enquire about product s suitability for some diet Points to be considered while attending the consumer complaints: 1. All complaints should be acknowledged 2. Companies should classify the complaints based on nature of problem. 3. Complaints should be reviewed on daily or weekly or Fortnight basis.
INHOUSE PRODUCT AND PROCESS RESEARCH AND DEVELOPMENT: Companies may conduct experimental trials in their resource facilities or on their processing lines to test the use of new equipment, new ingredients and new supplies of raw materials. It requires determination, cataloging and reforming.
COLLECTIVE MEMORY: Computerized information management can be further developed to create collective memory of what happened when the problems were encountered and how to solve the problems. Ideas and experience of employee is a valuable assert of ideas. They will have valuable clues to problem solving and suggestion of new product ideas. These people are also called as collective memory.
COMPETITORS Wise company knows that what its competitors are doing, to say simply that, the competitors also compete for customer s attention, for the taste and preference of consumer. Competitive intelligence gathering A comparison of ingredients An evaluation of package and label appearance Comparison of quality characteristics like taste, flavour, colour, texture etc. of the competitor s products
FOOD CONFERENCES, EXHIBITIONS, TRADE SHOWS AND RESEARCH SYMPOSIA o Public events showcase their new developments and advanced technologies. o demonstrated of new ingredients and food equipment around the world. o Conferences, here the technical and research paper are presented. This can develop the novel research and development activity. This can spread up new product ideas and can reveal the research activities of competitors.
PUBLIC LIBRARIES Public libraries - collection of cook books filled with recipes. Recipes based on local, national and international cuisines can provide ideas for new food products. It can be benchtop for testing new products.
SPECIALIZED LIBRARIES INSTITUTE DATABASE INFORMATION ABOUT DATABASE Food Market data (FOMOD) FLAIRS (Food Launch Awareness in Retail Sectors) FOREGE (Food Regulation Enquiries) Marketing database Awareness of retail marketing Information about Permitted level of food additives.
TRADE LITERATURE Ingredients and equipment supplier provide trade literature, newsletter and publication and their applications. They provide many new product ideas and information about new ingredients for new product development.
GOVERNMENT PUBLICATIONS It is the wealth of new product ideas from various governmental departments. Best source of demographic data, population, meal pattern etc., Description of development of food research laboratories regionally and agricultural research stations are published regularly.
