scholarly journals The Link between the Consumer and the Innovations in Food Product Development

Foods ◽  
2020 ◽  
Vol 9 (9) ◽  
pp. 1317 ◽  
Author(s):  
Raquel P. F. Guiné ◽  
Sofia G. Florença ◽  
Maria João Barroca ◽  
Ofélia Anjos
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Food Industry ◽  
Consumer Behaviour ◽  
Food Product ◽  
New Product ◽  
Consumer Awareness ◽  
Food Product Development ◽  
Willingness To Purchase ◽  
Desire To Eat

New lifestyles, higher incomes and better consumer awareness are increasing the demand for a year-round supply of innovative food products. In past decades, important developments have been achieved in areas related to food and the food industry. This review shows that factors influencing performance in new product development (NPD) are dynamic and continuously guiding project development. The data obtained by direct involvement of consumers can impact positively successful product development and enhance the company’s financial performance. The study of consumer behaviour and attitudes towards new foods encompasses multiple aspects, such as preference, choice, desire to eat certain foods, buying intentions and frequency of consumption. Additionally, both the consumers’ willingness to purchase and the willingness to pay a premium are important in NPD, launching and success.

scholarly journals Project Valuation and Risk Assessment in Food Product Development: Evidence from Fuzzy Real Option Valuation

2021 ◽  
Vol 45 (340) ◽  
pp. 38-52
Author(s):  
Irina Pilvere ◽  
Mihails Silovs ◽  
Janis Ozolins ◽  
Aleksejs Nipers ◽  
Olga Dmitrijeva
Keyword(s):  
Risk Assessment ◽  
Product Development ◽  
New Product Development ◽  
Real Option ◽  
Food Product ◽  
New Product ◽  
Option Valuation ◽  
Present Value ◽  
Real Option Valuation ◽  
Food Product Development

Abstract To survive in today's competitive environment, companies must continuously develop and offer customers new products. To increase the probability of a successful business case of investing in the development of a new product, careful attention must be paid to risk analysis in terms of the present value of future potential income. The article considers an example of the research work of the Latvia University of Life Sciences and Technologies, in the framework of which a technical and technological project was developed to produce a new product, like Mediterranean anchovy, from cheaper Baltic sprats. The main goal of this work is to explore the application multi-factor sensitivity and fuzzy real option analysis to the valuation of new product development project. The multivariate analysis of the sensitivity of the financial model of the greenfield production project described in this article revealed the main risk groups, as well as their degree of influence on the assessment of the Net Present Value of the project by a potential investor. The use of Fuzzy Real Option Valuation made it possible to evaluate the project with uncertain parameters, as well as to calculate the potential upside from preliminary refinement of parameters to eliminate negative scenarios. The described approach is applicable to risk assessment of new food product development and allows investors to make a more informed decision about participation in such projects.

scholarly journals Characterization of Food Product Innovation Practices with Reference to Functional Food Product Development in Singapore

2017 ◽  
Vol 5 (2) ◽  
Author(s):  
Rao Sanaullah Khan ◽  
Saw Lin Kiat ◽  
John Mark Grigor
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Functional Food ◽  
Product Innovation ◽  
Functional Foods ◽  
Food Product ◽  
New Product ◽  
Group 2 ◽  
Food Product Development ◽  
Group 1

Functional foods, being one of the major food categories of the global health and wellness market, are becoming a major focus of new product development (NPD) in the food industry. The development of functional foods is more complex than traditional food New Product Development (NPD), calling for a concerted effort from researchers and NPD experts to explore and understand the functional food product development (FFPD) process in more detail.  The current research in this field has reported that there is a need to evolve from a traditional NPD approach, towards an integrative and innovative approach involving cooperative networks and techniques of commercialization. However, there is little practical evidence on how much progress has been made to date.  Therefore, this research was designed to investigate the food product innovation process of food manufacturing in the Asia-Pacific region (Singapore) with reference to functional foods development. Results report on a comparative account of NPD practices between registered Singapore food companies that are doing some sort of functional food development (Group 1) and those that are not (Group 2). A significant difference (P<0.05) in the aims and mode of NPD between Group 1 and Group was observed. Further it was observed that food companies in Group 1 have significantly (P<0.05) more diverse external collaborations with broad aims to collaborate, in comparison with food companies in Group 2.  This is a positive step toward developing an external resource base, which is essential in developing functional foods. This attitude should be encouraged in future innovation polices as being critical to value-added food product innovations in Singapore.  Apart from these differences, food companies are still pursuing a traditional NPD approach (independent and closed NPD); with loose Intellectual Property protection practices irrespective of type of innovation activity. There is a need to create awareness among the stakeholders about the factors needed for developing unique and inimitable resources, and dynamic capabilities in food manufacturing. 

scholarly journals Improving the new product development using big data: a case study of a food company

2019 ◽  
Vol 121 (11) ◽  
pp. 2835-2848 ◽  
Author(s):  
Sandeep Jagtap ◽  
Linh Nguyen Khanh Duong
Keyword(s):  
Big Data ◽  
Product Development ◽  
New Product Development ◽  
Food Industry ◽  
Idea Generation ◽  
Food Product ◽  
New Product ◽  
Relevant Information ◽  
Content Type

Purpose Recently, the concept of big data (BD) has evolved and started to play an essential role in the advancement of new product development (NPD) in various sectors contributing to value creation, idea generation and competitive advantage. However, limited research has been done on how the food industry can exploit BD to improve the processes involved in NPD. The purpose of this paper is to understand the use of BD in new food product development. It helps to find relevant information and integrate sustainability to the early stages of the NPD process in the food industry. Design/methodology/approach This research illustrates a case study of a beverage company wherein they used BD analytics to support their NPD team to launch a two-litre lemonade drink in the market for their retailer with less than 5 g sugar per 100 ml in the shortest possible time. Findings The use of BD helps to reduce NPD costs and time without affecting the taste and on par with competitor’s products. Originality/value The research can support NPD professionals through the application of BD analytics to bring products at lower costs to the market as quickly as possible.

“We must have the wrong consumers” – a case study on new food product development failure

2014 ◽  
Vol 116 (4) ◽  
pp. 707-722 ◽  
Author(s):  
Toni Ryynänen ◽  
Annaleena Hakatie
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Food Product ◽  
New Product ◽  
Development Project ◽  
Food Sector ◽  
Content Type ◽  
Development Failure ◽  
Food Product Development

Purpose – The aim of this paper is to investigate, in detail, an unsuccessful food development project that took place in 2008-2010. The case is studied from the viewpoint of an interpretive paradigm. This article concentrates on constructing the critical elements that led to a food development project failure. The plan was to have a traditional Finnish dish updated and introduced as a mass produced high-end convenience food. The project included new convenience food development, packaging design, consumer market research and a sensory study to back up the food product development on behalf of a newly established company. Theoretical grounds for the case are based on the new product development (NPD) research process in the food sector. Design/methodology/approach – The method applied is an explorative single within-case study. The research data were mainly obtained from qualitative materials that ranged from marketing plans to case study field notes compiled by the researchers. Quantitative data were also obtained from various types of materials but to a lesser extent. Findings – The results of the study show that the failure of new product development was connected to the factors identified in classic NPD research. In addition, five phenomena that contributed to product development failure were constructed: path-dependency; “information condensations”; the illusion of mutual knowledge and understanding; practices of problem definition; and window-of-opportunity effects. The results are presented in a form of analytical generalisation that can be applied, with certain restrictions, to other contexts for new food product development. Originality/value – Failure rates of NPD have remained the same for the last 30 years in the food sector. Failed NPD projects can be valuable assets for the food industry when properly analysed. Examination of successful NPD projects has provided valuable lists of success factors, but knowledge on phenomena having an effect on NPD failure is needed.

New Product Development in the Thai Food Industry

1998 ◽  
Vol 1 (2-3) ◽  
pp. 11-15
Author(s):  
Prisana Suwannaporn ◽  
Mark Speece
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Food Industry ◽  
New Product
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