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: New Mexico Agreement to Conduct Product Development Research — An Extensive Overview Keywords: New Mexico agreement, product development research, detailed description, types Introduction: The New Mexico Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting product development research within the state of New Mexico. This agreement serves as a framework to protect the rights of all parties involved in the research process and facilitates collaborative efforts to foster innovation and economic growth within the region. There are several types of New Mexico agreements to conduct product development research, including academic research agreements, industry-funded agreements, and technology transfer agreements. Types of New Mexico Agreements to Conduct Product Development Research: 1. Academic Research Agreements: Academic research agreements are commonly established between educational institutions, such as universities and research centers in New Mexico, and private entities aiming to develop new products. These agreements aim to facilitate collaboration between academic experts and industry professionals, ensuring the effective transfer of knowledge and technology. They define the roles, responsibilities, and intellectual property rights of each party involved, promoting mutually beneficial outcomes for both academia and industry. 2. Industry-Funded Agreements: Industry-funded agreements are established between private companies, startups, or organizations seeking external research and development support and New Mexico-based research institutions or consultants. These agreements focus on fostering innovation and enhancing product development by leveraging the expertise of research organizations. Industry-funded agreements outline expectations, payment terms, ownership of intellectual property, and confidentiality measures, promoting a seamless collaboration between the industry and research institutions. 3. Technology Transfer Agreements: Technology transfer agreements are typically established with the aim of commercializing research outcomes from New Mexico-based institutions. These agreements facilitate the transfer of intellectual property rights from the institution to a private entity, enabling the further development, marketing, and sale of innovative products. Technology transfer agreements ensure that the research institution is fairly compensated for its intellectual property contributions while enabling the private entity to leverage and monetize these research findings. Key Components of New Mexico Agreements to Conduct Product Development Research: 1. Parties Involved: — Identifying the participating entities, research institutions, and private entities involved in the agreement. — Clearly stating the roles, responsibilities, and expectations of each party. 2. Scope and Objectives: — Clearly defining the purpose, goals, and objectives of the product development research. — Outlining the expected outcomes and deliverables. 3. Intellectual Property Rights: — Establishing ownership, protection, and licensing rights of the intellectual property generated during the research process. — Defining how intellectual property will be shared, assigned, or licensed among the parties involved. 4. Confidentiality and Non-Disclosure: — Enforcing strict confidentiality measures to protect proprietary information and trade secrets. — Ensuring that all parties involved maintain confidentiality during and after the research project. 5. Funding and Payment Terms: — Determining the financial obligations, funding sources, and payment terms between the parties involved. — Specifying milestones, reimbursement procedures, and payment schedules. 6. Duration and Termination: — Setting the duration of the agreement, including start and end dates. — Defining termination clauses, circumstances, and procedures outlining the conditions under which either party can terminate the agreement. Conclusion: New Mexico Agreements to Conduct Product Development Research provide a structured framework for collaborations between research institutions, private entities, and industries. These agreements encourage innovation, knowledge exchange, and economic growth within the state of New Mexico. By establishing clear guidelines and protecting intellectual property rights, these agreements foster successful partnerships leading to the development and commercialization of groundbreaking products.Title: New Mexico Agreement to Conduct Product Development Research — An Extensive Overview Keywords: New Mexico agreement, product development research, detailed description, types Introduction: The New Mexico Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions for conducting product development research within the state of New Mexico. This agreement serves as a framework to protect the rights of all parties involved in the research process and facilitates collaborative efforts to foster innovation and economic growth within the region. There are several types of New Mexico agreements to conduct product development research, including academic research agreements, industry-funded agreements, and technology transfer agreements. Types of New Mexico Agreements to Conduct Product Development Research: 1. Academic Research Agreements: Academic research agreements are commonly established between educational institutions, such as universities and research centers in New Mexico, and private entities aiming to develop new products. These agreements aim to facilitate collaboration between academic experts and industry professionals, ensuring the effective transfer of knowledge and technology. They define the roles, responsibilities, and intellectual property rights of each party involved, promoting mutually beneficial outcomes for both academia and industry. 2. Industry-Funded Agreements: Industry-funded agreements are established between private companies, startups, or organizations seeking external research and development support and New Mexico-based research institutions or consultants. These agreements focus on fostering innovation and enhancing product development by leveraging the expertise of research organizations. Industry-funded agreements outline expectations, payment terms, ownership of intellectual property, and confidentiality measures, promoting a seamless collaboration between the industry and research institutions. 3. Technology Transfer Agreements: Technology transfer agreements are typically established with the aim of commercializing research outcomes from New Mexico-based institutions. These agreements facilitate the transfer of intellectual property rights from the institution to a private entity, enabling the further development, marketing, and sale of innovative products. Technology transfer agreements ensure that the research institution is fairly compensated for its intellectual property contributions while enabling the private entity to leverage and monetize these research findings. Key Components of New Mexico Agreements to Conduct Product Development Research: 1. Parties Involved: — Identifying the participating entities, research institutions, and private entities involved in the agreement. — Clearly stating the roles, responsibilities, and expectations of each party. 2. Scope and Objectives: — Clearly defining the purpose, goals, and objectives of the product development research. — Outlining the expected outcomes and deliverables. 3. Intellectual Property Rights: — Establishing ownership, protection, and licensing rights of the intellectual property generated during the research process. — Defining how intellectual property will be shared, assigned, or licensed among the parties involved. 4. Confidentiality and Non-Disclosure: — Enforcing strict confidentiality measures to protect proprietary information and trade secrets. — Ensuring that all parties involved maintain confidentiality during and after the research project. 5. Funding and Payment Terms: — Determining the financial obligations, funding sources, and payment terms between the parties involved. — Specifying milestones, reimbursement procedures, and payment schedules. 6. Duration and Termination: — Setting the duration of the agreement, including start and end dates. — Defining termination clauses, circumstances, and procedures outlining the conditions under which either party can terminate the agreement. Conclusion: New Mexico Agreements to Conduct Product Development Research provide a structured framework for collaborations between research institutions, private entities, and industries. These agreements encourage innovation, knowledge exchange, and economic growth within the state of New Mexico. By establishing clear guidelines and protecting intellectual property rights, these agreements foster successful partnerships leading to the development and commercialization of groundbreaking products.
