Question

Using appropriate marketing terms and concepts, write a 500-750 word proposal recommending your company to develop your best idea from the assignment, Product Ideation and Screening. NOTE: The content of your brief should be appropriate reading for an experienced manager in the ready-to-eat breakfast food industry.

1. Header: Begin with a memo-style header.
2. Introduction: In a paragraph or two, introduce the subject of your proposal.
3. Market Opportunity: In a section headed “Market Opportunity,” provide four to five paragraphs in support of your idea. You will likely want to include: a summary of the unmet or underserved want, a description of the size and characteristics of the target market, competition, direct and indirect substitutes, alignment of the product with the company, and any other key aspects that support the company moving forward with your idea.
4. Recommendation: In a one to three paragraph section headed “Recommendation,” describe the next steps you are recommending the company take.
5. Appendix: Attach a copy of your assignment, Product Ideation and Screening, as an appendix to your brief.
6. References: Include a reference page. Also, be sure to include any in-text citations.

Answer 1

FOOD PRODUCT DEVELOPMENT IN HIGH GROWTH FOOD SEGMENT FOR READY-TO-EAT BREAKFAST FOOD INDUSTRY

Introduction

Food Product Development includes something beyond just producing the ideal recipe. Organizations need extensive planning, buckle down, and examine for an all-inclusive timeframe so as to deliver new nourishment products. Before beginning a fresh implementation initiative, it is basic to create explicit targets and timetables that coordinate what's to come heading of the business. Organizations participate in new item improvement with the expectations of increasing new clients, venturing into new geographic markets, expanding benefits, lifting brand energy, or expanding pieces of the pie. The time spent growing new sustenance items ranges from a half year to 5 years, contingent upon the level of new innovation and development

Development Objectives

1. To explore the means engaged with Food product development.
2. To know the plausibility obstructions to item commercialization.

Market Opportunity

Overview of Food Product Development in the High Growth Segment

Summary

Product success is reliant on numerous variables. Sensible objectives for an item and sound money related investigation can make an item increasingly adept to flourish. Gathering sufficient item research helps with making items that fit customers wants just like ones that are aggressive in the commercial center. A decent strategic plan with sufficient arrangements of every single vital instrument is basic to build a feasible and beneficial product. Product improvement additionally takes a touch of purchaser acknowledgment and the right planning.

Product Ideation - Organizations utilize different methods to create thoughts for new items. Thoughts may likewise originate from customer input. A few organizations may not require this progression, particularly in the event that they blossom with recovering contender's items. Ideation sessions utilizing members from all divisions can likewise be a generation of corporate ideas. After ideation, the real strides in building up might be partitioned into four stages - screening, feasibility, test marketing, and commercialization.

Screening is the most basic advance in a product improvement venture. Careful testing of item ideas can help a firm in choosing regardless of whether to put time and cash into an endeavor or to relinquish the endeavors totally. Undertaking thoughts ought to be consistent with hierarchical objectives. Task directors should screen thoughts all through the improvement venture so as to measure if the commercial center has moved in its agreeableness of the idea, fixing accessibility, and administrative factors.

Feasibility - Practicality contemplations for a business incorporate guidelines, innovation, furthermore, funds. By setting up an interdepartmental group, the instruments will be accessible to respond to starting inquiries of feasibility that might be presented at any phase during the advancement procedure.

Test Marketing - Customers survey the preferences of the item preceding the association propelling a bigger advertising plan. Market testing is best when arranged well ahead of time with the assistance of a specialist in the field. Request help from promoting experts who can devise an arrangement and decipher the consequences of your test. Test advertising ought to address plan, preparing, and bundling.

Product advancement ought to be a vital piece of commercialization. Organizations with the influence to finance national showcasing plans may utilize numerous roads to get their items took note. Normal techniques for promoting new items incorporate reserve funds coupons, national TV promotions, web ads, and item situation methodologies. The advancement methodologies are item and target-advertise subordinate.

Target Market to be Focused on –

This market portion believes breakfast to be a significant beginning to the day and these customers commonly search for more beneficial alternatives. They once in a while skip breakfast and will, in general, eat at home. As customers, they are normally very composed and organized as clients and would constantly have a decent exhibit of sound food in their home consistently.

The Target Customers are –

1. Bachelors
2. Working Women
3. Children

These customers are regularly less arranged and sorted out, as contradicted with regards to the great beginning business sector portion, which implies that they are bound to participate in impulsive buys making them decent advertising for deals promotion and exceptional offers. Usually, they’re brand switchers because they’re searching for easy fast alternatives. Characteristics include –

1. Foods that are good for health.
2. Foods that are rich in nourishment and value for money.
3. Foods that can be stored for a longer time.
4. Foods that are healthy and be easy to digest.
5. Foods that would have natural ingredients.

In addition to powerful macro-indicators and manufacturing base, there are aspects that can lead to increased consumption of these high growth segment of the ready-to-eat breakfast food industry –

Recommendations

[1] To expand the cuisines i.e. to expand the product the food range as the customer would have varieties to choose from. [2] To not to ignore working populace – the working population are really ignored as target focus always remains bachelors and children’s who are dependent on other people for food. [3] To focus on the health perspective as customers have negative opinions regarding the ingredients used be it fresh vegetables or leftover food being served.

REFERENCES

[1] N. Stafford, “From Kitchen to Consumer: The Entrepreneur’s Guide to Commercial Food Production,” Academic Press, California, 1991.

[2] G. Fuller, “New Food Product Development: From Concept to Marketplace,” CRC Press, 1994.