Table of Contents
- DATAMONITOR VIEW
- ANALYSIS
- INTRODUCTION: Using trend frameworks develops the means to boost the
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
- Four different types of innovation strategy exist
- One of the major hurdles to successful innovation appears to be
capturing consumers' imagination
- TREND: Individualism reflects the value that consumers place on
self-expressive and more personalized goods and services
- The rise of individualistic values and attitudes is visible in consumer
behavior and society at large
- The market maturity that characterizes more developed consumer
societies also drives individualism
- There are a number of personal motivations/benefits associated with
customization opportunities
- TREND: Offering customization possibilities has been one of the most
profound areas of packaged goods' marketing and innovation
- INSIGHT: Occasion and body part specific products are being used as a way
of helping consumers to maximize enjoyment while creating a
' just-for-the-moment' positioning
- DATAMONITOR VERDICT: Occasion specificity is a potentially compelling
draw, but there are limitations
- INSIGHT: Consumers are empowered by additional choice and the new
possibilities to adjust and adapt the benefits offered by a broad range of
product formats
- DATAMONITOR VERDICT: Empowering consumers, especially the younger
' Generation C' , with customization possibilities is likely to bean
important marketing tactic in the coming years
- INSIGHT: Gender customization is an increasingly important route to
satisfying specific consumer needs
- DATAMONITOR VERDICT: Formulating and positioning products to
specifically appeal to males and females is ' on-trend' , but not
without limitations
- INSIGHT: Age customization reflects the more over formulation and
positioning of products to meet the needs of specific ages
- DATAMONITOR VERDICT: Age is still an important market segmentation tool
- INSIGHT: Nutrigenomics/' personalized nutrition' is an emerging scientific
discipline which is expected to have a growing impact on the CPG industry in
the coming years
- DATAMONITOR VERDICT: Nutrigenomics is an area of research that the food
and beverage industry will be hearing a lot more about in the next 25 years
as the idea of ' personal wellness' resonates
- INSIGHT: Situational and personally adaptive beauty solutions are an
emerging area in personal care
- DATAMONITOR VERDICT: The desire to customize, and to be seen as an
individual, will have an increasingly big impact on the personal care
industry
- TREND: Self-expressive consumers increasingly value adaptable,
participative goods and services
- Trends in entertainment and media consumption reflect the participation
era
- INSIGHT: Manufacturers are giving consumers the ability to customize and
express themselves through branded products via packaging and basic aesthetic
modifications
- DATAMONITOR VERDICT: Even the most minor of customization possibilities
can help to separate brands from mass market rivals
- INSIGHT: Many brands now invite consumers to share ideas,concepts,
flavors, recipes and so forth, often via competitions with attractive prizes
- DATAMONITOR VERDICT: Allowing consumers to participate in brand
building will become a well-established part of marketing,especially for
high-passion/high involvement brands
- INSIGHT: A proliferation of product and service concepts now allow
consumers complete autonomy to develop products to meet their own needs and
desires
- DATAMONITOR VERDICT: Losing control of brand development does heighten
risk, but consumers increasingly want to interact with brands on their own
terms
- INSIGHT: Interactive advertising is a way of empowering individuals
through marketing communications
- DATAMONITOR VERDICT: Innovative brands can now create truly interactive
advertising campaigns
- APPENDIX
- Definitions
- Methodology
- Further reading and references
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Figures
- Figure 1: Datamonitor' s mega-trends are having along-term and
substantive impact on the marketing landscape and can be grouped into two
categories
- Figure 2: Consumer behavior and the innovations targeting it inevitably
fit into a ' trend hierarchy'
- Figure 3: There are four different approaches to innovation and 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: Individualism is driven by self expressive consumers seeking to
make their own mark on the world
- Figure 6: Four key personal benefits as well as the additional ease of
customizing have driven the trend toward more personalized consumer packaged
goods
- Figure 7: Occasion specificity is an approach to marketing that helps to
personalize a product, with particular prevalence in soft drinks
- Figure 8: Customized vending and adjustable packaging are two ways
industry players have empowered consumers, helping them to personalize
benefits in the most relevant manner
- Figure 9: Categories traditionally perceived to be' gender neutral' , or
even exclusionary on the basis of gender appeal (e.g.beer), are changing as
manufacturers offer gender specific lines and reformulate products to make
them appeal to a specific gender
- Figure 10: Products formulated and marketed for age specific ailments and
problems remain an important way of communicating product relevance and thus
tapping into the individualism mega-trend
- Figure 11: Situational and personally adaptive beauty solutions is an
emerging area in personal care
- Figure 12: Dermalogica' s ' body mapping' offers a personalized service for
personal care customers
- Figure 13: Consumers' media orientations are changing,with participative
and engaging social media becoming more important
- Figure 14: Manufacturers are giving consumers the ability to customize
and express themselves through branded products via packaging and basic
aesthetic modifications
- Figure 15: Häa
gen-Dazs, Hershey, Wendy' s and Kraft have all sought to
involve consumers in the product development process
- Figure 16: There are a number of products and services offering consumers
close to complete autonomy
- Figure 17: Interactive advertising is a way of empowering individuals
through marketing communications
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