Food Product Development Essay

4399 words - 18 pages

Food product development Summary:Kristina NasconeFood Product Development:Factors which impact on food product development.External factors (macro environment) that impact on food product development, including the:economic environmentpolitical environmentecological environmenttechnological environmentAll business organisations are affected by external forces which are outside their control. Success depends on the way you understand and manage the impact of these external factors, to allow you to prepare for any threats to your business, and to make the most of any opportunities.External factors include:economic environmentcommercial environmentpolitical environmentsocial environmentecological environmenttechnological environmentEconomic environment:Relates to the local economy where your business operates.If you are an exporter you have to consider economic factors in the country where you aim to sell your product.The state of the economy, such as growth or recession affects employment and wages, and consequently consumer confidence and willingness to spend.Interest rates are part of the economic environment. Low interest rates encourage growth and investment; high interest rates mean that it will cost you more if you need to borrow money to develop your product e.g. new machinery.The value of the Australian dollar in relation to overseas currency has an effect on imports and exports. A low currency exchange rate for the $A adds to the cost of imported ingredients and machinery, but it also means that Australian products are less expensive for overseas consumers so that you have an advantage on the export market.Commercial environment:The world of commerce is the marketplace where goods and services are exchanged for money. The commercial environment is where your new product will be put to the test.To succeed you need to know your competitors, who they are, their products, prices and marketing strategies.Analysing the competition could help you to: come up with a new, more competitive image for your product, recognise a marketing opportunity e.g. a high quality product for the top end of the market, develop a product with additional features to compete against one that is already successful.Political environment:All companies are affected by the laws and policies of local, state and federal governments, and, increasingly, by worldwide regulations governing the food industry.Factors in the political environment which can influence food product development include:Policies or incentives such as tax concessions or grants, to help manufacturers gain access to export markets or for R&D.Tariffs on imports, which affect the cost of imported machinery needed for a new product.Food laws such as the Australian Food Standards Code and the Trade Practices Act 1974.Food quality management and food hygiene regulations such as HASCP.Competition and consumer laws e.g. the Trade Practices Act 1974, and codes of conduct e.g. not making false or misleading...

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