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 Iowa Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting product development research in the state of Iowa, United States. This agreement serves as a formal contract between the parties involved, ensuring clarity and protection of rights during the research process. Below are the key elements typically covered in an Iowa Agreement to Conduct Product Development Research: 1. Parties: This section identifies the entities involved in the agreement, such as the research institution or company conducting the research (referred to as the "Researcher") and the institution or company sponsoring the research (referred to as the "Sponsor"). 2. Purpose: The agreement specifies the purpose of the research, including the specific objectives, goals, and expected outcomes. It outlines the nature of the research, whether it is basic research, applied research, or product development. 3. Research Activities: This section describes in detail the specific activities that will be carried out during the research project, including methodologies, timelines, and milestones. It may also outline any restrictions, limitations, or exclusions associated with the research activities. 4. Funding: The agreement defines the financial terms, responsibilities, and obligations of each party regarding the funding of the research. It typically includes details about the budget, payment methods, and any intellectual property rights associated with the research. 5. Confidentiality: This section addresses the protection of confidential and proprietary information shared between the parties during the course of the research. It establishes the obligations of both parties to maintain confidentiality and outlines the circumstances under which information may be disclosed. 6. Intellectual Property: The agreement outlines the ownership and management of intellectual property rights that arise from the research activities. This includes patents, copyrights, trademarks, trade secrets, and any other relevant intellectual property. 7. Publication and Reporting: It may detail the procedures and requirements for publishing research findings, including any necessary approvals or reviews by both parties. 8. Termination: This section covers the conditions under which the agreement may be terminated, including default, breach of contract, or completion of the research project. 9. Dispute Resolution: In the event of any disputes arising from the agreement, this section outlines the procedures and mechanisms for resolving such disputes, whether through negotiation, mediation, or arbitration. Types of Iowa Agreements to Conduct Product Development Research: 1. Iowa Agreement to Conduct Basic Research: This type of agreement focuses on conducting fundamental or theoretical research without any specific application in mind. It seeks to broaden scientific knowledge and understanding within a particular discipline. 2. Iowa Agreement to Conduct Applied Research: This agreement entails research that aims to solve specific problems or develop innovative solutions for practical applications. It typically involves working closely with industry partners or sponsors. 3. Iowa Agreement to Conduct Product Development Research: This type of agreement specifies the research activities and responsibilities related to the development or improvement of a new or existing product, typically undertaken by private companies or research institutions. In conclusion, the Iowa Agreement to Conduct Product Development Research is a comprehensive legal document that ensures transparency, protection of rights, and smooth collaboration between the Researcher and Sponsor involved in product development research in Iowa.The Iowa Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting product development research in the state of Iowa, United States. This agreement serves as a formal contract between the parties involved, ensuring clarity and protection of rights during the research process. Below are the key elements typically covered in an Iowa Agreement to Conduct Product Development Research: 1. Parties: This section identifies the entities involved in the agreement, such as the research institution or company conducting the research (referred to as the "Researcher") and the institution or company sponsoring the research (referred to as the "Sponsor"). 2. Purpose: The agreement specifies the purpose of the research, including the specific objectives, goals, and expected outcomes. It outlines the nature of the research, whether it is basic research, applied research, or product development. 3. Research Activities: This section describes in detail the specific activities that will be carried out during the research project, including methodologies, timelines, and milestones. It may also outline any restrictions, limitations, or exclusions associated with the research activities. 4. Funding: The agreement defines the financial terms, responsibilities, and obligations of each party regarding the funding of the research. It typically includes details about the budget, payment methods, and any intellectual property rights associated with the research. 5. Confidentiality: This section addresses the protection of confidential and proprietary information shared between the parties during the course of the research. It establishes the obligations of both parties to maintain confidentiality and outlines the circumstances under which information may be disclosed. 6. Intellectual Property: The agreement outlines the ownership and management of intellectual property rights that arise from the research activities. This includes patents, copyrights, trademarks, trade secrets, and any other relevant intellectual property. 7. Publication and Reporting: It may detail the procedures and requirements for publishing research findings, including any necessary approvals or reviews by both parties. 8. Termination: This section covers the conditions under which the agreement may be terminated, including default, breach of contract, or completion of the research project. 9. Dispute Resolution: In the event of any disputes arising from the agreement, this section outlines the procedures and mechanisms for resolving such disputes, whether through negotiation, mediation, or arbitration. Types of Iowa Agreements to Conduct Product Development Research: 1. Iowa Agreement to Conduct Basic Research: This type of agreement focuses on conducting fundamental or theoretical research without any specific application in mind. It seeks to broaden scientific knowledge and understanding within a particular discipline. 2. Iowa Agreement to Conduct Applied Research: This agreement entails research that aims to solve specific problems or develop innovative solutions for practical applications. It typically involves working closely with industry partners or sponsors. 3. Iowa Agreement to Conduct Product Development Research: This type of agreement specifies the research activities and responsibilities related to the development or improvement of a new or existing product, typically undertaken by private companies or research institutions. In conclusion, the Iowa Agreement to Conduct Product Development Research is a comprehensive legal document that ensures transparency, protection of rights, and smooth collaboration between the Researcher and Sponsor involved in product development research in Iowa.
