Translating Latent Trends In Food Consumer Behavior Into New Products
For successful product development it is important to explore the latent changes in consumer behavior prior to the product development process. The identification of a latent trend before the manifestation moment can be achieved by trend analysis. Trend analysis delivers insights that explore the future in order to identify prospective consumers and new product ideas, but also includes a feeling for the currents in market and technology. Hence, the aim is to identify emerging weak signals in consumer behavior that have potential as large revenue opportunities when implemented into new products. Therefore, the objective of our paper is to provide a novel tool for this identification and how the identified trends can be translated into new products. Until now there is no such link described in the literature to the knowledge of the authors. The novel tool is constructed as a decision tree allowing food companies to make a sound decision about whether or not to start the product development process. Beginning with the question if the trend is new or not, the user of the tool will be led to one of the above described innovation types. Based on the result the company can decide whether to initiate the product development process in order to follow this trend or not. The choice of initiating the product development process should also depend on the firm's capabilities, resources, and profile. By means of examples the novel tool is explained and managerial implications are provided.
|Date of creation:||2010|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.eaae.org|
More information through EDIRC
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jacob Goldenberg & Donald R. Lehmann & David Mazursky, 2001. "The Idea Itself and the Circumstances of Its Emergence as Predictors of New Product Success," Management Science, INFORMS, vol. 47(1), pages 69-84, January.
- Jacqueline Senker & Vincent Mangematin, 2006. "Biotech Innovation in Europe's Food and Drink Processing Industry: Promise, Barriers and Exploitation," Grenoble Ecole de Management (Post-Print) hal-00424196, HAL.
- Howells, John, 1997. "Rethinking the market-technology relationship for innovation," Research Policy, Elsevier, vol. 25(8), pages 1209-1219, January.
- Kirner, Eva & Kinkel, Steffen & Jaeger, Angela, 2009. "Innovation paths and the innovation performance of low-technology firms--An empirical analysis of German industry," Research Policy, Elsevier, vol. 38(3), pages 447-458, April.
- Zhou, Kevin Zheng & Gao, Gerald Yong & Yang, Zhilin & Zhou, Nan, 2005. "Developing strategic orientation in China: antecedents and consequences of market and innovation orientations," Journal of Business Research, Elsevier, vol. 58(8), pages 1049-1058, August.
When requesting a correction, please mention this item's handle: RePEc:ags:eaa115:116422. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If references are entirely missing, you can add them using this form.