Consumer Goods

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

  • CAN244369
  • 105 Pages
  • April 2015
  • Consumer Goods
Summary
Successful NPD Strategies in the Food, Drinks and Personal Care Market studies the best new product development, cross-category innovation, and marketing campaigns in both developing and developed countries to find common themes and best practice. The evolution of consumption habits across the world means both retailers and manufacturers need a renewed understanding of consumers 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 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 consumers 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.

ReasonsToBuy
- Access actionable insight into new marketing opportunities emerging in Food, Drink, and Personal Care via case studies, showing you how to adapt your product strategies to target consumer behaviors that are proving to be fertile ground for innovation leaders.

- Be confident that you are focusing on the most valuable opportunities in the market, though the use of Canadeans unique consumer data, which quantifies the influence of 20 consumption motivations in Food, Drink, and Personal Care.

- Understanding the trends, and how the most innovative marketers are seeking to target them, will allow marketing tactics and strategies to be updated in line with the very latest consumer behaviors.
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