Essay --

Introduction (Background) It has been noticed that increasingly growing number of International students and employees within UK have brought varieties into the food market where people can have more options when consuming food. Additionally, young adults nowadays are more aware of eating healthily especially when they barely have spare time to cook for themselves and they would go for comparatively healthier options. We therefore considered start up a new business launching rice food products with the positioning concept of â€Å"fast food have never been this healthy† to catch up with the trend in today’s food market after research regarding the fast food restaurant market in Newcastle City Centre area where less healthy and premium-priced fast food are abundant and we found a gap in the medium to low priced and more healthy section if we refer to the marketing map (appendix 1). Idea generation and screening According to Kotler (2010), ‘a new product development begins with idea generation-the systematic search for new product ideas’. The new business ideas are generated mainly from two sources i.e. external and internal idea sources. The former contains ideas from customers, competitor, distributors, suppliers etc. whereas the latter involves the R&D activities within a firm. After we have determined to enter the fast food market and have conducted research regarding this market in Newcastle City Centre area as our starting point, we generated several ideas including brand name, product concept, and food ranges and options etc. in a brainstorming with the feedback from market research. In this process we took the trends within fast food market and lifestyle of young adults into account. I presume brainstorming serves as an appropr... ...nces among differing groups of individuals. Additionally, business world is rapidly changing every day, so is market condition, marketing environment, and consumer behaviour etc. Therefore new-product development process should be altered accordingly. For instance, more attention will be paid to the issues including virus marketing, social media, online marketing, corporate social responsibility and environmental and ethical issues etc. As a result, in the near future, this process will be more customer-oriented with more factors of importance being taken into account in both product development stage and marketing strategy planning and implementing. Furthermore, new techniques in regards of better quantifying a success of a product concept and marketing plan should be invented within the process to reduce the potential risk of failure when the product is launched.