Companies develop new products for nine different reasons. But the company must know for whom the product will be developed, what are the market opportunities, what are the market problems etc. For this, companies follow specific guidelines to innovate any products.
“Innovation” -means “A new idea, method or device. The act of creating a new product or process. The act includes invention as well as the work required to bring a new idea or concept in to final form.
The Product Innovation Charter is the basic guideline to invent, develop or produce a new or existing product that is included in the vision statement of the company. It is the master plan; it provides the direction for a company’s new product efforts, and it is the essential link between company’s product development effort and company’s corporate strategy.
It is the heart of any organized effort to commercialize a new product. It contains the reasons the project has been started, the goals, objectives, guidelines, and boundaries of the project. It is the "who, what, where, when, and why" of the product development project.
Through a Product Innovation Charter, a company can plan to produce those products which can sustain in the market by making profit.
THE OBJECTIVE OF THE REPORT
Product Innovation Charter is the basic in producing or developing product of company. As a manufacturing company of dairy product, BDFP trying to add new product in product line while working for development of existing products.
The objective of the report is to understand the different guidelines for BDFP to produce such product.
The scope of this study is to analyze the Product Innovation process of the Dairy Food Process of BDFP. Since BDFP is the manufacturer of variety of Dairy product, we have tried to collect information about the Product Innovation process from the company as much as possible. Based on which we would try to understand background of the line of products of BDFP.
BACKGROUND OF BRAC DAIRY & FOOD PRODUCTS LIMITED:
BRAC started in 1983 with livestock development program in order to create income and employment generation program for rural poor people. Initially their activities were artificial insemination veterinary health care, livestock rearing and fodder cultivation.
In order to provide fair price as well as nutritional support to the urban people, BRAC Dairy and Food Project (BDFP) was established 1998. Currently 722 people are working as permanent and approximately 100,000 farmers are engaged with BDFP. BRAC Dairy is the 2nd Largest Milk processor company in Bangladesh. The product is branded as AARONG Dairy products.
BRAC Dairy & Food Product Ltd. is a concern of BRAC, the largest Non Government Organization (NGO) of the world. It has introduced variety of dairy food items in the local market to fulfill the needs of people of Bangladesh. The following products are manufactured and marketed under BDFP Ltd.:
Aarong Pasteurized Milk
Aarong Chocolate Milk
Aarong Mango Milk
Aarong Power Milk
Aarong Mango Juice
Aarong Tamarind Juice
Aarong Strawberry Yogurt Drink
Aarong UHT Chocolate Milk
While producing and marketing the products, BDFP has followed the basic guidelines of Innovation process as a Dairy Manufacturing Company. The main objective of this report is to gather knowledge about the Product Innovation process of BDFP. Mainly the objectives are:
To find out the reasons how Product Innovation Charter worked for BDFP
To find out the way how to increase variety of production
To find out the how BDFP worked improvement of method for a existing & new product
Bolistho Bangladesh Gorboi (Committed to create stronger Bangladesh)
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