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 Indiana Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting research on product development in the state of Indiana. This agreement is designed to protect the interests of all parties involved in the research and ensure compliance with relevant laws and regulations. Keywords: Indiana, Agreement, Conduct, Product Development, Research Types of Indiana Agreements to Conduct Product Development Research: 1. Confidentiality Agreement: This type of agreement focuses on protecting the confidential information shared during the research process. It includes provisions on how sensitive data will be handled, stored, and disclosed, ensuring that the parties involved maintain strict confidentiality. 2. Intellectual Property Agreement: This agreement focuses on the ownership and rights associated with any intellectual property created during the product development research. It outlines the ownership structure, licensing terms, and any potential royalties or financial arrangements related to the intellectual property. 3. Collaborative Research Agreement: This type of agreement is specifically tailored for collaborations between multiple organizations or entities involved in product development research. It establishes the roles and responsibilities of each party, the sharing of resources and information, and the allocation of costs and revenue generated from the research. 4. Clinical Trial Agreement: In cases where product development research involves clinical trials, this agreement outlines the responsibilities and obligations of the researchers, sponsors, and participants involved. It covers areas such as participant recruitment, informed consent, safety measures, data handling, and financial matters related to the clinical trial. 5. University Research Agreement: This agreement is specifically designed for collaborations between research institutions or universities and other entities engaged in product development research. It outlines the terms for sharing resources, research findings, publications, intellectual property, and any financial arrangements involved in the research. In conclusion, the Indiana Agreement to Conduct Product Development Research is a comprehensive legal document that ensures the smooth progress of research activities in Indiana. Different types of agreements exist depending on the specific focus and requirements of the research, such as confidentiality, intellectual property, collaboration, clinical trials, and university research collaborations. These agreements provide clarity and protection to all involved parties throughout the product development research process.The Indiana Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting research on product development in the state of Indiana. This agreement is designed to protect the interests of all parties involved in the research and ensure compliance with relevant laws and regulations. Keywords: Indiana, Agreement, Conduct, Product Development, Research Types of Indiana Agreements to Conduct Product Development Research: 1. Confidentiality Agreement: This type of agreement focuses on protecting the confidential information shared during the research process. It includes provisions on how sensitive data will be handled, stored, and disclosed, ensuring that the parties involved maintain strict confidentiality. 2. Intellectual Property Agreement: This agreement focuses on the ownership and rights associated with any intellectual property created during the product development research. It outlines the ownership structure, licensing terms, and any potential royalties or financial arrangements related to the intellectual property. 3. Collaborative Research Agreement: This type of agreement is specifically tailored for collaborations between multiple organizations or entities involved in product development research. It establishes the roles and responsibilities of each party, the sharing of resources and information, and the allocation of costs and revenue generated from the research. 4. Clinical Trial Agreement: In cases where product development research involves clinical trials, this agreement outlines the responsibilities and obligations of the researchers, sponsors, and participants involved. It covers areas such as participant recruitment, informed consent, safety measures, data handling, and financial matters related to the clinical trial. 5. University Research Agreement: This agreement is specifically designed for collaborations between research institutions or universities and other entities engaged in product development research. It outlines the terms for sharing resources, research findings, publications, intellectual property, and any financial arrangements involved in the research. In conclusion, the Indiana Agreement to Conduct Product Development Research is a comprehensive legal document that ensures the smooth progress of research activities in Indiana. Different types of agreements exist depending on the specific focus and requirements of the research, such as confidentiality, intellectual property, collaboration, clinical trials, and university research collaborations. These agreements provide clarity and protection to all involved parties throughout the product development research process.
