In a changing market, staying competitive often requires the development of new products. As consumer tastes and needs change, products must also change. Developing new products, however, is a risky and costly venture. Market research is an essential tool to help boost the chances for success.
The new product development process has at least six stages.
1. Opportunity identification. To start, you should seek holes in the market that might be opportunities. At this stage, the following information gathering techniques are useful: focus groups, consumer surveys, analysis of customer suggestions and complaints, brainstorming, industry research (size of market, consumption patterns), and analysis of competitors products.
2. Concept screening. Next, you will move from generating ideas to testing ideas. In concept screening, you describe the product idea to potential customers and ask, would you buy this product? If consumers do not like the idea of your product, the physical product will probably not do well either. Concept screening allows for the evaluation of winners and losers early in product development before substantial resources are committed to a products development. At this stage, focus groups and consumer surveys are useful research methods.
3. Marketing strategy development. Next, you will set a plan for your marketing mix (the four Ps): A. Product. Define your product in terms of varieties, quality, design, features, brand, packaging, sizes, service, and warranties. B. Price. Develop a pricing strategy. Consider how you will use list price, discounts, allowances, payment periods, and credit terms. C. Place. How will your products get to your customers? Which channels will you use (retail, wholesale, foodservice)? Consider the best locations to reach your target market. Also consider transportation, inventory, and storage. D. Promotion. How will you use the following: sales promotion (coupons, allowances, discounts), advertising, salespeople, public relations?
4. Product development. At this stage, using the information you have collected and the decisions you have made about the 4 Ps, you will design and create the physical product, as well as its packaging, name, logo, and advertising. Research at this stage usually involves repeated cycles of product improvement and testing. Product testing includes both physical performance (e.g., shelf stability) and consumer reactions.
5. Market testing. This stage is a last check on the product before it enters the market. At this point, product performance tests are complete. Market testing aims to evaluate advertising, awareness, and usage (AAU) of the product in test markets. The techniques used include simulated store testing and controlled test marketing. Some marketing research firms offer AAU studies.
6. Product introduction. As you introduce the product to the market, you should test the distribution of the product. Is the product getting on the shelves? Is it getting a favorable presentation on the shelves?
The Broward Florida Agreement to Conduct Product Development Research is a comprehensive contract that outlines the terms and conditions for conducting research and development activities related to the creation of new products in Broward County, Florida. This agreement serves as a legally binding document between two or more parties involved in the product development process. The primary objective of the Broward Florida Agreement to Conduct Product Development Research is to establish a collaborative effort among the involved entities to conduct in-depth product research and development within the boundaries of Broward County, Florida. The agreement promotes innovation and economic growth in the region by nurturing the development of cutting-edge products through research activities. The agreement typically covers various aspects related to product development research, including but not limited to: 1. Parties Involved: The agreement identifies all participating parties, such as research institutes, companies, or individuals responsible for conducting the research and development activities. It clearly outlines their roles, responsibilities, and obligations throughout the duration of the agreement. 2. Research Objectives: The agreement defines the specific objectives and goals of the product development research to ensure that all parties are aligned. This may involve developing new technologies, optimizing existing products, improving manufacturing processes, or exploring innovative solutions. 3. Research Methodology: The agreement lays out the methods and approaches to be employed during the research process. It may include strategies for data collection, experimental design, data analysis, and quality control measures to be implemented. 4. Intellectual Property (IP) Rights: The agreement details the ownership, protection, and sharing of intellectual property rights resulting from the research activities. It may establish mechanisms for safeguarding and commercializing valuable inventions, patents, or trade secrets produced during the research. 5. Financial Arrangements: The agreement outlines the financial responsibilities and obligations of each party involved in the research collaboration. This may encompass funding sources, budget allocation, payment terms, and the division of costs associated with product development research. 6. Duration and Termination: The agreement specifies the duration of the research project, along with provisions for renewal or extension. It also outlines the circumstances under which the agreement can be terminated, such as breach of contract, force majeure events, or completion of the research. There might not be different types of Broward Florida Agreement to Conduct Product Development Research explicitly mentioned. However, variations of the agreement may exist to accommodate specific research contexts, such as public-private partnerships, joint ventures, or consortium-based collaborations. Keywords: Broward Florida, Agreement, Conduct, Product Development, Research, Collaborative, Innovation, Economic Growth, Objectives, Methodology, Intellectual Property, IP Rights, Financial Arrangements, Duration, Termination.The Broward Florida Agreement to Conduct Product Development Research is a comprehensive contract that outlines the terms and conditions for conducting research and development activities related to the creation of new products in Broward County, Florida. This agreement serves as a legally binding document between two or more parties involved in the product development process. The primary objective of the Broward Florida Agreement to Conduct Product Development Research is to establish a collaborative effort among the involved entities to conduct in-depth product research and development within the boundaries of Broward County, Florida. The agreement promotes innovation and economic growth in the region by nurturing the development of cutting-edge products through research activities. The agreement typically covers various aspects related to product development research, including but not limited to: 1. Parties Involved: The agreement identifies all participating parties, such as research institutes, companies, or individuals responsible for conducting the research and development activities. It clearly outlines their roles, responsibilities, and obligations throughout the duration of the agreement. 2. Research Objectives: The agreement defines the specific objectives and goals of the product development research to ensure that all parties are aligned. This may involve developing new technologies, optimizing existing products, improving manufacturing processes, or exploring innovative solutions. 3. Research Methodology: The agreement lays out the methods and approaches to be employed during the research process. It may include strategies for data collection, experimental design, data analysis, and quality control measures to be implemented. 4. Intellectual Property (IP) Rights: The agreement details the ownership, protection, and sharing of intellectual property rights resulting from the research activities. It may establish mechanisms for safeguarding and commercializing valuable inventions, patents, or trade secrets produced during the research. 5. Financial Arrangements: The agreement outlines the financial responsibilities and obligations of each party involved in the research collaboration. This may encompass funding sources, budget allocation, payment terms, and the division of costs associated with product development research. 6. Duration and Termination: The agreement specifies the duration of the research project, along with provisions for renewal or extension. It also outlines the circumstances under which the agreement can be terminated, such as breach of contract, force majeure events, or completion of the research. There might not be different types of Broward Florida Agreement to Conduct Product Development Research explicitly mentioned. However, variations of the agreement may exist to accommodate specific research contexts, such as public-private partnerships, joint ventures, or consortium-based collaborations. Keywords: Broward Florida, Agreement, Conduct, Product Development, Research, Collaborative, Innovation, Economic Growth, Objectives, Methodology, Intellectual Property, IP Rights, Financial Arrangements, Duration, Termination.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
