A milk-based canned beverage from Coca-Cola, and an anchovy-flavored porridge from Quaker Oats. These are not just concepts, but products introduced last year into the global marketplace. In 2002, Mintel International, Chicago, tallied 9,546 new foods and beverages in the U.S. alone, a dead heat with the 2001 figure of 9,598.
New products help companies keep pace with changing consumer demands. They diversify product portfolios, enhance a company's image or brand name, provide a reason for salespeople to make a new call on an old client (or a potential new one), test the waters for a major investment, and are a strategy to expand a business.