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 Arkansas Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research in the state of Arkansas. This agreement serves as a contractual agreement between two parties, typically a company or organization seeking to conduct research and analysis for product development purposes and a research institution or agency in Arkansas. The agreement covers various aspects related to product development research, ensuring that both parties are aware of their rights and responsibilities throughout the research process. The primary aim of this agreement is to protect the interests of all involved parties and establish a framework for collaboration and cooperation. Keywords: Arkansas, agreement, conduct, product development, research, legal document, terms and conditions, contractual agreement, parties, company, organization, research institution, agency, contractual rights, responsibilities, collaboration, cooperation. Different types of Arkansas Agreement to Conduct Product Development Research may include: 1. Industry-Academia Research Agreement: This type of agreement is entered into between a company or organization in the industry sector and an academic research institution in Arkansas. It facilitates collaborative research endeavors that aim to bridge the gap between academia and industry and drive product development and innovation. 2. Confidentiality Agreement: This agreement focuses on protecting the confidentiality of any sensitive or proprietary information exchanged during the product development research process. It ensures that both parties maintain strict confidentiality and take necessary measures to prevent unauthorized disclosure or use of such information. 3. Intellectual Property Agreement: This type of agreement governs the ownership, protection, and exploitation rights of any intellectual property resulting from the product development research. It establishes the parties' understanding of intellectual property ownership, licensing, and revenue-sharing arrangements. 4. Research Sponsorship Agreement: This agreement is commonly used when a company or organization sponsors a research project conducted by an Arkansas-based research institution. It outlines the respective financial obligations, deliverables, and reporting requirements for each party involved, ensuring transparency and accountability. 5. Non-Disclosure Agreement: This agreement focuses on protecting any confidential or proprietary information shared between the parties involved in the research. It restricts the use, disclosure, or dissemination of such information to unauthorized individuals or third parties. In conclusion, the Arkansas Agreement to Conduct Product Development Research is a comprehensive legal document that governs the terms and conditions of product development research in the state. The agreement ensures that the involved parties understand their obligations regarding confidentiality, intellectual property rights, financial commitments, and collaboration.The Arkansas Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research in the state of Arkansas. This agreement serves as a contractual agreement between two parties, typically a company or organization seeking to conduct research and analysis for product development purposes and a research institution or agency in Arkansas. The agreement covers various aspects related to product development research, ensuring that both parties are aware of their rights and responsibilities throughout the research process. The primary aim of this agreement is to protect the interests of all involved parties and establish a framework for collaboration and cooperation. Keywords: Arkansas, agreement, conduct, product development, research, legal document, terms and conditions, contractual agreement, parties, company, organization, research institution, agency, contractual rights, responsibilities, collaboration, cooperation. Different types of Arkansas Agreement to Conduct Product Development Research may include: 1. Industry-Academia Research Agreement: This type of agreement is entered into between a company or organization in the industry sector and an academic research institution in Arkansas. It facilitates collaborative research endeavors that aim to bridge the gap between academia and industry and drive product development and innovation. 2. Confidentiality Agreement: This agreement focuses on protecting the confidentiality of any sensitive or proprietary information exchanged during the product development research process. It ensures that both parties maintain strict confidentiality and take necessary measures to prevent unauthorized disclosure or use of such information. 3. Intellectual Property Agreement: This type of agreement governs the ownership, protection, and exploitation rights of any intellectual property resulting from the product development research. It establishes the parties' understanding of intellectual property ownership, licensing, and revenue-sharing arrangements. 4. Research Sponsorship Agreement: This agreement is commonly used when a company or organization sponsors a research project conducted by an Arkansas-based research institution. It outlines the respective financial obligations, deliverables, and reporting requirements for each party involved, ensuring transparency and accountability. 5. Non-Disclosure Agreement: This agreement focuses on protecting any confidential or proprietary information shared between the parties involved in the research. It restricts the use, disclosure, or dissemination of such information to unauthorized individuals or third parties. In conclusion, the Arkansas Agreement to Conduct Product Development Research is a comprehensive legal document that governs the terms and conditions of product development research in the state. The agreement ensures that the involved parties understand their obligations regarding confidentiality, intellectual property rights, financial commitments, and collaboration.
