Part 4 – New Products, New Profits

4meatshot

Introducing new products on a consistent basis is important to the meat sector.  Why?

  • Consumer needs continuously change. Meat businesses need to respond to these changes through new or improved products and services.
  • Competitors may force change through new product introduction, new packaging formats, and new pricing strategies.
  • There may be environmental changes which the company wants to capitalise on.

With the ultimate objective of increasing business and becoming more profitable, innovation is the creation of better or more effective products, processes, services, technologies, or ideas.  To ensure new product development is successful, it is important that meat establishments follow set procedures for bringing products to market which will ensure your development process is more market oriented and your products will be more likely to succeed in the market place.

This module consists of six different sections.

4.1 Opportunity Identification
If you want to base your product development on consumer needs, the module Opportunity Identification can help you.

4.2 Idea Generation
If you need help gathering new ideas, click on Idea Generation.

4.3 Idea Screening
Often the problem is not to get enough ideas, but to evaluate those ideas and screen the good ideas from the bad.

4.4 Concept Testing
How to test your product ideas at an early stage is described in the module Concept Testing.

4.5 Product Testing
How you can analyse what the consumers think about your new product compared to other products.

4.6 Market Testing
A sales prediction exercise.

 

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Disclaimer

LLP/LdV/TOI/2011/IRL-502 This project has been funded with support from the European Commission. The author is solely responsible for this publication (communication) and the Commission accepts no responsibility for any use may be made of the information contained therein.