One of the reasons for the falling sales is the price-led growth FMCG companies have been opting for to increase revenue and better bottom lines.
FMCG companies are facing higher input costs, and they have been passing these on to consumers with disastrous effects.
What are the four categories of FMCG?
- Convenience goods
- Shopping goods
- Unsought goods
- Specialty goods
What makes a successful product launch
It usually requires several elements coming together to create a successful product launch. You need the right product, the right market, the right positioning and the right timing for success.
How big is the Fmcg market in India
India’s FMCG market was valued at 110 billion U.S. dollars in 2020. Compared to 2012, the market size of fast-moving consumer goods had tripled.
By 2025, the market was expected to grow to 220 billion dollars.
What are the 6 categories of new product?
- New-to-the-world products: These types of new products create an entirely new market
- New product lines:
- Additions to existing product lines:
- Improvements and revisions of existing products:
- Repositioning:
- Cost reductions:
Where do new product ideas come from in the idea generation phase of new product development
Idea Generation This is the initial stage where a business sources for ideas regarding a new product.
Some of the sources for new product ideas include the business customers, competitors, newspapers, journals, employees and suppliers.
What are new product lines
When a company offers a product from a new category that they haven’t previously offered, then it would be a new product line.
How many new products are launched every year
Incredibly, an average of 30,000 new products launch each year. That’s enough to fill the average grocery store.
With all of this new comes great opportunity, change, and, of course, competition.
What is an example of product development
Product development can often be as simple as taking an existing product, modifying it slightly and selling it into your existing market.
This adds value for customers, who may well buy your new product, even though they have the current version.
Apple is a prime example of this.
What are the 7 stages in the new product development process?
- Stage 1: Idea Generation
- Stage 2: Idea Screening
- Stage 3: Concept Development & Testing
- Stage 4: Market Strategy/Business Analysis
- Stage 5: Product Development
- Stage 6: Deployment
- Stage 7: Market Entry/Commercialization
What is NPD in FMCG
A sound new product development (NPD) strategy, experts point out, is essential for the long-term growth of an FMCG company, especially in a market like India, where consumers are constantly looking for innovation.
What’s the best day to launch a product
According to research, the best day to launch a product is a Tuesday, and the best hour to do it (if you are launching on Product Hunt) is right after midnight.
How many FMCG outlets are there in India
Rural areas, which account for more than half of FMCG sales in the country, now have about 74,933 distributors, up 42% from 52,796 in 2020, it said.
The count in urban areas increased 21% to 31,887 as of March 2022 from 26,266 two years earlier.
Why FMCG sector is best
High profile industry The salaries are high and the career progression is very strongly paced.
Employee and customer retention is another factor that the FMCG industry thrives on. FMCG companies invest a lot in their employees and there is endless scope available for career growth.
What new products are in development 2022?
- Body Scan – Withings
- PerfectFill – KOHLER
- Bespoke French-Door Refrigerator – Samsung
- The Freestyle – Samsung
- Movano Ring – Movano
- Encode Plus Smart WiFi Deadbolt – Schlage
- Eco Remote – Samsung
- Cypress Hero Backpack – Targus
How do you drive a product strategy?
- Identify your target audience
- Understand the problem
- Define your product vision
- Define the current state and target condition
- State product design principles
- Stay in sync with other teams
- Stay focused
What is a marketing launch plan
This is the plan for how you will introduce a new product or service to customers.
This is a Gantt chart, which helps you manage and visualize marketing activities and key dates.
For many teams, the launch plan is a subset of the marketing plan.
What is KPI in FMCG
A FMCG KPI or metric is a measurable value that helps to monitor and accomplish pre-defined organizational goals.
Key performance indicators for the FMCG industry consider branch-specific characteristics such as its fast-moving nature, high consumer demands and short sales cycles.
What is product growth strategy
A product growth strategy is a plan for how a company will increase sales and grow its business.
This can include new product development, marketing campaigns, and expansion into new markets. It can be a long-term or a short-term plan.
What is product development strategy
A product development strategy is a process of bringing a new product into an existing or new market by doing continuous market research, thorough testing, and careful product concept planning.
It can also be about bringing an existing product into a new market.
How do you write a launch strategy?
- Define your launch goals
- Conduct consumer research
- Research the competition
- Pay attention to internal communication
- Create advertising and marketing plan
- Hold a product launch event
What are the 5 stages of the product life cycle
The product life cycle is the progression of a product through 5 distinct stages—development, introduction, growth, maturity, and decline.
The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965.
We still use this model today.
How do you increase sales?
- INTRODUCE NEW PRODUCTS OR SERVICE
- EXPAND TO NEW DOMESTIC MARKETS
- ENHANCE YOUR SALES CHANNELS
- MARKETING ACTIVITIES
- CHANGE YOUR PRICE
- BE AWARE OF THE COMPETITION
- IMPROVE COMMUNITY RELATIONS
- DON’T NEGLECT CUSTOMER SERVICE
How do you increase secondary sales?
- Effective Sales Planning
- Product knowledge & Sales call process Training
- Art of Product Placement
- Understanding and servicing retail channels
- Optimal Marketing and Merchandising
- Trade Promotions
- Performance Monitoring KPI and KRA Tracking
- People Management and work culture
What is product innovation
Product innovation is the process of creating a new product—or improving an existing one—to meet customers’ needs in a novel way.
There are three key types of innovation: Sustaining innovation, in which a business consistently provides the highest quality products to its best customers.
What are the 4 types of products?
- Convenience goods
- Shopping goods
- Specialty goods
- Unsought goods
What products are launching in 2021?
- Satan Shoes by Lil Nas X and MSCHF
- Compact Life by Muji and ÉCAL
- Gaming furniture by IKEA and Republic of Gamers
- Evian water bottle by Virgil Abloh and Evian
- Wondaleaf Unisex Condom by Wondaleaf
- Nike GO FlyEase by Nike
- Tokyo 2020 Olympics beds by Airweave
- WaterLight by E-Dina
What type of products are in high demand?
- Beauty products and cosmetics
- Jewelry
- TV and smartphone accessories
- Designer sunglasses
- Children’s toys and games
- Shoes
- Video games
- Pet supplies
What are the 6 types of products
Types of Products – 6 Major Types: Differentiated Product, Customised Product, Potential Product, Core Product, Actual Product and Augmented Product.
What are improved products
Improved Product means any product that (a) is a new version, model and/or other improvement of, and (b) has the same basic functionality as, an existing HD Product, Water Purification Product and/or IC Product set forth on Exhibit 1 as of the Effective Date.
Citations
https://jeffwalker.com/programs/
https://www.entrepreneur.com/starting-a-business/6-steps-to-a-successful-product-launch/242664
https://www.cadesignform.com/blog/product-launch-strategy
https://study.com/academy/lesson/types-of-new-products-new-product-lines-product-improvements-more.html
