FMCG Gurus – Getting NPD Right in the Long-Term – Global Report – 2023
This report will evaluate the intricacies of new product development and explore strategies for long-term success. Discussing current consumer attitudes and behaviors, analysing the re-evaluation of tiered categories in the long-term and how this influences Hi/Lo Consumerism. This report will consider what makes a product appealing in the eyes of the consumer and how brands/manufacturers can successfully communicate this.
This report will look at the following areas:
- Changing perceptions of products: What do consumers consider budget, standard, and premium? How has this evolved/changed over the last decade?
- Redefining Branding: How brands need a clear identity and how consumers must understand what occasion is being targeted.
- Re-evaluating quality:This report examines how increased products and channels, combined with increased expectations and brands pushing the boundaries of premium, means consumers no longer associate budget products with compromised quality.
- Hi/Lo Consumerism:Exploring what influences consumers attitudes, behaviors, and perceptions when grocery shopping; addressing areas such as affordability, price, and quality of a product. This is supported by data that suggests what consumers are willing and not willing to compromise on.
How This Information Benefits the Industry:
- Offering actionable insights into consumer behavior, product development, branding strategies, and pricing decisions.
- This aims to better align businesses with consumer preferences and market dynamics to improve success in the long-term when considering new product development.
- Understanding current consumer attitudes and behaviors is crucial for effective product development. This information can be utilised to tailor product offerings to meet the evolving preferences and needs of consumers.
Files included in this report: