SOURCES OF IDEA FOR NEW PRODUCT DEVELOPMENT

Transcript:SOURCES OF IDEA FOR NEW PRODUCT DEVELOPMENT:
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 Internal source of Idea Idea that is generated from the company itself and belonging organizations. Ideas from within the company Ideas from consumer and customers In house product and process, Research and development Collective memory. External sources of Idea Idea that is obtained from non-company sources. Competitors Food conferences, Exhibitions, trade shows and Research symposia Public libraries Specialized libraries Trade literature 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