Product development is a sequence of steps that entails hypothesizing, designing, development and finally marketing of either newly created or branded services of goods. Its aim is to cultivate, maintain as well as increase the market share of the business by ensuring the consumer demands are fulfilled. Evaluating the target market is paramount and must be done prior to engaging in the process of product development ( Beckley, Herzog & Foley, 2017).
When it comes to introducing the new product in the market. Based on the growing urge of cider taste to the consumers, the company decided to come up with cider yoghurt to satisfy this niche. Cider is majorly consumed in alcoholic beverages but its distinct taste could actually drive demand towards its taste in yoghurt.
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When the same yoghurt decides to venture into the manufacturing of pure water, the product exists in the market but as the company was venturing in milk product this would be new to the company as it requires a whole different manufacturing process to the existing one. To make this to be a success in the market the company will have to design fancy water bottles that would catch the eye of the consumers as well as advertise the water in the mainstream media also on internet platforms. This according to Mital (2014), is a good example of introducing a new product to the company.
Improving the existing product, in this case, would require the improvement of the yoghurt based on customers need. The company will do market research on the consumers regarding the yoghurts(Reinertsen, 2009). Based on general feedback that the company has been given its evident that most consumers prefer thick yoghurts. Therefore the company will redesign its processes from the roots by ensuring the cows feed in food which has got more proteins to increase the thickness of the milk which later on will improve the thickness of the company’s yoghurt.
Finally, when it comes to the extension of the product line, the preference of yoghurt is high with children and teenagers. And the company in a bid to ensure the preference of the company’s yoghurt covers all the age brackets, the company reduces the amount of sugar in the yoghurt that is meant for the older generation it obvious that the teenagers like brands associated with.
This will ensure the products are consumed across all generation and therefore this would extend the product line of the brand.
In conclusion product development is an important aspect that plays a critical long in determining the longevity of a business. However, project development should be driven by consumer demand as well as the gap in the market. This means that companies should be in constant research to ensure they come up with the new product or redesign the existing processes to ensure that it maintains the edge over the competitors. Introducing the new product to the market is a little bit cumbersome as compared to others because the current consumers are not keen in experimenting new things and this would need a major investment in the advertisement and promotion for the product or service to pick. Social media marketing has come in handy and at the right time as it has eased the marketing process and provide an interactive platform which many companies use to learn the market and produce products and services that have got demand.
References
In Beckley, J. H., In Herzog, L. J., & In Foley, M. M. (2017). Accelerating new food product design and development.
Mital, A. (2014). Product development: A structured approach to consumer product development, design, and manufacture.
Reinertsen, D. G. (2009). The principles of product development flow: Second generation lean product development. Redondo Beach, Calif: Celeritas.
