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 North Carolina Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting research in the field of product development within the state of North Carolina. This agreement serves as a contract between a company or organization (referred to as the "Company") and a research institution or individual (referred to as the "Researcher") to collaborate on innovative projects for product development. Keywords: North Carolina, Agreement, Conduct, Product Development, Research, Company, Researcher, Collaborate, Innovative Projects. There may be different types of North Carolina Agreements to Conduct Product Development Research, each specifying certain variations or additions in terms and conditions. Some of these variations may include: 1. Non-Disclosure Agreement (NDA) for Product Development Research: This type of agreement emphasizes the confidentiality of the research and protects intellectual property rights. It specifies that any confidential information shared between the Company and the Researcher must not be disclosed to any third party. 2. Licensing Agreement for Product Development Research: This agreement focuses on granting the Researcher specific rights to use the developed product or technology for commercial purposes. It outlines the terms of licensing, royalties, and any other financial arrangements related to the product's commercialization. 3. Exclusive Research Agreement for Product Development: This type of agreement grants exclusivity to the Researcher for a specific time period, allowing them to conduct research and develop products solely for the Company. It may include provisions regarding the ownership of developed intellectual property and the terms for the Company's potential acquisition of the Researcher's findings. 4. Collaborative Research Agreement for Product Development: In this agreement, multiple organizations or institutions come together to conduct product development research. It outlines the roles and responsibilities of each party, the division of intellectual property rights, and the sharing of research outcomes. In all variations of the North Carolina Agreement to Conduct Product Development Research, the main focus remains on promoting collaboration, innovation, and protecting the rights of both the Company and the Researcher involved in the research project.
