Glanbia – innovation in the marketplace
The global food industry is a very dynamic and challenging environment. If an organisation like Glanbia is to grow and thrive it must anticipate changing consumer lifestyle trends and tastes. Successful businesses need to constantly use innovative research and development to come up with new product ideas and new ways to keep older brands fresh and appealing. They must also be mindful of existing consumers who are loyal to certain products while trying to attract new customers. Companies use market research to identify changing trends in consumer demands and to identify new product opportunities. These new products involve financial risk, and further market research helps the business to decide whether the new product will provide a return on investment (ROI). Glanbia’s market research identified that consumer demand for food products with additional health benefits was significantly changing the nature of the food industry. Consumers are now seeking additional nutritional benefits from the food they eat. Through innovative research and development, Glanbia has responded to these changing needs of the market place. This has allowed it to fill gaps in the market by expanding its product range.
Innovative Product Development -
Avonmore Flavoured Milk
An example of Glanbia’s innovative product development is the Avonmore Flavoured Milk range which was launched in late 2004. To the consumer it was a different and welcome new nutritious...