Launching a New Product ? Wanting to re-launch and improvise the Existing Product ?
New product development
This sound simple but in reality, there are many areas that needed to be consider before having the product in production to avoid big losses if the product fail in the market. It can be a product for retail, restaurant or even a home-made production.
what kind of competition from our competitors
When we want to launch a new food product or to improvise the existing food product, we need to consider our “COMPETITORS “ which is currently available in the market that we are in.
Without checking our competitors, we might develop a product that do not have a commercial value to attract the customers or we develop a product that would not be acceptable in the market or no value added to compete with our competitors.
(AP Photo/Michael Stravato)
the attributes to consider:
These are some of the attributes which you can consider when checking on your competitors:
Product for Retail Market
- Product Brand Name
- Product Name
- Product Category
- Country of Origin
- Pricing Structure
- Value Added
- Ingredient lists
- Nutritional Information / Serving SIze
- Product Attributes : Weight , Dimension, Color
- Sensory Evaluation : Taste, Appearance, Texture
- Product Testing
Product for Restaurant
- Product Name
- Product Category
- Pricing Structure
- Value Added
- Product Attributes
- Serving Size
- Sensory Evaluation : Taste, Appearance, Texture
- Product Testing
You need to do a comparison between the existing product available in the market or product which has similar attributes to your new product development.
Having this comparison test and evaluation, will enable you to get a closer results on the product acceptance in the market prior to your launching of the new products.
These tests will help you to make a better decision on whether the product is good to be launch at right timing and right place.
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