Consumer insight in the process of new dairy products development
The New Product Development Process
Plamen Dimitrov Mishev1 and Yulia Vladimirova Dzhabarova2
- 1 Department of Economics of Natural Resources, University of National and World Economy, Sofia, Bulgaria
- 2 Department of Marketing and International Economic Relations, Faculty of Economic and Social Sciences, University of "Paisii Hilendarski" Plovdiv, Bulgaria
New product development (NPD) is both a crucial step and a vital part of any business. It doesn't matter whether the product is destined for consumer or industrial markets. The companies' environment comprises complex and dynamic variables consequential to the fast change in markets and technology. In order to meet new challenges, companies require both timely and adequate decisions and actions. Developing new and modified products is an important step for companies in meeting this challenge, and an opportunity to develop competitive market performance and growth. To be successful at new product development, a firm must simultaneously meet two critical objectives: maximizing the fit with customer needs and minimizing time to market. (Schilling and Hill 1998). It is equally clear that consumers' demands and preferences keep changing over time. These changes range from basic considerations such as improving food safety, shelf life, and reducing wastage, to demands for increasingly sophisticated foods having special characteristics in terms of nutritional value, palatability, and convenience. The actual product development process is determined by the interaction between consumer expectations and demand, the technical capacity of the food producer, and emerging knowledge from food science research (Winger and Wall 2006). Therefore, companies require, first, an access to the most recent innovation technologies, and second, a full compliance with consumer needs and wants. The new product development is considered as a long-term marketing strategy that could bring a value-added product performance not only with a proper consumer significance, but with a holistic and social impact as well. In today's food marketplace, it's not enough for food to be just good—food must connect people to a lifetime of goodness. Parents need to feel good about the foods they share with their children. They want to be confident their own nutritional decisions will lead to a healthy future (Miller 2014). Here we will try to present a broad understanding of this matter— thus, to link the consumer expectations and the business market performance.
Advances in Dairy Products, First Edition.
Edited by Francesco Conto, Matteo A. Del Nobile, Michele Faccia, Angelo V. Zambrini, and Amalia Conte. © 2018 John Wiley & Sons Ltd. Published 2018 by John Wiley & Sons Ltd.