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 Michigan 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 Michigan. This agreement serves to protect the rights and interests of all parties involved in the research process, including the researchers, research entities, and the residents of Michigan. The primary purpose of this agreement is to establish a framework for collaboration between the research entity and the state of Michigan, ensuring that product development research is conducted in a responsible and ethical manner. This agreement highlights the importance of adhering to applicable laws, regulations, and ethical guidelines in the research process. One type of the Michigan Agreement to Conduct Product Development Research is the Agreement for Academic Research Collaborations. This agreement is specifically tailored for academic institutions or researchers partnering with the state of Michigan to conduct product development research. It outlines the responsibilities and obligations of both parties, including the provision of resources, funding, and intellectual property rights. Another type of the Michigan Agreement to Conduct Product Development Research is the Agreement for Industry-Academia Collaborations. This agreement is designed to facilitate collaborations between industry organizations and academic institutions or researchers in Michigan. It emphasizes the need for knowledge sharing, technology transfer, and commercialization of research findings, while ensuring the protection of intellectual property rights and trade secrets. The Michigan Agreement to Conduct Product Development Research typically includes several key components. These include: 1. Research Objective: A detailed description of the product development research project, including the goals, objectives, and expected outcomes. 2. Roles and Responsibilities: Clearly defining the roles and responsibilities of each party involved in the research project. This includes the researchers, research entities, and any other stakeholders. 3. Funding and Resources: Outlining the financial arrangements and resources required to support the research project, including any funding provided by the state of Michigan or other parties. 4. Intellectual Property Rights: Defining the ownership and management of intellectual property rights arising from the research. This includes establishing procedures for patent filings, licenses, and technology transfer. 5. Compliance and Ethics: Including provisions to ensure compliance with relevant laws, regulations, and ethical guidelines. This may include requirements for obtaining necessary permits, protecting human subjects, and maintaining data confidentiality. 6. Publication and Non-Disclosure: Addressing the publication of research findings and the protection of confidential or sensitive information. It may include provisions for publication delays, restricted publication, or non-disclosure agreements. The Michigan Agreement to Conduct Product Development Research aims to foster innovation, collaboration, and responsible research practices. By establishing clear guidelines and expectations, this agreement ensures that product development research in Michigan is conducted in a manner that benefits both the research community and the state's residents.The Michigan 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 Michigan. This agreement serves to protect the rights and interests of all parties involved in the research process, including the researchers, research entities, and the residents of Michigan. The primary purpose of this agreement is to establish a framework for collaboration between the research entity and the state of Michigan, ensuring that product development research is conducted in a responsible and ethical manner. This agreement highlights the importance of adhering to applicable laws, regulations, and ethical guidelines in the research process. One type of the Michigan Agreement to Conduct Product Development Research is the Agreement for Academic Research Collaborations. This agreement is specifically tailored for academic institutions or researchers partnering with the state of Michigan to conduct product development research. It outlines the responsibilities and obligations of both parties, including the provision of resources, funding, and intellectual property rights. Another type of the Michigan Agreement to Conduct Product Development Research is the Agreement for Industry-Academia Collaborations. This agreement is designed to facilitate collaborations between industry organizations and academic institutions or researchers in Michigan. It emphasizes the need for knowledge sharing, technology transfer, and commercialization of research findings, while ensuring the protection of intellectual property rights and trade secrets. The Michigan Agreement to Conduct Product Development Research typically includes several key components. These include: 1. Research Objective: A detailed description of the product development research project, including the goals, objectives, and expected outcomes. 2. Roles and Responsibilities: Clearly defining the roles and responsibilities of each party involved in the research project. This includes the researchers, research entities, and any other stakeholders. 3. Funding and Resources: Outlining the financial arrangements and resources required to support the research project, including any funding provided by the state of Michigan or other parties. 4. Intellectual Property Rights: Defining the ownership and management of intellectual property rights arising from the research. This includes establishing procedures for patent filings, licenses, and technology transfer. 5. Compliance and Ethics: Including provisions to ensure compliance with relevant laws, regulations, and ethical guidelines. This may include requirements for obtaining necessary permits, protecting human subjects, and maintaining data confidentiality. 6. Publication and Non-Disclosure: Addressing the publication of research findings and the protection of confidential or sensitive information. It may include provisions for publication delays, restricted publication, or non-disclosure agreements. The Michigan Agreement to Conduct Product Development Research aims to foster innovation, collaboration, and responsible research practices. By establishing clear guidelines and expectations, this agreement ensures that product development research in Michigan is conducted in a manner that benefits both the research community and the state's residents.
