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 Suffolk New York Agreement to Conduct Product Development Research is a comprehensive contract that outlines the terms and conditions for conducting research and development activities in Suffolk County, New York. This agreement sets the framework for companies or organizations interested in pursuing innovative product development initiatives within the county. Keywords: Suffolk New York Agreement, product development research, research and development activities, Suffolk County, terms and conditions, innovative product development, initiatives. Under this agreement, companies and organizations are granted the opportunity to undertake cutting-edge research and development projects while benefiting from the resources and support available in Suffolk County. The agreement aims to foster collaboration between businesses, local government agencies, and research institutions to drive technological advancements and economic growth in the region. The Suffolk New York Agreement to Conduct Product Development Research contains several key provisions that must be adhered to by the parties involved. These provisions may include but are not limited to: 1. Scope of research: The agreement specifies the nature and scope of the research activities to be conducted. It may outline the specific product or technology area for development, such as biotechnology, information technology, aerospace, or renewable energy. 2. Duration: The agreement establishes the duration of the research project. It may be for a fixed period or renewable upon mutual agreement between the parties. 3. Intellectual property rights: The agreement addresses the intellectual property rights generated during the research process. It may clearly define ownership, licensing, and commercialization arrangements to protect the interests of all parties involved. 4. Funding and resources: The agreement may outline the financial obligations of each party and the resources provided to support the research project. This may include grants, subsidies, access to specialized equipment, or research facilities. 5. Reporting and evaluation: The agreement may require regular progress reports, evaluations, and milestones to ensure transparency and monitor the project's success. It can also establish mechanisms for mitigating risks and resolving disputes. Different types of Suffolk New York Agreements to Conduct Product Development Research may exist based on the specific areas of focus or collaborations involved. Some examples include: 1. Public-Private Partnership Agreement: This type of agreement involves collaboration between government entities and private companies to conduct product development research in specific sectors of interest to the county. 2. Research Institution Collaboration Agreement: In this type of agreement, research institutions, such as universities or scientific organizations, collaborate with businesses to conduct joint product development research projects within Suffolk County. 3. Industry Cluster Agreement: This agreement involves multiple companies within the same industry sector, such as healthcare or manufacturing, coming together to collectively conduct product development research in Suffolk County. By providing a structured framework and incentives, the Suffolk New York Agreement to Conduct Product Development Research encourages businesses and organizations to invest in research and development efforts within the county, ultimately fostering innovation, economic growth, and job creation.The Suffolk New York Agreement to Conduct Product Development Research is a comprehensive contract that outlines the terms and conditions for conducting research and development activities in Suffolk County, New York. This agreement sets the framework for companies or organizations interested in pursuing innovative product development initiatives within the county. Keywords: Suffolk New York Agreement, product development research, research and development activities, Suffolk County, terms and conditions, innovative product development, initiatives. Under this agreement, companies and organizations are granted the opportunity to undertake cutting-edge research and development projects while benefiting from the resources and support available in Suffolk County. The agreement aims to foster collaboration between businesses, local government agencies, and research institutions to drive technological advancements and economic growth in the region. The Suffolk New York Agreement to Conduct Product Development Research contains several key provisions that must be adhered to by the parties involved. These provisions may include but are not limited to: 1. Scope of research: The agreement specifies the nature and scope of the research activities to be conducted. It may outline the specific product or technology area for development, such as biotechnology, information technology, aerospace, or renewable energy. 2. Duration: The agreement establishes the duration of the research project. It may be for a fixed period or renewable upon mutual agreement between the parties. 3. Intellectual property rights: The agreement addresses the intellectual property rights generated during the research process. It may clearly define ownership, licensing, and commercialization arrangements to protect the interests of all parties involved. 4. Funding and resources: The agreement may outline the financial obligations of each party and the resources provided to support the research project. This may include grants, subsidies, access to specialized equipment, or research facilities. 5. Reporting and evaluation: The agreement may require regular progress reports, evaluations, and milestones to ensure transparency and monitor the project's success. It can also establish mechanisms for mitigating risks and resolving disputes. Different types of Suffolk New York Agreements to Conduct Product Development Research may exist based on the specific areas of focus or collaborations involved. Some examples include: 1. Public-Private Partnership Agreement: This type of agreement involves collaboration between government entities and private companies to conduct product development research in specific sectors of interest to the county. 2. Research Institution Collaboration Agreement: In this type of agreement, research institutions, such as universities or scientific organizations, collaborate with businesses to conduct joint product development research projects within Suffolk County. 3. Industry Cluster Agreement: This agreement involves multiple companies within the same industry sector, such as healthcare or manufacturing, coming together to collectively conduct product development research in Suffolk County. By providing a structured framework and incentives, the Suffolk New York Agreement to Conduct Product Development Research encourages businesses and organizations to invest in research and development efforts within the county, ultimately fostering innovation, economic growth, and job creation.
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.
