By Dr S K Bhalla, Mentor Safe Labs
Competitive advantage , which can be achieved through innovation , research and development, is a part of the dynamic structure of a free market economy. It is clear that innovations must be tailored primarily to long term consumer trends and desires.
However as marketers , companies must remember that this is not the only aspect. Many innovations do not come directly from the market, but from technological work, research and development. Such innovations are created by researchers who invent new products that marketers and consumers have never imagined. Innovation is followed by the most important phase of the investigation seeing whether a new product makes sense to the consumer.
In marketing, there is a lot of discussion about life cycle and storage conditions requirement in connection with innovations and product development, though this may be some times counter productive also. Examining products life cycle may lead to a fatalistic attitude , since depending on the point in life cycle, mechanistic forecasts can actually bring about the downfall of a product.
To counteract marketing theories companies must take an optimistic outlook. We should consider not only innovations but also renovations .There are thousands of ways to give existing products a new push through new ideas and minor changes. Since a revolutionary discovery can not be made every day, renovation is an equally important component of business success.
While planning new product introduction, organization needs to decide;
- End user category, Infant, Toddler, Children, Teenager, Adult , Senior people or for special dietetic need.
- Manufacturing facilities, either existing, New or Third party .
- Convenience pack size and distribution system.
- Resource planning, Material, Manpower and Cost optimization approach
In Dairy Sector perspective, the present requirement is in ;
- Fermented milk products with short shelf life in cold chain having Prebiotic and Probiotic microflora, also long life at ambient with partial lactose free approach.
- Milk beverages with unique flavoring and mouthfeel. Nutraceutical is the Marketing budge WORD now , High Protein, High minerals , products for On the go convenience
- Industrial ingredients for bulk requirements.
- Ethnic sweets with long life can get excellent market place
The one of the key factor is to divide product range for General and Premium.The seven step approach can be adopted for Product concept to Consumer acceptance.