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Innovation Strategies: New techniques and best practice case studies in Food, Drink, and Personal Care

  • September 2014
  • 96 pages
  • GlobalData
Report ID: 2362900

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Summary

“Innovation Strategies: New techniques and best practice case studies in Food, Drink, and Personal Care” provides detailed insight into new opportunities in new product development, cross-category promotion, and marketing campaigns in both developing and developed countries. The evolution of consumption habits across the world means both retailers and manufacturers need a renewed understanding of consumer's changing lifestyles, and how this will affect their product choices. To do this, the report highlights innovative new product development for effectively targeting consumers' most important needs, and offers strategic recommendations to capitalize on the evolving motivations driving consumption.

Key Findings

- Consumers are looking for healthier food and drink options, yet not ready to compromise on the taste, therefore manufacturers need to make sure that the product is, above all, tasty
- Manufacturers need to invest in natural sweeteners and simplify formulas to overcome growing consumer concern with ingredients
- With a wider choice of products available on the shelves, manufacturers need to make an extra effort to attract attention of consumers
- Aspiration is a powerful tool
- Proving quality to consumers increases sale volumes
- Ethical approach associated with better quality and craftsmanship
- In indulgent categories, such as Ice-Cream, manufacturers should focus on other attributes, such as superior taste, shared moments, and fun derived from the product rather than health,
- Timing of delivering marketing message is crucial
- Experience, provided by the product, such as personalization or creative activities, adds value to it.

Synopsis

“Innovation Strategies: New techniques and best practice case studies in Food, Drink, and Personal Care” shows how consumer behavior is evolving rapidly and this will open up new opportunities in Food, Drinks, Wines and Spirits, Beer and Cider, Cosmetics and Toiletries and Packaging markets. This includes a wider understanding of the role factors such as convenience, indulgence and aspiration and how FMCG goods and advertising campaigns can play a role in meeting these needs. It also shows how changing lifestyles affects consumers' preferences and priorities.
In particular, this report includes:

- Identification of market gaps
- Novel ways of communicating credible messages that resonate with target audience, such as craftsmanship and quality
- Identifying novel ways of approaching consumer's needs
- New application of internet technologies to increase brand awareness
- Explains how to engage new for the product consumer age group or gender to increase consumption
- Shows how to add value to the product by providing consumers with new experiences, such as engaging them in enjoyable activities or personalizing the product
Shows how to increase brand awareness by encouraging consumers do what they like.

Reasons To Buy

- This report provides actionable insight into new opportunities emerging in Soft Drinks and Hot Drinks markets via case studies
- This is based on Canadean's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in 10 Soft and Hot Drinks categories
- Understanding these trends, and how the most innovative marketers are seeking to target them, will allow marketing tactics and strategy to be updated in line with the very latest consumer behaviors

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