New Product Development in Practice:
This Bord Bia Vantage Video will provide you with information on the Bord Bia supports that are available to small food businesses. The video also includes a case study on Killowen Farm and what product development means to their business.
“One of the keys to a successful future for the Irish Food and Drink industry is innovation and bringing new differentiated products to market. Innovation is a topic now firmly on every corporate agenda”.
Aidan Cotter, CEO, Bord Bia
In today’s economy, the marketplace is crowded and the pace of change ever quicker. In this context, it is increasingly difficult for companies to capture and maintain a competitive advantage.
Consider the consumer context: when choosing food and beverages, shoppers are presented with an overwhelming number of options. Most consumer decisions are made within seconds, out of habit rather than a rational appraisal of all the possibilities.
How do you therefore cut through the clutter sufficiently to make people reappraise their choice, and consider your products? Or indeed, if you are the category leader, how do you create sufficient distance between you and the competition in order to hold onto your competitive edge?
“Innovation provides a competitive advantage so businesses or economies that stand still and do what they have always done will lose out to those prepared to take the risk.” Sir Terry Leahy, CEO Tesco
The ability to keep your brand or product different and relevant in consumers’ minds is vital to gaining and maintaining a competitive advantage. Innovation is the tool to unlock this advantage.
Innovation means continually improving and invigorating your offer to customers. It is a way of thinking that applies to all areas of your business, including products, service delivery, packaging, manufacturing and marketing.
Innovation can be small in scale, for example making improvements to a product recipe, or it could mean launching an entirely new product, range or brand.
"Companies that ride the currents succeed; those that swim against them usually struggle. Identifying the currents and developing strategies to navigate them is vital". McKinsey & Company