Under new management, a farm is for e.g. producing dairy product (7,5)
I believe the answer is:
fromage frais
'dairy product' is the definition.
'under new management a farm is for e g' is the wordplay.
'under new management' indicates an anagram.
'a'+'farm'+'is'+'for'+'e'+'g'='afarmisforeg'
'afarmisforeg' anagrammed gives 'FROMAGE FRAIS'.
'producing' acts as a link.
(Other definitions for fromage frais that I've seen before include "Soft fresh cheese, like thick yogurt" , "Low-fat cheese" , "Giraffes roam (anag) - dairy product" , "food" .)