NPDs Flashcards
what is food innovation
-Combines technological innovation with social and cultural innovation
-Occurs throughout the entire food system, including production, harvesting, primary and secondary processing, manufacturing & distribution
what are the challeneges of food innovation
Finding new ways to make healthy, nutritious
foods that are not only enticing, accessible, exciting, and unique, but also sustainable
what are the examples of food innovation
new ingrediants, packaging and processsing
what are some On-trend product
innovation
-Personalised Foods to Promote Health
and Wellbeing
-Transparency in the Food Chain
-Expanded protein sources
-Plant-based products
-Sustainability – ingreds, packaging
-Smart Technology & Food
-Environmentally friendly production
what must a product be
A product (a physical object or a service) should be functional and emotional to
satisfy the customer’s need, and to offer value, be delivered as the way customer
demanded
what are the 7Ps
product, price, place, promotion, people, process and physical environment
what are the 7Ns
NEW before all of the 7Ps
what is price
cover costs, generate profit but consumers must be willing to pay
what can the place be
physical store, app, online
what can the promotion be
raise awareness amongst target audience
what can the people be
face of company, approach and attitude important
what can the process be
smooth, efficient and customer friendly
what can physical be
surroundings, staff uniform, online reviews
what some of the things that make up a product
physical attributes, confidence, special features and guarantee and brand and brand image
why do we develop new products
-To meet consumer demand
✓ To drive sales
✓ To grow brand equity
✓ To respond to
manufacturing/technology changes
✓ To enter new markets
✓ To survive in a competitive market
✓ To remain cost effective
✓ To maximise margins
✓ To minimise negative environmental
impacts
✓ To respond to retailer pressure
what are the 4 life cycle stages and marketting implications
- introduction- low sales + financial losses
- Growth= increasing sales + more competitors
- Maturity= peak sales + mass market
- Decline= profits fall + failing sales
when is their take off
after the introduction
when is there shake out
after the growth