This is a presentation on the topic innovation and new product development which will be useful for food technology students .

1. INNOVATION AND NEW PRODUCT
DEVELOPMENT
Submitted by
Athira K (2020 -22 )
FTM 420002
Submitted to ,
Dr. Ashutosh Upadhyay
Dept of FST
NIFTEM
NIFTEM

2. Innovation
Innovate or Die
eg :KODAK
Successful innovation -Setting up
of a new production function
• A new commodity
• New form of organisation
• Opening up of new market
New Idea ,Process ,Practice ,
Product or Service that benefits
the individual ,Group or Society
Not all the
inovations are
inventions
?
EXTERNAL CHALLENGES INTERNAL CHALLENGES
Technological innovation
 Process
 Product
Non technological innovation
 Marketing innovation
 Organisational innovation

3. ASPECTS OF INNOVATION
1. The introduction of a new .
2. The introduction of an improved or better method of Production.
3. The opening of a new market.
4. The conquest of a new source of supply of raw materials or half-
manufactured goods.
5. The carrying out of the better organization of any industry .

4. FOOD TECHNOLOGIST AS
INNOVATOR
.
• Finding new goods with
improved quality attributes
• Finding answers to societal
changes and demands
• Changing the presentation of established
products, creating new market segments
 Applying different ingredients and
processes or organize things in a
better way
Tackling obesity
Reduce saturated, trans fats
Reduce added sugars
Reduce calories
Health appeal
Nutrition claims
Health claims
Probiotics
Sports nutrition
Nutrient profiling
Complete food
Specific nutritional requirements
Gluten-free and nutritious, Vegetarian
Diet

5. INNOVATION MATRIX
A tool to define the Innovation
Strategy that best fits your
company
The Innovation Matrix is a
visualisation that incorporates
the various aspects of
innovation.

6. INNOVATION MATRIX

7. Get a modern PowerPoint
Presentation that is
beautifully designed.
Content Here
–
product
“Radical product innovation”
(1) The market perspective
(2) The technology perspective
•Creates so high an impact on the
market that it makes the existing
products obsolete or unnecessary
•Even threaten to destroy the existing
market and can even create new
industries.
“Incremental product innovation”
•Minor changes in the product or
technology with limited impact on the
technological system
•Less efforts and resources, are less
ambitious in their scope, are less
risky, and are generally more
successful than radical innovation.

8. Product Innovation Strategies
Use of purposive inflows and outflows of knowledge to
accelerate internal innovation and expand the markets for
external use of innovation
Highlight the benefits of sourcing external knowledge to
enhance firms’ own innovation capabilities.
Co-creation with customers and consumers; informal
networking with other organizations; funding of research
projects carried out by outside researchers
Participating in government-sponsored R&D projects;
and contracting with external specialized R&D service
providers
Investment in joint venture partnership; selling of market-
ready products to other firms.
OPEN INNOVATION

9. Collaboration
Find solution to
product design and
testing problems by
working with
individual or
organizations outside
of the firms’
boundaries.
To collaborate
vertically among
firms in the same
industry
Access to valuable
market
information that
enables it to
develop new
products that meet
the exact needs of
the consumers
NETWORKING
STRATEGY

10. •Improve their product innovation outcomes is to
make use of the excess resources in production
capacity
•Pooled knowledge, combined research,
technologies, marketing, talents, and other
resources
•Internally oriented strategies that focus on the
development and utilization of unique bundles of a
firm’s resources like knowledge, assets, information,
capabilities, firm attributes, organizational processes.
Resource-based Strategy
Technology Make vs. Technology
Buy Strategies
•Technology make strategy -developing technologies
internally and using these technologies for the
generation and evaluation of new ideas for products
or business models.
•Technology buy strategy- developing technologies
externally and using these technologies for the
generation and evaluation of new ideas for products
or business models

11. THE INNOVATION DECISION TREE

12. Strategies for Innovation Persistence
(1) Science-based innovation strategy
(2) R&D intensive innovation strategy
(3) Market-driven innovation strategy
(4) Ad-hoc innovation strategy
(5) Supplier-based innovation strategy

13. The NPD process can be the target of innovation
.
1)Generation of Ideas
5) Product
Development
ASPECTS OF
NPD PROCESS
2)Prioritizing of Ideas
3 ) Developing and
Testing the Concept
4 )Setting up the
Business Strategy
6) Test Marketing
7) Commercialization

14. Process of Product Development

15. Workable ideas may come from various sources, including:
• Internal sources, such as the management or employee
incentive programmes
• Market research when reviewing trends, chances and
changing directions
• Customer feedback or demands
• Competitors analysis and the identification of successful
products being in the market already—know your market
• Internal SWOT analysis, reviewing strength, weakness,
opportunities and threats.
GENERATION OF IDEAS

16. This second step in NPD is to filter the few good ideas out of the many.
Factors influencing here may be:
• Uniqueness with respect to market situation, actual trends, and
needs; strive for defining unique product facts
• Is there a chance to be the first and to occupy a market share
• Customer demands and potential market size
• Positioning in the top, quality, or low-cost segment
• The company’s equipment situation, strengths, weaknesses, and
investment requirements
• Affordability and expected ROI
PRIORITIZING OF IDEAS

17. The idea is developed into a detailed NPD strategy
considering many aspects, such as product design,
ingredients, recipes, labeling, nutritional data, and
packaging to have everything ready for presentation and
then testing.
•Provide information in order to position the product right
and to visualize it.
•Evaluate the results in a mutual discussion—how the
customers feel about the concept, whether the product
fulfils the needs and desires.
• Would they buy it at the requested price? That feedback
helps in further refining the concept.
DEVELOPING AND TESTING THE CONCEPT

18. •Concept testing -coming up with the final concept.
•Analysis of the competition situation for the product, costs,
pricing strategies, the estimated product profitability, and
breakeven simulations is carried out.
•Followed by decisions on business strategies, such as
branding, the marketing mix, and the involvement of
multipliers.
SETTING UP THE BUSINESS
STRATEGY

19. • The product concept is transformed into the manufacturing stage.
• Preparing the manufacturing line, allocation of people, ingredient
procuring, prototype production, and any formula adjustments
required are done.
• Pinpoint and address any bottlenecks, hurdles, or inefficiencies.
• Choose the right partners for assisting in defined areas of
development
PRODUCT DEVELOPMENT

20. •Now the actual prototype is introduced for research
and feedback.
•The feedback by real customers may require further
adaptations to the product.
•This stage has to validate the concept and
prepares the company for the launch.
TEST MARKETING

21. •The product is ready for kick-off, so should be the marketing
strategies.
•The markets are decided for the initial product launch.
•The different departments are briefed about the duties and targets.
COMMERCIALIZATION

22. CONCLUSION
•Innovations create bigger opportunities and are critical for the survival,
economic growth, and success of a company.
•Innovating helps developing original concepts and is a driver of optimizing
operations.
•Product success is dependent on many factors.
• Realistic goals for a product and sound financial analysis can make a product
more apt to prosper.
• Collecting ample product research assists in creating products that fit
consumer desires as well as ones that are competitive in the marketplace.
• A good business plan with adequate lists of all necessary tools is essential to
building a realistic, profitable business/product.

23. REFERENCES
• ABETTI, P. A. 2000. Critical success factors for radical technological
innovation: a five case study. Creativity and Innovation Management, 9, 208-
221
• Chaochotechuang, P., Daneshgar, F., & Sindakis, S. (2015). Innovation
Strategies of New Product Development (NPD). International Journal of
Knowledge and Systems Science (IJKSS), 6(2), 57-75.
• New Products Require New Thinking—Ideas and Examples- Mohan Sawhney
• https://www.toolshero.com/innovation/innovation-matrix/
• https://www.boardofinnovation.com/blog/innovation-matrix-tool-to-define-your-
innovation-strategy/

24. THANK YOU