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 New Jersey Agreement to Conduct Product Development Research is a legally binding document outlining the terms and conditions between parties involved in conducting product development research activities within the state of New Jersey. This agreement serves as a guide to ensure smooth collaboration, protect intellectual property rights, and establish clear responsibilities and obligations. Keywords: New Jersey, agreement, conduct, product development research, collaboration, intellectual property rights, responsibilities, obligations. Types of New Jersey Agreement to Conduct Product Development Research: 1. Standard Research Agreement: This is the most common type of agreement used for conducting product development research in New Jersey. It outlines the general terms and conditions, including project scope, timelines, resource allocation, and financial arrangements between the parties involved. 2. Confidentiality Agreement: In some cases, parties may require an additional confidentiality agreement to protect sensitive information shared during the product development research process. This agreement ensures that all confidential data, trade secrets, and proprietary information are kept confidential and not disclosed to third parties. 3. Licensing Agreement: A licensing agreement may be necessary when one party holds intellectual property rights, patents, or trademarks that need to be licensed for the purpose of product development research. It establishes the terms of use, royalties, restrictions, and other relevant details pertaining to the licensed intellectual property. 4. Joint Venture Agreement: When multiple parties come together to conduct product development research, a joint venture agreement may be executed. This agreement outlines the responsibilities and obligations of each party involved, profit-sharing arrangements, decision-making processes, and other relevant details required to govern the joint venture. 5. Non-Disclosure Agreement: Prior to entering into discussions or negotiations related to product development research, parties may require a non-disclosure agreement. This safeguards confidential information disclosed during initial conversations and ensures that the receiving party will not disclose or use such information for any purpose other than evaluating the potential collaboration. In summary, the New Jersey Agreement to Conduct Product Development Research is a framework that lays out the terms and conditions for parties engaging in product development research activities in New Jersey. Different types of agreements, such as standard research agreements, confidentiality agreements, licensing agreements, joint venture agreements, and non-disclosure agreements, may be utilized based on the specific requirements of the parties involved.The New Jersey Agreement to Conduct Product Development Research is a legally binding document outlining the terms and conditions between parties involved in conducting product development research activities within the state of New Jersey. This agreement serves as a guide to ensure smooth collaboration, protect intellectual property rights, and establish clear responsibilities and obligations. Keywords: New Jersey, agreement, conduct, product development research, collaboration, intellectual property rights, responsibilities, obligations. Types of New Jersey Agreement to Conduct Product Development Research: 1. Standard Research Agreement: This is the most common type of agreement used for conducting product development research in New Jersey. It outlines the general terms and conditions, including project scope, timelines, resource allocation, and financial arrangements between the parties involved. 2. Confidentiality Agreement: In some cases, parties may require an additional confidentiality agreement to protect sensitive information shared during the product development research process. This agreement ensures that all confidential data, trade secrets, and proprietary information are kept confidential and not disclosed to third parties. 3. Licensing Agreement: A licensing agreement may be necessary when one party holds intellectual property rights, patents, or trademarks that need to be licensed for the purpose of product development research. It establishes the terms of use, royalties, restrictions, and other relevant details pertaining to the licensed intellectual property. 4. Joint Venture Agreement: When multiple parties come together to conduct product development research, a joint venture agreement may be executed. This agreement outlines the responsibilities and obligations of each party involved, profit-sharing arrangements, decision-making processes, and other relevant details required to govern the joint venture. 5. Non-Disclosure Agreement: Prior to entering into discussions or negotiations related to product development research, parties may require a non-disclosure agreement. This safeguards confidential information disclosed during initial conversations and ensures that the receiving party will not disclose or use such information for any purpose other than evaluating the potential collaboration. In summary, the New Jersey Agreement to Conduct Product Development Research is a framework that lays out the terms and conditions for parties engaging in product development research activities in New Jersey. Different types of agreements, such as standard research agreements, confidentiality agreements, licensing agreements, joint venture agreements, and non-disclosure agreements, may be utilized based on the specific requirements of the parties involved.
