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?
Title: Minnesota Agreement to Conduct Product Development Research: Types and Detailed Description: The Minnesota Agreement to Conduct Product Development Research is an essential legal document that serves as a framework for conducting product development research in Minnesota. This agreement outlines the rights, responsibilities, and expectations of the parties involved in the research process, ensuring a mutually beneficial relationship. Types of Minnesota Agreement to Conduct Product Development Research: 1. Individual Research Agreement: This type of agreement is entered into when an individual researcher, either from an academic institution or an independent researcher, collaborates with an organization to conduct product development research in Minnesota. 2. Institutional Research Agreement: This agreement is established when a research institution, such as a university or a scientific organization, collaborates with a business entity for product development research purposes. It defines the terms and conditions for both parties involved. 3. Collaborative Research Agreement: This type of agreement is signed when multiple organizations or research entities come together to conduct joint product development research in Minnesota. It helps establish the collaborative framework, intellectual property rights, and sharing of responsibilities among the parties involved. Detailed Description: The Minnesota Agreement to Conduct Product Development Research aims to establish a clear understanding between the research sponsor and the researcher(s) regarding the scope, objectives, deliverables, and intellectual property rights associated with product development research. 1. Parties Involved: The agreement identifies and provides detailed information about the parties involved, namely the sponsoring organization and the researcher(s) or institution(s) participating in the research. 2. Research Objectives: This section outlines the specific goals and objectives of the product development research project. It clearly defines what the research aims to achieve and provides a roadmap for the research activities. 3. Research Plan: The agreement includes a comprehensive research plan that outlines the proposed methodologies, techniques, resources required, and the timeline for the project. It ensures that both parties have a shared understanding of the research process. 4. Funding and Resources: This section stipulates the financial obligations and responsibilities of the research sponsor, including the provision of necessary funding, research equipment, and resources. It also specifies any conditions or limitations on the use of funds. 5. Intellectual Property Rights: The agreement defines the ownership and management of intellectual property developed during the research, including inventions, patents, copyrights, trademarks, and trade secrets. It addresses issues related to licensing, commercialization, and confidentiality of research findings. 6. Publication and Reporting: This section provides guidelines for the dissemination of research findings, including requirements for reports, publications, presentations, or any other form of public disclosure. It may outline any necessary review or approval processes before public release. 7. Termination and Amendments: The agreement includes provisions for termination or amendment of the agreement, including circumstances, procedures, and potential liabilities involved in early termination or changes to the research scope. In conclusion, the Minnesota Agreement to Conduct Product Development Research is a pivotal legal document that facilitates clear communication and collaboration between parties involved in product development research conducted in Minnesota. The agreement ensures a structured approach, protects intellectual property, establishes expectations, and safeguards the rights and interests of all stakeholders involved.Title: Minnesota Agreement to Conduct Product Development Research: Types and Detailed Description: The Minnesota Agreement to Conduct Product Development Research is an essential legal document that serves as a framework for conducting product development research in Minnesota. This agreement outlines the rights, responsibilities, and expectations of the parties involved in the research process, ensuring a mutually beneficial relationship. Types of Minnesota Agreement to Conduct Product Development Research: 1. Individual Research Agreement: This type of agreement is entered into when an individual researcher, either from an academic institution or an independent researcher, collaborates with an organization to conduct product development research in Minnesota. 2. Institutional Research Agreement: This agreement is established when a research institution, such as a university or a scientific organization, collaborates with a business entity for product development research purposes. It defines the terms and conditions for both parties involved. 3. Collaborative Research Agreement: This type of agreement is signed when multiple organizations or research entities come together to conduct joint product development research in Minnesota. It helps establish the collaborative framework, intellectual property rights, and sharing of responsibilities among the parties involved. Detailed Description: The Minnesota Agreement to Conduct Product Development Research aims to establish a clear understanding between the research sponsor and the researcher(s) regarding the scope, objectives, deliverables, and intellectual property rights associated with product development research. 1. Parties Involved: The agreement identifies and provides detailed information about the parties involved, namely the sponsoring organization and the researcher(s) or institution(s) participating in the research. 2. Research Objectives: This section outlines the specific goals and objectives of the product development research project. It clearly defines what the research aims to achieve and provides a roadmap for the research activities. 3. Research Plan: The agreement includes a comprehensive research plan that outlines the proposed methodologies, techniques, resources required, and the timeline for the project. It ensures that both parties have a shared understanding of the research process. 4. Funding and Resources: This section stipulates the financial obligations and responsibilities of the research sponsor, including the provision of necessary funding, research equipment, and resources. It also specifies any conditions or limitations on the use of funds. 5. Intellectual Property Rights: The agreement defines the ownership and management of intellectual property developed during the research, including inventions, patents, copyrights, trademarks, and trade secrets. It addresses issues related to licensing, commercialization, and confidentiality of research findings. 6. Publication and Reporting: This section provides guidelines for the dissemination of research findings, including requirements for reports, publications, presentations, or any other form of public disclosure. It may outline any necessary review or approval processes before public release. 7. Termination and Amendments: The agreement includes provisions for termination or amendment of the agreement, including circumstances, procedures, and potential liabilities involved in early termination or changes to the research scope. In conclusion, the Minnesota Agreement to Conduct Product Development Research is a pivotal legal document that facilitates clear communication and collaboration between parties involved in product development research conducted in Minnesota. The agreement ensures a structured approach, protects intellectual property, establishes expectations, and safeguards the rights and interests of all stakeholders involved.
