New Product Development (NPD) are long-term and complex processes to implement for businesses. In an environment where competition is getting stronger and regulations strengthened, product and process innovation is proven to be key.
With the increasingly volume of product on the market, consumers have plenty of choice when it comes to consumer packaged goods (CPG). Manufacturers, brands or retailers have to be unique and meet the consumer needs. Therefore, product innovation and development represent a large asset in terms of resources, money and time. Besides launching a new product can be very risky, costly and time-consuming for companies.
Marketing department play a crucial role when it comes to product innovation. In order to build value and satisfy consumers, their main goal is to accelerate innovation process while reduce time-to-market. Product innovation includes packaging and artwork design as a decisive part of the development. Consumers are getting more and more sensitive to product packaging when choosing a new product and brands are increasing their investment.
But, at the very first step of the product development are the marketing briefs and ideation. New product or packaging ideas are summarized in a marketing brief that is submitted to R&D department for development. Marketing briefs need to be clear, accurate and respect the business processes to increase product development feasibility. Product development optimization is also related to the number of marketing briefs turned into a product launch.
How the Business Module can help you?
Lascom CPG business module enables businesses to optimize their products development and innovation in order to gain market share and competitiveness. A software that helps brands to optimise product portfolio management and streamline processes.