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Successful New Product Development Strategies in the Food, Drinks and Personal Care Market

  • April 2015
  • 105 pages
  • GlobalData
Report ID: 2979165

Summary

Table of Contents

Summary

This new report from Canadean studies the best new product development, cross-category innovation and marketing campaigns in both developing and developed countries to find common themes along with best practice. The report highlights innovative new product development for effectively targeting consumers' most important needs as well as offering strategic recommendations to capitalise on the evolving motivations driving consumption. Canadean's global mega-trend framework was applied to each case study to see which consumer need states were being targeted, whilst highlighting the underlying reason why these were important to consumers.

Key Findings


- Consumers are looking for healthier food and drink and a clean eating diet, yet are not ready to compromise on the taste, therefore manufacturers need to make sure that the product is tasty

- Aspiration is a powerful tool for brands to boost sales by tapping into consumer demands to appear sophisticated and knowledgeable

- Increased busy lives and consumers feeling time-scarce is strengthening the demand for more energizing snacks

- Nostalgia is increasingly becoming a trait that is being used to market a more premium product and encourage consumers to trade up

- Consumers want to feel more confident in their appearance and are looking for ways in which they can stand out and express their personality

- More consumers are relying on snacking to offer satiety during the working day with both “better for you” and indulgent features being key attributes to a consumer's preferred snacking choice

- Consumers are looking for feelings of happiness from their FMCG consumption, not just from luxury but happiness in a particular moment

Synopsis


“Successful NPD Strategies in the Food, Drinks and Personal Care Market” identifies four themes that brands have used in the past 1-2 years to successfully target new opportunities in the 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 play, and how FMCG goods and advertising campaigns are important features in meeting these needs. It also shows how changing lifestyles affects consumers' preferences and priorities.

In particular, this report will allow you to:

- Identify gaps in the market, by understanding the consumer attitudes and behaviors that the most recent successful product launches and advertizing campaigns have tapped into.

- Find novel ways of communicating credible messages that resonate with target audiences, such as superior taste and quality.

- Understand how the new application of internet technologies can increase brand awareness.

- Add value to your product by providing consumers with new experiences, such as engaging them in enjoyable activities or enhancing nostalgic moments.

- Increase brand awareness by partnering with consumers to help them enjoy their favorite activities and tapping into cultural shifts, such as new ways for young adults to express ambition and sophistication in Asian markets.

Reasons To Buy


- Investigate actionable insight into new and emerging marketing opportunities. Adapt your product strategies to target consumer behaviours that can be exploited by innovation.

- Identify the most valuable opportunities in the market, through the use of Canadean's consumer data, which quantifies the influence of 20 consumption motivations in Food, Drink and Personal Care.

- Assess the market trends, in particular how the most innovative marketers are seeking to target them. Update and realign your sales and marketing strategies with the very latest consumer behaviours.

Key Highlights
- What key considerations are consumers looking to satisfy in their choice of diet? What is the one factor on which consumers are not yet ready to compromise? What is the consequence of this for manufacturers?

- What is identified as a particularly powerful tool for brands to utilise to boost sales? Which two key consumer demands will this address?

- Which two factors are strengthening the demand for more energising snacks?

- What is increasingly becoming a trait to market a more premium product and encourage consumers to trade up?

- Consumers want to feel more confident in their appearance. What are they looking for specifically from products to achieve this?

- What are the key attributes for a consumer's preferred snacking choice?

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