New Product Development
Companies do not have to compete on price and delivery alone. New product development can be used as a competitive weapon in the market place. It is essential for continued growth of a company.
New product development is a means for a company to gain advantage, secure a position or win a new customer.
The term new product development is all embracing and ranges from products that are totally new to the world to minor modifications. It is a multidisciplinary knowledge intensive process, which necessitates the generations, dissemination and management of knowledge across all functions involved in the development of new food and beverages.
Food product development processes vary according to the level of product innovation, the company’s knowledge and resources, the time constrains and the level of risk taking in the company:
Stage 1: Genesis and evaluation
Stage 2: Product design and process development
Stage 3: Introduction stage and product commercialization
Stage 4: Product launch and evaluation
What are the characteristics of a New Product?
*It has never before been manufactured by the company
*It has never been distributed by the company
*Old and current product is introduced into a geographically new area by the company
* Old and current product introduced in either a new package or new size or a new form
* Old and current product introduced into a new market niche
New Product Development
