Food product development presentation 1 An
Description: Food product development presentation 1 An overview Food product development: definition The process of developing a new product to meet a consumermarket need andor trend. This involves a number of steps that are completed before the
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slide1. Food product development presentation 1 An overview<br>
slide2. Food product development: definition The process of developing a new product to meet a consumer/market need and/or trend.
This involves a number of steps that are completed before the product is introduced to the market.
A new product development maybe done to develop an item or improve a product.
To compete with market trends and/or changes, new product development is essential to any business.<br>
slide3. Describe a range of food product developments<br>
slide4. Food product developments There are 3 categories of new products New to world: are completely new and different to pre-existing products, for example new technologies include genetically modified foods, developments in packaging, and 3D food printing. New ingredients include traditional Indigenous foods, genetically modified foods, and food additives.
Line Extensions: are food products which are changed in some way, including diet related factors, health, colour, flavour, packing size/features. Examples include Oreo biscuits and Oreo dairy milk chocolate.
Me- Too Products: are copies of existing products, usually the development of a cheaper/generic product. Examples include canned Goulburn Valley fruit and cheaper canned Black & Gold brand fruit.<br>
slide5. Food product developments – new to world Advantages:
novelty - more likely to be successful to consumer
company profit/competitive - if successful on a world scale.
Disadvantages:
due to globalisation, new to world products are difficult to develop due to existing food ideas
costs associated with development and promotion of new products
costs to manufacturer- such as the purchase of new processing equipment, staff training, source of new ingredients
marketing needs to be strong to promote to target market.<br>
slide6. Food product developments – line extensions Advantages:
meet consumer needs and increased market share
increased shelf space, increased brand prominence and increased company promotion
as processing and formulation are similar to existing product, new product is inexpensive and easier to produce
manufacturer already has appropriate equipment and trained staff.
Disadvantages:
if product doesn’t meet consumer’s needs, product maybe rejected
if sensory preferences don’t meet consumer expectations that is colour, flavour, the product maybe rejected
if unsuccessful, a line extension may affect company’s image.<br>
slide7. Food product developments – me too Advantages:
easy and inexpensive: processing methods are well known and ingredients already available and listed for other products
manufacturers already have appropriate equipment and trained staff OR can purchase, lease or contract another company to manufacture product on their behalf
minimise costs by using cheaper ingredients, lowering packaging quality, promotion and labelling and overall cost of the product.
Disadvantages:
to be competitive with already established product may require aggressive marketing and promotional activities, which are risky and expensive.<br>
slide8. Reasons for food product developments<br>
slide9. Health and environment issues Companies develop and promote foods that are modified versions of regular product lines, that also support health and nutrition awareness such as:
low fat
high fibre
salt reduced
special dietary requirements that is gluten free/dairy free
recycled/sustainable packaging.<br>
slide10. Technological developments Examples of technological developments include:
Household microwave ovens: as microwave technology developed, as did the need for more powerful microwaves and microwavable products and packaging.
Resurgence of slow cookers: need and development for specialty recipes.
Home espresso coffee makers: need and development of boutique style ground coffee. Convenience and availability of purchase and use of coffee grounds.
Innovative products: the result of completely new ideas including line extensions, me too products, product tampering, consumer demand and special applications such as Defence Force ration packs/space foods.<br>
slide11. Societal changes – convenience foods Convenience foods are driven by busy lifestyles and ageing population. Convenience foods include processed foods that have a longer shelf life and are easy to use.
The major attributes that consumers look for in convenience foods include ease of use, packaging, nutritional value, safety, variety and product appeal.
Convenience foods save time and energy. Technology and innovative packaging options have widened the food choices that are available such as frozen, chilled and packaged foods.<br>
slide12. Societal changes – target market Consumers are time poor and are looking for convenience foods – food that save time and energy.
Technology and innovative packaging options have widened the food choices that are available such as frozen and chilled packaged foods.<br>
slide13. Company profitability Companies can be hesitant to invest in developing a new product due to the risk of financial loss, if not successful.
To stay competitive and increase profits, companies devote time and money in developing new products in order to stay competitive and meet consumer needs and/or demand.<br>
slide2. Food product development: definition The process of developing a new product to meet a consumer/market need and/or trend.
This involves a number of steps that are completed before the product is introduced to the market.
A new product development maybe done to develop an item or improve a product.
To compete with market trends and/or changes, new product development is essential to any business.<br>
slide3. Describe a range of food product developments<br>
slide4. Food product developments There are 3 categories of new products New to world: are completely new and different to pre-existing products, for example new technologies include genetically modified foods, developments in packaging, and 3D food printing. New ingredients include traditional Indigenous foods, genetically modified foods, and food additives.
Line Extensions: are food products which are changed in some way, including diet related factors, health, colour, flavour, packing size/features. Examples include Oreo biscuits and Oreo dairy milk chocolate.
Me- Too Products: are copies of existing products, usually the development of a cheaper/generic product. Examples include canned Goulburn Valley fruit and cheaper canned Black & Gold brand fruit.<br>
slide5. Food product developments – new to world Advantages:
novelty - more likely to be successful to consumer
company profit/competitive - if successful on a world scale.
Disadvantages:
due to globalisation, new to world products are difficult to develop due to existing food ideas
costs associated with development and promotion of new products
costs to manufacturer- such as the purchase of new processing equipment, staff training, source of new ingredients
marketing needs to be strong to promote to target market.<br>
slide6. Food product developments – line extensions Advantages:
meet consumer needs and increased market share
increased shelf space, increased brand prominence and increased company promotion
as processing and formulation are similar to existing product, new product is inexpensive and easier to produce
manufacturer already has appropriate equipment and trained staff.
Disadvantages:
if product doesn’t meet consumer’s needs, product maybe rejected
if sensory preferences don’t meet consumer expectations that is colour, flavour, the product maybe rejected
if unsuccessful, a line extension may affect company’s image.<br>
slide7. Food product developments – me too Advantages:
easy and inexpensive: processing methods are well known and ingredients already available and listed for other products
manufacturers already have appropriate equipment and trained staff OR can purchase, lease or contract another company to manufacture product on their behalf
minimise costs by using cheaper ingredients, lowering packaging quality, promotion and labelling and overall cost of the product.
Disadvantages:
to be competitive with already established product may require aggressive marketing and promotional activities, which are risky and expensive.<br>
slide8. Reasons for food product developments<br>
slide9. Health and environment issues Companies develop and promote foods that are modified versions of regular product lines, that also support health and nutrition awareness such as:
low fat
high fibre
salt reduced
special dietary requirements that is gluten free/dairy free
recycled/sustainable packaging.<br>
slide10. Technological developments Examples of technological developments include:
Household microwave ovens: as microwave technology developed, as did the need for more powerful microwaves and microwavable products and packaging.
Resurgence of slow cookers: need and development for specialty recipes.
Home espresso coffee makers: need and development of boutique style ground coffee. Convenience and availability of purchase and use of coffee grounds.
Innovative products: the result of completely new ideas including line extensions, me too products, product tampering, consumer demand and special applications such as Defence Force ration packs/space foods.<br>
slide11. Societal changes – convenience foods Convenience foods are driven by busy lifestyles and ageing population. Convenience foods include processed foods that have a longer shelf life and are easy to use.
The major attributes that consumers look for in convenience foods include ease of use, packaging, nutritional value, safety, variety and product appeal.
Convenience foods save time and energy. Technology and innovative packaging options have widened the food choices that are available such as frozen, chilled and packaged foods.<br>
slide12. Societal changes – target market Consumers are time poor and are looking for convenience foods – food that save time and energy.
Technology and innovative packaging options have widened the food choices that are available such as frozen and chilled packaged foods.<br>
slide13. Company profitability Companies can be hesitant to invest in developing a new product due to the risk of financial loss, if not successful.
To stay competitive and increase profits, companies devote time and money in developing new products in order to stay competitive and meet consumer needs and/or demand.<br>