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On-Trend' Innovation & Marketing Concepts: The Convenience Mega-Trend

Datamonitor
August 1, 2008
43 Pages - SKU: DFMN1846263

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Introduction

Innovation is a major driver of growth yet statistics suggest that around 80-90% of all new products fail and industry executives are generally disappointed in their ability to stimulate innovation. This report is designed to help by effectively aligning NPD activity with substantive consumer trends. It does so by identifying 'on-trend' opportunities that arise from the convenience mega-trend.

Scope

Identifies consumer needs and 'on-trend' product and marketing opportunities that arise from the constantly evolving convenience consumer mega-trend.
Global coverage: offers examples of 'on-trend' innovation from across the globe both within and outside of consumer packaged goods.
Detailed recommendations and interpretation offering practical strategies based on the trends and insights uncovered in the report.
One of a series of six trend specific reports designed to help FMCG companies innovate more successfully.

Highlights

One of the major problems associated with innovating successfully is capturing consumers' imagination. The annual US based Most Memorable New Product Launch Survey 2007 found that even among those with strong brand names, 77% of respondents could not name one of the top 50 new products of 2007 on an unaided basis.

The convenience mega-trend reflects the increased time pressures, stresses and work-life balance problems that consumers increasingly experience. A desire to overcome the pressures of a hectic lifestyle and free up time for leisure activities or relaxation are the main drivers for sales of goods that provide consumers with convenient solutions.

Four core issues deal with the topical aspects of convenience for consumers, namely: the speed which a consumer can utilize a good or service; the locations in which it is possible to do so; the size of the product; and the way the product is delivered to the consumer through the packaging. Successful products deliver in many or all of these.

Reasons to Purchase

Ideation and inspiration: spark new ideas by learning from innovative on-trend products and marketing campaigns in the FMCG industry.
Trend understanding: familiarize yourself with the key convenience related sub-trends that should be driving NPD and marketing efforts.
Understand the most pertinent opportunities to drive brand growth and NPD investment.

Additional Information

Reports provide a unique mix of market intelligence, insightful analysis and forecasting based on primary quantitative and qualitative research. A single report will give you the key data and detailed analysis of a market, issue or trend.

DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS: INTRODUCTION: Using trend frameworks develops the means to boost quality and frequency of insight generation and new product planning; There is a funnel approach to identifying the manifestation of trends; TREND: Innovation is a major driver of growth but is a challenging process; A number of internal problems can lead to ineffective approaches to innovation; One of the major problems of innovating successfully appears to be capturing consumers' imagination; TREND: The hectic lifestyles of contemporary consumers render convenience products essential; TREND: Time scarcity has resulted in consumers outsourcing tasks and 'speed shopping'; INSIGHT: Time constraints and the unpopularity of domestic chores drive a consumer need for convenience products; DATAMONITOR VERDICT: Successful manufacturers will be those answering consumers' desire to limit the time-intensity of less emotionally meaningful or mundane tasks; INSIGHT: Goods which simplify consumers' lives by offering multiple benefits will increase in popularity; DATAMONITOR VERDICT: Consumers feel more productive if they are solving two problems at once; TREND: Superior packaging benefits and alternative delivery formats have changed the dynamics of consumer expectations in all aspects of life; INSIGHT: Versatile packaging formats provide consumers with more options in their daily lives; DATAMONITOR VERDICT: Investment in and technological development of packaging plays a central role in facilitating and promoting convenience; INSIGHT: Consumers want to alleviate the feeling of stress associated with mealtimes; DATAMONITOR VERDICT: Winning strategies will match reduced complexity of food preparation with consumers' particular need states (health & wellness, indulgence/premiumization); INSIGHT: Personal beauty products need to be convenient to stay ahead in a saturated market; DATAMONITOR VERDICT: There is no shortage of convenient beauty products as consumers demand to be pampered away from home; TREND: Consumers are becoming more aware of a need for smaller products and highly value product sustainability; INSIGHT: Health, storage and environmental issues have increased consumer demand for smaller products; DATAMONITOR VERDICT: Packaging and product has to reflect a change in social attitudes
APPENDIX: Definitions; Methodology; Further reading and references; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: Datamonitor's mega-trends are having a long-term and substantive impact on the marketing landscape and can be grouped into two; Figure 2: Consumer behavior and the innovations targeting it inevitably fit into a 'trend hierarchy'; Figure 3: There are four different approaches to innovation six kinds of innovativeness rating; Figure 4: Attitudes towards innovation vary markedly and influence the inability of new products to capture the imagination of CPG shoppers; Figure 5: Convenience pervades all aspects of consumers' lives as time, energy, and space-saving benefits are increasingly sought; Figure 6: Manufacturers are finding innovative ways of making household chores more bearable; Figure 7: Multi-functional products can make use of innovative packaging designs to useful effect; Figure 8: Packaging formats are improving in an attempt to offer more versatility to the consumer; Figure 9: What does a consumer understand by the term 'Convenience'?; Figure 10: Pressures on mealtimes motivate continuation of the convenience trend in cooking behaviors; Figure 11: There are new ways of consuming meals, whether they be interesting restaurant experiences, pre-prepared foods, or drive-thru ordering; Figure 12: On-the-go beauty is a burgeoning concept expanding at a phenomenal rate; Figure 13: Consumers want more from their products as they go become more environmentally and spatially aware

On-Trend' Innovation & Marketing Concepts: The Convenience Mega-Trend

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