My products are performing exceptionally well, and I hold a strong market position. Rest assured, I won't promise that nothing will happen to you!
Consumer needs and technological changes are like waves of water, constantly changing. The life cycle of products is similar to that of crops; born, growing, living, and eventually fading. Providing clean, green, ethical, and safe products with traceability and transparency, coupled with effective networking, communication and visibility is vital for successful entry into both domestic and international markets.
It's crucial to note that studies indicate a high failure rate of around 70% for new products within a year.
The era of digitalization is rapidly advancing technological transformations, significantly impacting the agriculture, food and healthcare industries.
It is critical to establish a business transformation and internationalization strategy that is continuously reviewed and aligned with evolving customer needs, global value chains, and targeted towards the Management of Consumers’ Nutrition and Wellbeing by 2035.
Harmonious collaboration within an organization can yield at least 25% extra value in efficiency and at least 22% in profitability.
Enterprises, especially those in agriculture, food, and healthcare, must prioritize investments in expertise, new product development, innovation management and digital transformation. Understanding and addressing both domestic and international markets, along with evolving customer journey, is crucial for success.
So, what should a new product development strategy and action plan include?
1.   Identify gaps and trends in both domestic and international markets.
2.   Generate ideas and define the product concept.
3.   Review and refine the concept.
4.   Establish timeframes, outlining the journey from conception to implementation and/or action plan.
5.   Test the concept for feasibility and acceptability.
6.   Conduct a thorough business analysis, identifying potential barriers to development.
7.   Evaluating marketability, assessing the competition, identifying optimal distribution channels, and conducting customer tests.
8.   Undertaking technical preparations, focusing on product development, technology, value chain, customer experience and manufacturing operations.
9.   Prioritizing visibility, communication, and an effective launch and commercialization strategy.
10. Performing a final evaluation, benchmarking against industry standards, implementing improvements, and determining optimal pricing.
Do you benchmark your products, business and operations? Do you have problems awaiting effective solutions?
Companies with limited opportunities should collaborate with experts in the field. The saying "The one who rides the horse and the one who wields the sword" emphasize the importance of expertise.
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