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?
Connecticut Agreement to Conduct Product Development Research: Detailed Description The Connecticut Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research within the state of Connecticut. This agreement is designed to protect the interests of all parties involved and ensure a smooth collaboration between businesses, researchers, and other stakeholders. Keywords: Connecticut, Agreement, Conduct, Product Development Research 1. Purpose: The primary purpose of this agreement is to provide a framework for conducting product development research in accordance with legal and ethical guidelines. It aims to enable collaboration between companies, researchers, and institutions to foster innovation, enhance product design, and promote economic growth within the state of Connecticut. 2. Parties involved: The agreement involves multiple parties, including the company or organization seeking research assistance (referred to as the "research sponsor"), the research institution or laboratory providing expertise, and any additional parties involved in the project. Each party must be clearly identified and their respective responsibilities clearly stated in the agreement. 3. Scope of research: The agreement outlines the specific goals, objectives, and scope of the product development research project. It defines the research areas, methodologies, expected deliverables, and any constraints or limitations that may apply. By clearly defining the research scope, all parties can ensure that expectations are aligned and the project is carried out efficiently. 4. Intellectual property rights: This agreement addresses intellectual property (IP) ownership and protection throughout the research process. It clarifies the ownership rights of any inventions, patents, copyrights, or other forms of IP generated as a result of the research. The agreement can establish procedures for IP disclosure, confidentiality, and potential commercialization, ensuring that the parties involved are adequately protected. 5. Funding and resources: The agreement details the financial obligations, if any, of the research sponsor to fund the research project. This may include providing monetary support, research materials, equipment, or any other necessary resources. Additionally, the agreement can outline any obligations of the research institution, such as providing dedicated laboratory space or technical assistance. 6. Duration and termination: The agreement specifies the duration of the research project. It may also include provisions for termination, outlining the conditions under which either party can terminate the agreement. Termination clauses may address issues such as non-compliance with terms, breach of contract, failure to achieve milestones, or any other valid reasons for discontinuation. Types of Connecticut Agreements to Conduct Product Development Research: 1. University-Industry Research Agreement: This type of agreement typically involves a research collaboration between a university or research institution in Connecticut and an external industry partner. It outlines the terms of the partnership, research goals, IP ownership, and other relevant details. 2. Public-Private Partnership Research Agreement: This agreement involves collaboration between a public entity, such as a government agency or nonprofit organization, and a private company or institution. It is aimed at fostering innovation, promoting economic development, and addressing specific research needs within Connecticut. 3. Startup Accelerator Research Agreement: This type of agreement is specific to startups and entrepreneurs seeking to conduct product development research with the assistance of a Connecticut-based accelerator. It outlines the expectations, resources, and support provided by the accelerator, as well as the terms of collaboration and potential equity arrangements.Connecticut Agreement to Conduct Product Development Research: Detailed Description The Connecticut Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research within the state of Connecticut. This agreement is designed to protect the interests of all parties involved and ensure a smooth collaboration between businesses, researchers, and other stakeholders. Keywords: Connecticut, Agreement, Conduct, Product Development Research 1. Purpose: The primary purpose of this agreement is to provide a framework for conducting product development research in accordance with legal and ethical guidelines. It aims to enable collaboration between companies, researchers, and institutions to foster innovation, enhance product design, and promote economic growth within the state of Connecticut. 2. Parties involved: The agreement involves multiple parties, including the company or organization seeking research assistance (referred to as the "research sponsor"), the research institution or laboratory providing expertise, and any additional parties involved in the project. Each party must be clearly identified and their respective responsibilities clearly stated in the agreement. 3. Scope of research: The agreement outlines the specific goals, objectives, and scope of the product development research project. It defines the research areas, methodologies, expected deliverables, and any constraints or limitations that may apply. By clearly defining the research scope, all parties can ensure that expectations are aligned and the project is carried out efficiently. 4. Intellectual property rights: This agreement addresses intellectual property (IP) ownership and protection throughout the research process. It clarifies the ownership rights of any inventions, patents, copyrights, or other forms of IP generated as a result of the research. The agreement can establish procedures for IP disclosure, confidentiality, and potential commercialization, ensuring that the parties involved are adequately protected. 5. Funding and resources: The agreement details the financial obligations, if any, of the research sponsor to fund the research project. This may include providing monetary support, research materials, equipment, or any other necessary resources. Additionally, the agreement can outline any obligations of the research institution, such as providing dedicated laboratory space or technical assistance. 6. Duration and termination: The agreement specifies the duration of the research project. It may also include provisions for termination, outlining the conditions under which either party can terminate the agreement. Termination clauses may address issues such as non-compliance with terms, breach of contract, failure to achieve milestones, or any other valid reasons for discontinuation. Types of Connecticut Agreements to Conduct Product Development Research: 1. University-Industry Research Agreement: This type of agreement typically involves a research collaboration between a university or research institution in Connecticut and an external industry partner. It outlines the terms of the partnership, research goals, IP ownership, and other relevant details. 2. Public-Private Partnership Research Agreement: This agreement involves collaboration between a public entity, such as a government agency or nonprofit organization, and a private company or institution. It is aimed at fostering innovation, promoting economic development, and addressing specific research needs within Connecticut. 3. Startup Accelerator Research Agreement: This type of agreement is specific to startups and entrepreneurs seeking to conduct product development research with the assistance of a Connecticut-based accelerator. It outlines the expectations, resources, and support provided by the accelerator, as well as the terms of collaboration and potential equity arrangements.
