A case for market-oriented Development of functional beverages

The functional beverages market offers new product opportunities to those companies that understand consumers' requirements and can develop and market functional beverages that gain consumer acceptance. Although health and wellness have been the most significant drivers of innovation in recent years, failure rates for new functional products are reportedly high. This may suggest a failure by companies to manage consumer knowledge effectively throughout the product development process. A market-oriented approach to innovation emphasises the need for firms to engage with the consumer in a systematic multifunctional approach to product development. This can assist product development teams manage consumer knowledge more effectively, and provide direction for new product design and the strategic marketing of successful functional beverages.