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?
Idaho Agreement to Conduct Product Development Research: The Idaho Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions of collaboration between two or more parties for the purpose of conducting research related to the development of a new product. This agreement is prevalent in the fields of technology, engineering, pharmaceuticals, and other industries where extensive research and development activities are required. Keywords: Idaho, Agreement, Conduct, Product Development, Research, Collaboration, Contract, Terms and Conditions, Parties, Technology, Engineering, Pharmaceuticals, Industries. Types of Idaho Agreement to Conduct Product Development Research: 1. Confidentiality Agreement: This type of agreement outlines the terms and conditions to ensure the protection of confidential information shared during the product development research process. It includes clauses related to non-disclosure, non-compete, and intellectual property rights. 2. Joint Venture Agreement: In this type of agreement, two or more parties come together to form a separate legal entity to conduct product development research. The agreement defines the responsibilities, resource sharing, profit distribution, and decision-making processes of each participant. 3. Licensing Agreement: This type of agreement permits one party (licensor) to grant certain rights to another party (licensee) to use, develop, or commercialize the research findings. It outlines the terms of licensing, royalty payments, intellectual property ownership, and termination clauses. 4. Research Collaboration Agreement: This agreement facilitates collaborations between two or more research entities, such as universities, research institutes, or companies, to jointly conduct product development research. It outlines the roles and responsibilities of each participant, resource allocation, publication rights, and intellectual property ownership. 5. Funding Agreement: This type of agreement is established between a funding organization and a research entity to provide financial support for product development research. It defines the funding terms, disbursement schedule, reporting requirements, and intellectual property ownership. 6. Material Transfer Agreement: This agreement governs the transfer of research materials, such as prototypes, samples, or data, between parties involved in product development research. It outlines the terms of material transfer, restrictions on use or disclosure, and ownership of transferred materials. 7. Clinical Trial Agreement: Specific to the pharmaceutical or medical industry, this agreement governs the conduct of clinical trials to assess the safety and efficacy of new products. It outlines the responsibilities of all parties, regulatory compliance, patient confidentiality, and data sharing terms. By utilizing an Idaho Agreement to Conduct Product Development Research, parties involved in product development can clearly define their roles, responsibilities, and expectations, safeguard confidential information, and establish a framework for successful collaboration.Idaho Agreement to Conduct Product Development Research: The Idaho Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions of collaboration between two or more parties for the purpose of conducting research related to the development of a new product. This agreement is prevalent in the fields of technology, engineering, pharmaceuticals, and other industries where extensive research and development activities are required. Keywords: Idaho, Agreement, Conduct, Product Development, Research, Collaboration, Contract, Terms and Conditions, Parties, Technology, Engineering, Pharmaceuticals, Industries. Types of Idaho Agreement to Conduct Product Development Research: 1. Confidentiality Agreement: This type of agreement outlines the terms and conditions to ensure the protection of confidential information shared during the product development research process. It includes clauses related to non-disclosure, non-compete, and intellectual property rights. 2. Joint Venture Agreement: In this type of agreement, two or more parties come together to form a separate legal entity to conduct product development research. The agreement defines the responsibilities, resource sharing, profit distribution, and decision-making processes of each participant. 3. Licensing Agreement: This type of agreement permits one party (licensor) to grant certain rights to another party (licensee) to use, develop, or commercialize the research findings. It outlines the terms of licensing, royalty payments, intellectual property ownership, and termination clauses. 4. Research Collaboration Agreement: This agreement facilitates collaborations between two or more research entities, such as universities, research institutes, or companies, to jointly conduct product development research. It outlines the roles and responsibilities of each participant, resource allocation, publication rights, and intellectual property ownership. 5. Funding Agreement: This type of agreement is established between a funding organization and a research entity to provide financial support for product development research. It defines the funding terms, disbursement schedule, reporting requirements, and intellectual property ownership. 6. Material Transfer Agreement: This agreement governs the transfer of research materials, such as prototypes, samples, or data, between parties involved in product development research. It outlines the terms of material transfer, restrictions on use or disclosure, and ownership of transferred materials. 7. Clinical Trial Agreement: Specific to the pharmaceutical or medical industry, this agreement governs the conduct of clinical trials to assess the safety and efficacy of new products. It outlines the responsibilities of all parties, regulatory compliance, patient confidentiality, and data sharing terms. By utilizing an Idaho Agreement to Conduct Product Development Research, parties involved in product development can clearly define their roles, responsibilities, and expectations, safeguard confidential information, and establish a framework for successful collaboration.
