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?
Alabama Agreement to Conduct Product Development Research The Alabama Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research within the state of Alabama. This agreement serves as a contractual agreement between parties involved in the research process, such as research institutions, businesses, and government organizations. Keywords: Alabama, Agreement, Conduct, Product Development Research Different Types of Alabama Agreement to Conduct Product Development Research: 1. Academic Research Agreement: This type of agreement is commonly used between universities, research institutions, and businesses to conduct product development research. It outlines the responsibilities of each party and addresses issues such as intellectual property rights, funding, confidentiality, publication rights, and sharing of research materials. 2. Government Research Agreement: This type of agreement is entered into by governmental organizations, research entities, and businesses for the purpose of conducting product development research. It typically addresses matters related to funding, confidentiality, intellectual property rights, collaboration, and commercialization of research findings. 3. Non-Disclosure Agreement (NDA): Often used in conjunction with the Alabama Agreement to Conduct Product Development Research, an NDA is a legally binding contract that protects confidential information shared during the research process. It ensures that proprietary data, research methodologies, prototypes, or any other sensitive information involved in the product development research remains confidential between parties. 4. Collaborative Research Agreement: This agreement is intended for parties seeking to collaborate on product development research projects in Alabama. It outlines the terms and conditions for collaboration, including the scope of work, financial contributions, intellectual property rights, scientific contributions, and obligations of each party. 5. Licensing Agreement: In cases where a party wishes to license the intellectual property resulting from the product development research in Alabama, a licensing agreement is used. This agreement outlines the terms of the license, including exclusivity, duration, royalties, sublicensing provisions, and any restrictions imposed on the use of the licensed technology. Overall, the Alabama Agreement to Conduct Product Development Research, along with its various types, serves as a crucial legal tool for organizations and institutions to ensure a structured and protected environment for conducting product development research within the state.Alabama Agreement to Conduct Product Development Research The Alabama Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research within the state of Alabama. This agreement serves as a contractual agreement between parties involved in the research process, such as research institutions, businesses, and government organizations. Keywords: Alabama, Agreement, Conduct, Product Development Research Different Types of Alabama Agreement to Conduct Product Development Research: 1. Academic Research Agreement: This type of agreement is commonly used between universities, research institutions, and businesses to conduct product development research. It outlines the responsibilities of each party and addresses issues such as intellectual property rights, funding, confidentiality, publication rights, and sharing of research materials. 2. Government Research Agreement: This type of agreement is entered into by governmental organizations, research entities, and businesses for the purpose of conducting product development research. It typically addresses matters related to funding, confidentiality, intellectual property rights, collaboration, and commercialization of research findings. 3. Non-Disclosure Agreement (NDA): Often used in conjunction with the Alabama Agreement to Conduct Product Development Research, an NDA is a legally binding contract that protects confidential information shared during the research process. It ensures that proprietary data, research methodologies, prototypes, or any other sensitive information involved in the product development research remains confidential between parties. 4. Collaborative Research Agreement: This agreement is intended for parties seeking to collaborate on product development research projects in Alabama. It outlines the terms and conditions for collaboration, including the scope of work, financial contributions, intellectual property rights, scientific contributions, and obligations of each party. 5. Licensing Agreement: In cases where a party wishes to license the intellectual property resulting from the product development research in Alabama, a licensing agreement is used. This agreement outlines the terms of the license, including exclusivity, duration, royalties, sublicensing provisions, and any restrictions imposed on the use of the licensed technology. Overall, the Alabama Agreement to Conduct Product Development Research, along with its various types, serves as a crucial legal tool for organizations and institutions to ensure a structured and protected environment for conducting product development research within the state.
