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?
New Hampshire Agreement to Conduct Product Development Research The New Hampshire Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research is conducted within the state of New Hampshire. This agreement is crucial for businesses, organizations, and researchers embarking on collaborative efforts to develop new products or enhance existing ones. Key Terms and Conditions: 1. Parties involved: The agreement clearly identifies the participating parties, including the company or organization initiating the research and the research teams involved. It also specifies the roles and responsibilities of each party throughout the research process. 2. Scope and objectives: The agreement outlines the scope and objectives of the research project, providing a detailed description of the products or technologies to be developed or improved. It may include specific milestones and deliverables to be achieved during the research period. 3. Intellectual property (IP) rights: The agreement addresses the ownership and protection of intellectual property resulting from the research. It clarifies whether the IP rights will be jointly owned, assigned to one party, or subject to licensing agreements. Additionally, it may include provisions for protecting confidential information and trade secrets during the research process. 4. Funding and resources: The agreement defines the financial arrangements for the research project, including funding sources, budget allocations, and reimbursement procedures. It also outlines the resources and facilities to be provided by each party, such as laboratory space, equipment, or personnel. 5. Reporting and communication: The agreement establishes a reporting structure, including regular progress updates, interim reports, and final reports. It also defines the channels and frequency of communication between the parties, ensuring effective collaboration and transparency throughout the research period. 6. Termination and dispute resolution: The agreement includes provisions for terminating the research project prematurely, outlining the conditions under which termination can occur and any associated penalties. It also incorporates methods for resolving disputes that may arise during the research phase, such as mediation, arbitration, or litigation. Different Types of New Hampshire Agreements to Conduct Product Development Research: 1. Academic-Industry Research Agreement: This type of agreement involves collaborations between academic institutions and industrial partners, aiming to combine academic expertise with industrial resources for product development. 2. Public-Private Research Partnership: This agreement brings together government entities or research organizations with private entities to conduct product development research. It often focuses on the development of products in strategic sectors, such as healthcare, defense, or sustainable technologies. 3. Business-to-Business Research Agreement: This agreement is formed between two businesses seeking to collaborate on product development research. It allows companies to pool their resources, knowledge, and expertise to accelerate the development of new products or improve their existing offerings. Overall, the New Hampshire Agreement to Conduct Product Development Research serves as a comprehensive guide, ensuring that all parties involved in the research project have a clear understanding of their rights, responsibilities, and expectations. It provides a structured framework for successful collaboration, innovation, and the generation of valuable intellectual property.New Hampshire Agreement to Conduct Product Development Research The New Hampshire Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research is conducted within the state of New Hampshire. This agreement is crucial for businesses, organizations, and researchers embarking on collaborative efforts to develop new products or enhance existing ones. Key Terms and Conditions: 1. Parties involved: The agreement clearly identifies the participating parties, including the company or organization initiating the research and the research teams involved. It also specifies the roles and responsibilities of each party throughout the research process. 2. Scope and objectives: The agreement outlines the scope and objectives of the research project, providing a detailed description of the products or technologies to be developed or improved. It may include specific milestones and deliverables to be achieved during the research period. 3. Intellectual property (IP) rights: The agreement addresses the ownership and protection of intellectual property resulting from the research. It clarifies whether the IP rights will be jointly owned, assigned to one party, or subject to licensing agreements. Additionally, it may include provisions for protecting confidential information and trade secrets during the research process. 4. Funding and resources: The agreement defines the financial arrangements for the research project, including funding sources, budget allocations, and reimbursement procedures. It also outlines the resources and facilities to be provided by each party, such as laboratory space, equipment, or personnel. 5. Reporting and communication: The agreement establishes a reporting structure, including regular progress updates, interim reports, and final reports. It also defines the channels and frequency of communication between the parties, ensuring effective collaboration and transparency throughout the research period. 6. Termination and dispute resolution: The agreement includes provisions for terminating the research project prematurely, outlining the conditions under which termination can occur and any associated penalties. It also incorporates methods for resolving disputes that may arise during the research phase, such as mediation, arbitration, or litigation. Different Types of New Hampshire Agreements to Conduct Product Development Research: 1. Academic-Industry Research Agreement: This type of agreement involves collaborations between academic institutions and industrial partners, aiming to combine academic expertise with industrial resources for product development. 2. Public-Private Research Partnership: This agreement brings together government entities or research organizations with private entities to conduct product development research. It often focuses on the development of products in strategic sectors, such as healthcare, defense, or sustainable technologies. 3. Business-to-Business Research Agreement: This agreement is formed between two businesses seeking to collaborate on product development research. It allows companies to pool their resources, knowledge, and expertise to accelerate the development of new products or improve their existing offerings. Overall, the New Hampshire Agreement to Conduct Product Development Research serves as a comprehensive guide, ensuring that all parties involved in the research project have a clear understanding of their rights, responsibilities, and expectations. It provides a structured framework for successful collaboration, innovation, and the generation of valuable intellectual property.
