Before proceeding with developing a new product, it is crucial to know which benefits are essential to include, which ones offer the opportunity to generate greater revenue and those that do not justify inclusion.
The SRP Product Development Concept Builder incorporates all of these into its approach. It provides direction on customer expectations for proposed functional benefits.
This type of analysis may be applied to products in a range of categories including food products, technological products, and cars.
Situation
Food Product Example
A company is looking to develop a new food product and needs to know the most important ingredients to include. The SRP Concept Builder is used to identify the optimal ingredients.
Concept Builder provided direction on the ingredients that should be included in a new food test product by utilizing a cluster analysis, a perceptual map and a desirability model.
Approach
Based on consumer reaction for specific elements, a hierarchical cluster analysis was formed where elements are grouped according to their perceived value as part of the product.
The hierarchical cluster analysis in this example reveals common groupings of ingredients that cater to dietary restrictions, natural products, low sugar, health conscious, and user-friendly packaging.
The perceptual map groups items according to which are most critical, are well liked, worth paying for, or have no impact on interest.
For this food product example, health-conscious and convenient ingredients are identified as the most critical, clean eating ingredients are desirable features, and dietary considerations are elements worth paying for their inclusion.
The model of satisfaction then pinpoints the strategic components to include for this food product.
Note in this example there were no ingredients that fall into the Neutral or No Impact category.
The SRP Product Concept Builder tool streamlines product development by ensuring resources are directed towards features that have the strongest potential for market success.
This approach optimizes product development investment by pinpointing essential features and eliminating unnecessary ones, maximizing return on investment.
Ultimately, SRP’s Concept Builder minimizes risk by honing in on decisions that have a better return on your investment. Our team at SRP is highly experienced in utilizing research through the innovation process to ensure product success.