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 Nebraska Agreement to Conduct Product Development Research is a legal document established between two or more parties to outline the terms and conditions under which product development research will be conducted. This agreement acts as a formal contract and sets forth the responsibilities, rights, and obligations of each participating entity throughout the entire product development process. Keywords: Nebraska Agreement, Conduct, Product Development Research 1. Purpose: The primary goal of any Nebraska Agreement to Conduct Product Development Research is to outline the purpose of conducting product development research within the state of Nebraska. This purpose may range from enhancing innovation to fostering economic growth and technological advancements in various industries. 2. Parties Involved: The agreement specifies the parties involved in the research collaboration. This could include corporations, research institutions, universities, government bodies, or any other entities participating in the development and research activities. 3. Research Scope: The scope of the research is a crucial aspect of the agreement. It clearly defines the specific areas, technologies, or products that will be subjected to research and development efforts. This ensures that all parties understand the boundaries and objectives of the project. 4. Financial Considerations: The agreement addresses the financial aspects related to product development research. This includes funding sources, cost-sharing mechanisms, intellectual property ownership, and potential royalty arrangements. Parties must clearly define how the financial resources will be allocated throughout the research process. 5. Confidentiality and Intellectual Property: Protecting intellectual property rights is a top priority in the Nebraska Agreement to Conduct Product Development Research. Parties will typically include provisions to ensure confidential information remains confidential, establish procedures for sharing and protecting intellectual property, and determine ownership rights for any discoveries or innovations resulting from the research. 6. Project Timeline: The agreement outlines the expected timeline for conducting the research and development activities. This includes deadlines for different stages of the project, milestones, deliverables, and performance indicators. A well-defined timeline helps ensure efficient progress and adherence to project goals. 7. Dispute Resolution: In the event of a dispute, the agreement will specify the procedure for resolving conflicts between the parties involved. This may involve negotiation, mediation, or arbitration, depending on the preferences and requirements of the participating entities. Types of Nebraska Agreement to Conduct Product Development Research: — Corporate-Academic Research Agreement: This type of agreement occurs between a corporation and an academic institution in Nebraska, allowing them to collaborate on product development research projects. These agreements leverage the expertise of the academic institution while providing resources and funding from the corporation. — Public-Private Partnership (PPP) Agreement: A PPP agreement is formed between a government body and private organizations or entities. Through this agreement, the government facilitates product development research, often by providing resources, funding, or access to specialized facilities, while private entities contribute expertise and technology. — Cross-Industry Joint Venture Agreement: This agreement is made between two or more companies from different industries aiming to jointly conduct product development research. Such collaborations foster the exchange of ideas, expertise, and resources between industries, leading to innovative and cross-disciplinary solutions. In conclusion, the Nebraska Agreement to Conduct Product Development Research establishes the framework for collaboration and innovation in product development research. It ensures that all parties involved have a clear understanding of their roles, responsibilities, and objectives while fostering the advancement of technology, economic growth, and intellectual property protection.The Nebraska Agreement to Conduct Product Development Research is a legal document established between two or more parties to outline the terms and conditions under which product development research will be conducted. This agreement acts as a formal contract and sets forth the responsibilities, rights, and obligations of each participating entity throughout the entire product development process. Keywords: Nebraska Agreement, Conduct, Product Development Research 1. Purpose: The primary goal of any Nebraska Agreement to Conduct Product Development Research is to outline the purpose of conducting product development research within the state of Nebraska. This purpose may range from enhancing innovation to fostering economic growth and technological advancements in various industries. 2. Parties Involved: The agreement specifies the parties involved in the research collaboration. This could include corporations, research institutions, universities, government bodies, or any other entities participating in the development and research activities. 3. Research Scope: The scope of the research is a crucial aspect of the agreement. It clearly defines the specific areas, technologies, or products that will be subjected to research and development efforts. This ensures that all parties understand the boundaries and objectives of the project. 4. Financial Considerations: The agreement addresses the financial aspects related to product development research. This includes funding sources, cost-sharing mechanisms, intellectual property ownership, and potential royalty arrangements. Parties must clearly define how the financial resources will be allocated throughout the research process. 5. Confidentiality and Intellectual Property: Protecting intellectual property rights is a top priority in the Nebraska Agreement to Conduct Product Development Research. Parties will typically include provisions to ensure confidential information remains confidential, establish procedures for sharing and protecting intellectual property, and determine ownership rights for any discoveries or innovations resulting from the research. 6. Project Timeline: The agreement outlines the expected timeline for conducting the research and development activities. This includes deadlines for different stages of the project, milestones, deliverables, and performance indicators. A well-defined timeline helps ensure efficient progress and adherence to project goals. 7. Dispute Resolution: In the event of a dispute, the agreement will specify the procedure for resolving conflicts between the parties involved. This may involve negotiation, mediation, or arbitration, depending on the preferences and requirements of the participating entities. Types of Nebraska Agreement to Conduct Product Development Research: — Corporate-Academic Research Agreement: This type of agreement occurs between a corporation and an academic institution in Nebraska, allowing them to collaborate on product development research projects. These agreements leverage the expertise of the academic institution while providing resources and funding from the corporation. — Public-Private Partnership (PPP) Agreement: A PPP agreement is formed between a government body and private organizations or entities. Through this agreement, the government facilitates product development research, often by providing resources, funding, or access to specialized facilities, while private entities contribute expertise and technology. — Cross-Industry Joint Venture Agreement: This agreement is made between two or more companies from different industries aiming to jointly conduct product development research. Such collaborations foster the exchange of ideas, expertise, and resources between industries, leading to innovative and cross-disciplinary solutions. In conclusion, the Nebraska Agreement to Conduct Product Development Research establishes the framework for collaboration and innovation in product development research. It ensures that all parties involved have a clear understanding of their roles, responsibilities, and objectives while fostering the advancement of technology, economic growth, and intellectual property protection.
