IFMA's Center of Innovation Excellence (CIE) has revealed four new Best Practices for Foodservice New Product Development (NPD). These practices come in the form of actionable tools that can be easily implemented into any current or developing new product process. Find out how they can help you improve your new product development process.
In recent years, foodservice executives have increasingly turned to product innovation to grow their business. However, the quest for new product performance has been met with mixed results. Sometimes a company will "hit the jackpot" and produce something of commercial success, while other times, new products are of minimal success.
The more faithful you are in your strategy, the more effective your decision making.
Through CIE's work, it was evident that a standard for best practices must be set in order for the industry to improve the collective success rate. "The more faithful you are in your strategy, the more effective your decision making," Ken Miller, VP & General Manager Foodservice, The J.M. Smucker Company.
Therefore, in our most recent phase of work, "New Product Development: Best Practices in Foodservice" (now available for purchase), members investigated four areas to develop best practices:
- New Product Development Selection
- New Product Development Strategy
- New Product Collaboration
- Post-Launch review
If you are interested in learning more and would like to gain access to the four tools developed through CIE, order the latest report, "New Product Development: Best Practices in Foodservice", today.
Special pricing for IFMA members!
IFMA members may view a summary of key findings in the report. Please login to access the summary.