This year I had opportunity to attend a day long recruitment event at Kraft in Toronto. One of the presenters was from the product innovation department. She had an MBA and led a team devoted to finding insights for new Kraft products. She was passionate about her projects, her team and the opportunity she had to bring new products to store shelves. Kraft is one of the top companies in the consumer package goods (CPG) industry. Two of the defining characteristics of the CPG industry are 1) low margins 2) highly competitive environment. In order to stay in the game and be a contender, it is important to have a competitive edge. That is where the innovators and designers come in. Whether it is new product innovations, a re-package or the brand promise sold with the product, it is these new insights that give companies like Kraft increased market share.
According to Daniel Pink in his book A Whole New Mind: Why Right-Brainers Will Rule the World, decent product quality and competitive prices are the basics of business. In the world we live in today, businesses need much more in order to compete. It is the intangible qualities like branding, package design and product innovations that keep companies ahead. The London Business School’s research department found that for every percent of sales invested in product design, a company’s sales and profits rise by an average of 3-4% (Pink, 2005). For companies competing in industries like the CPG industry, this investment and projected return would mean the profitability difference for a company like Kraft. Designers and design thinking are essential in today’s business environment.
All faculty and snudetts are strongly encouraged to attend these events. From a guest lecture by David Suzuki, to the eagerly anticipated annual TedX Terry Talks, there is sure to be an event that is up your