Evaluate market intelligence to inform food and drink product development
Overview
This standard is about the skills and knowledge needed for you to evaluate market intelligence to inform food and drink product development. The food and drink sector is dynamic, quick to respond to customer needs and is proactive in shaping the trends for food consumption. Many areas of the food and drink sector require a high degree of innovation and new product development to keep pace with consumer demand and therefore ensure business success for the manufacturer and the extended supply chain including retailers and suppliers. You will need to source and gather market information relating to food and drink product development, using a variety of available means, including social media and online research. You will need to be able to evaluate the information, determine its relative importance and make recommendations and suggestions relating to the food and drink business new product development strategy, policy and planning. This standard is for you if you work in food and drink manufacture and/or supply operations and are involved in the evaluation of market intelligence to inform food and drink product development.
Performance criteria
You must be able to:
Gather information
scope out requirements for market intelligence gathering and
evaluation, including a clearly costed plan for delivery
check sufficient resources are available to support market
intelligence gathering and evaluation
identify internal and external sources of information including
social media, online sources, customers, suppliers, regulatory
authorities and additional relevant sources relevant to the food
and drink environment
gather information from a number of forms of information including
web based sources, online and trade fairs
find new, unused and innovative sources of information
utilise positive and negative customer feedback received either
during development of a new product, at launch of a new product
or through on-going dialogue with a customer
liaise with colleagues and stakeholders to source innovation and
changes in production techniques, technical issues and raw
materials
check information includes local, national and global issues
determine the relevance and validity of the data and/or
information
Identify key information
decide which information is of most relevance to identifying trends
and drivers
interpret the information that has been gathered and identify the
specific food and drink product trends and drivers
rank the trends and drivers in order of most to least importance
Collate and consult
collate information in accordance with organisational requirements
produce a summary document in accordance with organisational
requirements
consult with colleagues to confirm the validity of any assumptions
and informed decisions
amend summary document after consultation if required
Knowledge and Understanding
You need to know and understand:
how to develop a costed plan for market intelligence gathering
and evaluation
- how to source internal and external sources of information relating
to food and drink product development
- why it is important to find new, unused and innovative sources of
information and how to do this
- the role and importance of customer feedback as a source of
market intelligence relating to food and drink product development
- what the current and future local, national and global issues
affecting food and drink product development are
- how changes in legislation, technical and ingredient innovation,
consumer view, financial and social changes and ethical and
sustainability issues can inform food and drink product
- how to interpret market information relating to food and drink
product development including the identification of trends within
and external to the food and drink business sector
- how to rank market information in order of relative importance and
why it is important to do this when evaluating market intelligence
relating to product development
- the importance of evaluating production and sales figures and
how to do this
- the importance of the food and drink business and competitors
market share and how to determine this
- why it is important to evaluate information in terms of reliability,
relevance and sufficiency
- how to optimise the use of findings from evaluations and make
recommendations relating to food and drink product development
- the organisational methods of communication available in the food
and drink business and how to use them
- how to consult with colleagues to confirm the validity of any
assumptions and informed decisions and why it is important to do
so
- the importance of evaluation of market information to the
development of food and drink business new product
development and whole business strategy, policy and planning
- how to use evaluation of market information to inform
development of food and drink business new product
development and whole business strategy, policy and planning