Companies develop new products for nine different reasons. But the company must know for whom the product will be developed, what are the market opportunities, what are the market problems etc. For this, companies follow specific guidelines to innovate any products.
“Innovation” -means “A new idea, method or device. The act of creating a new product or process. The act includes invention as well as the work required to bring a new idea or concept in to final form.
The Product Innovation Charter is the basic guideline to invent, develop or produce a new or existing product that is included in the vision statement of the company. It is the master plan; it provides the direction for a company’s new product efforts, and …show more content…
• Globalization. The spreading of market economies both creates new opportunities to sell innovation and creates more competition, requiring higher levels of innovation to succeed.
However, we can see below for some specific elements of an Innovation Strategy
PRODUCT INNOVATION CHARTER OF BDFP
Considering basic elements of Innovation strategy mentioned earlier, we have tried to understand the PIC of BDFP. BDFP follows the PIC rigorously to Product development to Innovation of their New Product.
1. Product Platform:
The Dairy Milk Products Industry initiated in 1946 through the set up of the first dairy plant in Sirajgonj while Milk and Dairy product marketing started in 1952 under the brand ‘Milk Vita’. The industry fostered with the initiation of Milk Vita Cooperative Dairy Complex in 1973. Being the major nutritional food item, the dairy industry started to move forward.
Based on the platform created by Milk Vita, Brac Dairy & Food Products Ltd. was established in 1998 and became one of the leading milk processing company in Bangladesh. They are currently one of the highest market turnover of around BDT 2000 Mln. Since Milk Vita was producing only limited dairy items,