Food Product Development

Slides:



Advertisements
Similar presentations
© 2010 Innovation and Business Industry Skills Council Ltd. BSBMKG506B Plan market research Session 3 Define data gathering approaches.
Advertisements

Stages of Product Development
Starting a Business Conducting Start-up Market Research METHODS OF PRIMARY AND SECONDARY MARKET RESEARCH QUALITATIVE AND QUANTITATIVE RESEARCH SIZE AND.
Marketing Research.
[9.4] Market Research Essential idea: Market research is any organized effort to gather information about markets or customers.
IDENTIFY AND MEET A MARKET NEED
4.04 Understand marketing- research activities to show command of their nature and scope.
IDENTIFY AND MEET A MARKET NEED
Research Methodology.
By: Chinwoo CHAPTER 25: MARKETING PLANNING. Marketing planning: The process of making appropriate strategies and preparing marketing activities to meet.
Level 1 Business Studies AS90837 Demonstrate an understanding of internal factors of a small business.
Insert Chapter Title Screen. Understand how marketing research can contribute to a firm’s competitive advantage. Understand that market research includes.
Types of product development. Line extensions As consumers demands grow for a certain product, the manufacturing companies need to expand their sales.
4. Marketing research After carefully studying this chapter, you should be able to: Define marketing research; Identify and explain the major forms of.
 The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they related.
Market Analysis and Target Market
Business Management March 2, 2017, Marketing.
Quantitative Methods for Business Studies
How would this information be useful to a business?
MARKETING RESEARCH.
Market research THE TIMES 100.
Data Collection Techniques
Quiz Show Review The Marketing Concept.
Marketing Research Chapter 28.
4 Opportunity Analysis, Market Segmentation, and Market Targeting
CONSUMER RESEARCH
Marketing in Today’s World
Managing Marketing Information to Gain Customer Insights
Chapter 2 Sociological Research Methods.
Market Research Unit 5 - slide 13.
Theme 1: Marketing & People
Market Research.
Marketing Information
Information for marketing management
Types of Marketing Research
Market Research.
IB Business Management
Principles of Marketing
Marketing Research Introduction Overview.
2. Customers Created by: Dr. Janet Ratliff & Ms. Jenna Johnson.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE Marketing Basics Develop Effective.
Market Research Firms need market research to determine whether a product is likely to be successful before they launch it and also the potential current.
4.00 Understand promotion and intermediate uses of marketing-information Understand marketing-research activities to show command of their nature.
Chapter 2 Sociological Research Methods
Market Research Unit 3 P3.
4.1.
Consumer Research.
Is there a market for our business idea?
Tourism Marketing for small businesses
Marketing Research.
Marketing Information Management
Year 10 Business Unit 1: Introduction to Small Business
Doing Market Research Chapter 6, Section 1.
Market Research.
Marketing Information
Why Is Marketing Research Important?
Conducting a Feasibility Analysis and Designing a Business Plan
Introduction to Business
Market Research Chapter 4.4 IB Business.
IDENTIFY AND MEET A MARKET NEED
Stakeholders and Marketing
The Value of Market Research
MARKETING FOUR STEPS SEGMENTATION MARKET RESEARCH IT MARKETING
Why Is Marketing Research Important?
10.2-Develop Effective Products and Services
MGT601 SME MANAGEMENT.
The Marketing Plan Part 3 Developing the New Venture Business Plan.
Marketing CHAPTER Marketing Basics
Unit 3 Review Questions.
Lesson 3.2 Product Planning
Presentation transcript:

Food Product Development

New food products don't just happen — they must be carefully planned and then tested before they reach the consumer.

Design Brief

Steps in the design brief

Design Brief This should be established for new products once a concept is developed. It enables a food manufacturer to define consumer market requirements and the price the market will pay for a specific food product. A key component is a manufacturer’s mission statement, which sets out goals and policies and provides guidance for new product development.

1. Idea Generation and Screening Recording of ideas for a N.F.P. Screening the ideas by selecting the best idea by seeing which one fits into the company the best.

2. Market Research Is an organized way of asking consumers what they want and need and their thoughts on existing products. This can be done through surveys, focus groups or field observations. Segments are grouped according to: Physical Features e.g. size of the market and demographics or Purchasing behaviour e.g. reasons for buying and influences on buying. There are two types of research: Primary Research which involves gathering original data from surveys etc Secondary Research which involves investigation what others have found in their primary research There are two types of sampling methods: Non-Probability which includes Convenience sampling, Volunteer sampling, Judgmental sampling (deliberate) Quota sampling and Probability (picking via numbers and chance) which includes simple random sampling and stratified random sampling. Once the research is conducted the data must be analyzed.

Qualitative Research Two techniques are commonly used in qualitative research: in-depth interviews focus groups (sometimes called buying panels) In both cases an experienced researcher trained in the technique will engage the individual or group in a series of structured discussions to gain insights into subjective aspects of consumer behaviour (perceptions, attitudes, beliefs, values etc). Advertisers can use this technique to gauge consumer reactions to different styles or types of packaging or to help create a consumer profile for a particular market segment Qualitative research ties to answer ‘how’ and ‘why’ questions.

Quantitative research Quantitative research, is concerned with the collection of data for statistical analysis. This type of research considers objective (factual) information such as the size and composition of markets, demographics and sales figure. Two of the most important data collection methods in the food industry are: Scanning technology: Sales at the checkout are registered using barcodes (formally termed universal product codes [UPCs] which, in conjunction with customer loyalty cards, provide large amounts of consumer purchasing data. Internet use: Provides information relating not only to actual purchases but also browsing behaviour. Quantitative research tries to answer ‘where’, ‘when’ and ‘how many’ questions.

3. Product specifications Is an accurate and comprehensive description of what the manufacturer plans to deliver to a target market (consistency). Lists all the requirements and constraints for production. Also describes packaging dimensions, materials and labelling as well as the storage conditions. Includes a pricing strategy.

4. Feasibility study This establishes if the product is profitable. There are two types of feasibility studies: Financial Feasibility: Determines whether the costs of production and the sales forecast will achieve a break-even point. Technical Feasibility: The ability of the company to make the new product using existing resources e.g. availability of ingredients, new processes, costs of ingredients and microbiological safety tests.

5. Development of a production process Converting the factory to make the new products - line extension products only need small changes. If the product is new then the equipment and factory layout need to be altered. Quality Control aims to ensure the highest quality of the product. Quality Assurance is the entire company working together to maintain maximum quality.

6. Development of a prototype A prototype is a trial product and extensive experiments are carried out on prototypes to ensure they can stand production. The prototype recipe is converted into commercial batch size. Packaging must withstand the rigours of processing but be able to fit on the production line as well as provide protection for the product. Careful screening takes place which includes: sensory evaluations, market tests, packaging tests and storage tests.

7. Testing the prototype The new food product needs to be tested to see if it satisfies the A.F.S.C or approved by AQIS. Packaging tests are also conducted to determine the exact shelf-life, package strength, whether it can handle distribution and other characteristics. Consumer testing must also be done and if everything is fine then the product is ready for commercialization.