New Product Development Process

Topics: Nutrition, Food, Restaurant Pages: 35 (9775 words) Published: June 1, 2011
[Πληκτρολογήστε το όνομα της εταιρείας] 1/11/2011

Sweet Balance Restaurant
New Service Development

Table of Contests:
1) New Service Development Process
1.1) Company Description

2) Industry Analysis
2.1) Market Trends & the Future
2.2) Competition
2.3) Healthy Food Alternative

3) Screening

4) Swot Analysis

5) Concept Testing

6) Business Analysis
6.1) Costs
6.2) Sales & Profits

7) Market Testing
7.1) Test Market (Questionnaire)

8) Commercialisation
8.1) Target Market
8.2) Product

9) Marketing Mix
9.1) Marketing Mix theory (7ps)
9.2) Marketing Mix of Sweet Balance

10) Sweet Balance Restaurant’s Menu

11) Media Marketing

New Product Development Process
 Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable. In this section we present a 7-step process comprising the key elements of new product development. While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. The process also shows the importance market research plays in developing products. We should note that while the 7-step process works for most industries, it is less effective in developing radically new products. The main reason lies in the inability of the target market to provide sufficient feedback on advanced product concepts since they often find it difficult to understand radically different ideas. So while many of these steps are used to research breakthrough ideas, the marketer should exercise caution when interpreting the results.

  Eating is one the most important events in everyone’s life. We enjoy eating - it’s part of who we are and part of our culture; in fact, eating is the hottest universal topic of all times. We depend on eating: the foods we eat are the sole source of our energy and nutrition. We know so much about eating: we are born with the desire to eat and grown up with rich traditions of eating. But we also know so little about eating - about how the foods we eat everyday affect our health. We are more confused than ever about the link between diet and health  Researchers have researched about, how low-income Greeks affect their healthy diet. They believe that low income people spend 25% of their income on food but the health care costs are much less because healthier foods cost more. Also, we are in the fifth place in the world after United States, Mexico, United Kingdom and Slovakia. The 21,9% of our total population has a BMI (Body Mass Index) greater than 30kg/sq.meters (over than 30%). The BMI is a single number that evaluates an individuals’ weight status in relaton to height (weight/height2). We want to change that percentage and we want to help our customers to adopt a healthy habit, offering our healthy food at reasonable prices. This low-priced strategy and the shift that there is in the last years to healthier choices will create an advantage against our competitors. The market for natural, organic and other healthy food products has increased the last few years in Greece. It has grown by 20% over the last 5 years. This trend is expected to continue, as consumers become...
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