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 Hawaii Agreement to Conduct Product Development Research refers to a legally binding contract established between two or more parties involved in conducting research activities to develop new products or enhance existing ones. This agreement outlines the terms and conditions that govern the collaboration, ensuring clarity, protection, and mutual understanding throughout the research process. Keywords: Hawaii, Agreement, Conduct, Product Development Research, research activities, new products, existing products. Types of Hawaii Agreement to Conduct Product Development Research: 1. Hawaii Exclusive Product Development Research Agreement: In this type of agreement, the parties involved grant exclusivity to each other for a specific period. This means that during the research period, the parties cannot collaborate with any other entity for the same product development, ensuring focused efforts and avoiding potential conflicts of interest. 2. Hawaii Non-Exclusive Product Development Research Agreement: In contrast to the exclusive agreement, this type allows parties to engage in research activities simultaneously with other entities. It provides flexibility by allowing the parties to explore additional collaborations or conduct parallel research for the same product development. 3. Hawaii Joint Product Development Research Agreement: Under this agreement, multiple parties join forces to conduct product development research collectively. Joint agreements facilitate pooling of resources, knowledge, and expertise, leading to a synergistic research approach. This collaboration often involves sharing costs, intellectual property rights, and potential profits in an agreed upon manner. 4. Hawaii Contracted Product Development Research Agreement: This type of agreement involves one party contracting another party to conduct research on its behalf. The contracted party may possess specialized knowledge, facilities, or resources required for the research activities. The agreement outlines the scope of work, milestones, deliverables, payment terms, and confidentiality provisions to ensure successful collaboration. In conclusion, the Hawaii Agreement to Conduct Product Development Research is a comprehensive contract that enables parties to collaborate on research activities to develop new products or improve existing ones. By establishing clear terms and conditions, these agreements foster trust, protect intellectual property, and promote a mutually beneficial partnership between the involved entities.The Hawaii Agreement to Conduct Product Development Research refers to a legally binding contract established between two or more parties involved in conducting research activities to develop new products or enhance existing ones. This agreement outlines the terms and conditions that govern the collaboration, ensuring clarity, protection, and mutual understanding throughout the research process. Keywords: Hawaii, Agreement, Conduct, Product Development Research, research activities, new products, existing products. Types of Hawaii Agreement to Conduct Product Development Research: 1. Hawaii Exclusive Product Development Research Agreement: In this type of agreement, the parties involved grant exclusivity to each other for a specific period. This means that during the research period, the parties cannot collaborate with any other entity for the same product development, ensuring focused efforts and avoiding potential conflicts of interest. 2. Hawaii Non-Exclusive Product Development Research Agreement: In contrast to the exclusive agreement, this type allows parties to engage in research activities simultaneously with other entities. It provides flexibility by allowing the parties to explore additional collaborations or conduct parallel research for the same product development. 3. Hawaii Joint Product Development Research Agreement: Under this agreement, multiple parties join forces to conduct product development research collectively. Joint agreements facilitate pooling of resources, knowledge, and expertise, leading to a synergistic research approach. This collaboration often involves sharing costs, intellectual property rights, and potential profits in an agreed upon manner. 4. Hawaii Contracted Product Development Research Agreement: This type of agreement involves one party contracting another party to conduct research on its behalf. The contracted party may possess specialized knowledge, facilities, or resources required for the research activities. The agreement outlines the scope of work, milestones, deliverables, payment terms, and confidentiality provisions to ensure successful collaboration. In conclusion, the Hawaii Agreement to Conduct Product Development Research is a comprehensive contract that enables parties to collaborate on research activities to develop new products or improve existing ones. By establishing clear terms and conditions, these agreements foster trust, protect intellectual property, and promote a mutually beneficial partnership between the involved entities.
