New product development for a leading food manufacturer
Formulating a new product-development strategy for a leading food manufacturer
- Business Dilemma:
Increasing competition from retail and professional markets were affecting the client’s performance and led to stagnating sales in major categories. The food manufacturer was looking for new products that could be growth engines for the relevant categories.
TASC’s work included thorough local and international market research focused on identifying consumer trends and potential product initiatives. Our team compiled a long list of product initiatives in the relevant categories and prioritized them based on impact/feasibility analysis. For each initiative, the analysis included: characterizing target customers; identifying potential competitors in the local market; formulating a high-level strategy (package size, pricing, branding, etc.); and estimating local market size and potential. Based on results of the impact/feasibility study, TASC recommended the launch of two significant product lines.
- Strategic solution & impact:
Our client adopted the recommendations and launched one of the two recommended alternatives. The new product enabled the food manufacturer to increase its market share in the relevant category by 5% within the first six months.
For more information: Ilan Schory, Ilan.Schory@tasc-consulting.com