Commonly, the success of new product development for the seafood industry has been hindered by the
business needing to commit significant financial outlay for production despite uncertainties of the
marketability of the product The innovative product development and marketing methodology to be
developed and piloted in this project aims to decrease the risk in product development. The method involves all of the participants in the supply chain, from manufacturer to consumer, working together for a short, intense period of product "ideation" and development before developing the agreed product concept. The process will exploit the natural entrepreneurialism of staff at Abacus Fisheries, plus experts brought in to assist. If successful, the technique may potentially be transferred to other sectors, increasing the chance of success of developing economically viable value-added seafood products
Final report
The aim of the project was to develop a new series of value added Abacus crab products that have been researched, developed, costed, branded and trialled in the marketplace prior to further large financial commitment to facilitate production. This new accelerated product development methodology, building the products from desk-top to cook-top, and improving the likelihood of market success prior to large scale production, represented an innovative approach to seafood product development in smaller businesses.
Using market expertise (focussed on food service market) and technical expertise there were a number of iterations which allowed the original number of 92 product concepts to be narrowed down to the final two commercially available and market acceptable products in less than 14 months. The multiple assessments both from a sensory and market acceptability perspective enabled renewed confidence in market attractiveness. The assessment also ensured that form, portion size and packaging were based on expert market opinion. Cost was also minimised by the four day ideation process. The process implemented also allowed for a comparison with currently available products early on in the development process.
