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?
Massachusetts Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research activities will be conducted within the state of Massachusetts. This agreement is essential to protect the rights and interests of all parties involved in the research process and ensure a mutually beneficial collaboration. Key elements included in the Massachusetts Agreement to Conduct Product Development Research typically encompass: 1. Parties involved: The agreement identifies and lists all parties entering into the research collaboration. This includes the research institution or company conducting the research and the participating organization or individuals. 2. Objective of the research: The agreement clearly defines the purpose and goals of the product development research, outlining the specific areas of focus and desired outcomes. 3. Duration and timeline: It specifies the duration of the research project and sets a timeline for the various stages of the development process, including milestones and deliverables. 4. Intellectual property rights: This section outlines the ownership and handling of intellectual property rights developed during the course of the research. It addresses issues such as patents, copyrights, trade secrets, and confidentiality to protect the interests of both parties. 5. Funding and financial obligations: The agreement details the financial arrangements, including the allocation of funds, payment terms, any grants or funding received, and the responsibilities of each party regarding expenses. 6. Reporting and communication: It establishes a mechanism for reporting progress, sharing data, and ensuring regular communication between the involved parties. 7. Liability and indemnification: This section outlines the responsibilities and liabilities of each party involved in the research and includes provisions for indemnification against any claims or damages arising from the research activities. 8. Termination and amendment: It defines the circumstances under which the agreement may be terminated, as well as the procedures for amendment or modification of the agreement if necessary. Different types of Massachusetts Agreements to Conduct Product Development Research may include: 1. Academic-Industry Research Agreement: This type of agreement is entered into between academic institutions (such as universities or research institutions) and industry organizations to facilitate collaborative research efforts. 2. Government-Academia Research Agreement: In this case, the agreement is between government entities and academic institutions to conduct product development research of public interest, typically with a focus on advancing technology or solving specific societal problems. 3. Joint Venture Research Agreement: This agreement is formed when two or more organizations collaborate on research activities and share risks, investment, and intellectual property rights. 4. Licensing Research Agreement: In certain cases, this agreement allows one party to license its technology or intellectual property to another for further research and development. In summary, the Massachusetts Agreement to Conduct Product Development Research is a crucial document designed to safeguard the interests of all parties involved in collaborative research efforts. It ensures clarity, protection of intellectual property, financial arrangements, and outlines the overall framework for successful product development research within the state.Massachusetts Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research activities will be conducted within the state of Massachusetts. This agreement is essential to protect the rights and interests of all parties involved in the research process and ensure a mutually beneficial collaboration. Key elements included in the Massachusetts Agreement to Conduct Product Development Research typically encompass: 1. Parties involved: The agreement identifies and lists all parties entering into the research collaboration. This includes the research institution or company conducting the research and the participating organization or individuals. 2. Objective of the research: The agreement clearly defines the purpose and goals of the product development research, outlining the specific areas of focus and desired outcomes. 3. Duration and timeline: It specifies the duration of the research project and sets a timeline for the various stages of the development process, including milestones and deliverables. 4. Intellectual property rights: This section outlines the ownership and handling of intellectual property rights developed during the course of the research. It addresses issues such as patents, copyrights, trade secrets, and confidentiality to protect the interests of both parties. 5. Funding and financial obligations: The agreement details the financial arrangements, including the allocation of funds, payment terms, any grants or funding received, and the responsibilities of each party regarding expenses. 6. Reporting and communication: It establishes a mechanism for reporting progress, sharing data, and ensuring regular communication between the involved parties. 7. Liability and indemnification: This section outlines the responsibilities and liabilities of each party involved in the research and includes provisions for indemnification against any claims or damages arising from the research activities. 8. Termination and amendment: It defines the circumstances under which the agreement may be terminated, as well as the procedures for amendment or modification of the agreement if necessary. Different types of Massachusetts Agreements to Conduct Product Development Research may include: 1. Academic-Industry Research Agreement: This type of agreement is entered into between academic institutions (such as universities or research institutions) and industry organizations to facilitate collaborative research efforts. 2. Government-Academia Research Agreement: In this case, the agreement is between government entities and academic institutions to conduct product development research of public interest, typically with a focus on advancing technology or solving specific societal problems. 3. Joint Venture Research Agreement: This agreement is formed when two or more organizations collaborate on research activities and share risks, investment, and intellectual property rights. 4. Licensing Research Agreement: In certain cases, this agreement allows one party to license its technology or intellectual property to another for further research and development. In summary, the Massachusetts Agreement to Conduct Product Development Research is a crucial document designed to safeguard the interests of all parties involved in collaborative research efforts. It ensures clarity, protection of intellectual property, financial arrangements, and outlines the overall framework for successful product development research within the state.
