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: Nevada Agreement to Conduct Product Development Research: Explained in Detail Introduction: A Nevada Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions under which a company or individual agrees to engage in product development research activities in the state of Nevada. This agreement acts as a foundation for collaboration between parties involved in the development of innovative products or technologies. It defines the responsibilities, rights, intellectual property handling, and other essential aspects that govern the research process. Types of Nevada Agreements to Conduct Product Development Research: 1. Exclusive Research Agreement: This agreement grants exclusivity to a specific party or parties for conducting product development research within Nevada. It restricts any other company or individual from engaging in similar research activities during the agreement's term. 2. Non-Exclusive Research Agreement: In contrast to the exclusive research agreement, this type allows multiple parties to conduct product development research concurrently or at different times. It does not grant exclusivity rights to any specific party. Key Components of a Nevada Agreement to Conduct Product Development Research: 1. Parties Involved: Clearly identifies and provides the legal names of all parties involved in the agreement, including the company or individual initiating the research, the research partner(s), and any relevant affiliates. 2. Purpose and Scope of Research: Details the specific goals, objectives, and scope of the research activities, including a description of the product or technology being developed. 3. Obligations and Responsibilities: Defines the roles, responsibilities, and committed resources of each party involved in the research, including any required financial contributions, staffing, or access to facilities. 4. Intellectual Property Rights: Clearly outlines the ownership and management of intellectual property (IP) generated during the research process. This section specifies whether IP rights will be jointly owned, assigned to one party, or licensed to multiple parties. 5. Confidentiality and Non-Disclosure: Confidentiality provisions protect both parties' proprietary information shared throughout the research process. It ensures that any sensitive data, trade secrets, or research findings remain confidential and are not disclosed to unauthorized parties. 6. Term and Termination: Specifies the duration of the agreement, including the starting and ending dates. Additionally, it outlines the conditions under which the agreement can be terminated, such as breach of contract, mutual consent, or completion of the research objectives. 7. Governing Law and Dispute Resolution: States the jurisdiction, typically the state of Nevada, under which any disputes arising from the agreement will be governed. It also outlines the preferred method of dispute resolution, such as mediation or arbitration. Conclusion: A Nevada Agreement to Conduct Product Development Research plays a crucial role in establishing a collaborative framework for effective product development. Whether exclusive or non-exclusive, this agreement sets the foundation for mutually beneficial research activities, ensuring the protection of intellectual property, clearly defining the roles and responsibilities of each party, and providing a mechanism for dispute resolution.Title: Nevada Agreement to Conduct Product Development Research: Explained in Detail Introduction: A Nevada Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions under which a company or individual agrees to engage in product development research activities in the state of Nevada. This agreement acts as a foundation for collaboration between parties involved in the development of innovative products or technologies. It defines the responsibilities, rights, intellectual property handling, and other essential aspects that govern the research process. Types of Nevada Agreements to Conduct Product Development Research: 1. Exclusive Research Agreement: This agreement grants exclusivity to a specific party or parties for conducting product development research within Nevada. It restricts any other company or individual from engaging in similar research activities during the agreement's term. 2. Non-Exclusive Research Agreement: In contrast to the exclusive research agreement, this type allows multiple parties to conduct product development research concurrently or at different times. It does not grant exclusivity rights to any specific party. Key Components of a Nevada Agreement to Conduct Product Development Research: 1. Parties Involved: Clearly identifies and provides the legal names of all parties involved in the agreement, including the company or individual initiating the research, the research partner(s), and any relevant affiliates. 2. Purpose and Scope of Research: Details the specific goals, objectives, and scope of the research activities, including a description of the product or technology being developed. 3. Obligations and Responsibilities: Defines the roles, responsibilities, and committed resources of each party involved in the research, including any required financial contributions, staffing, or access to facilities. 4. Intellectual Property Rights: Clearly outlines the ownership and management of intellectual property (IP) generated during the research process. This section specifies whether IP rights will be jointly owned, assigned to one party, or licensed to multiple parties. 5. Confidentiality and Non-Disclosure: Confidentiality provisions protect both parties' proprietary information shared throughout the research process. It ensures that any sensitive data, trade secrets, or research findings remain confidential and are not disclosed to unauthorized parties. 6. Term and Termination: Specifies the duration of the agreement, including the starting and ending dates. Additionally, it outlines the conditions under which the agreement can be terminated, such as breach of contract, mutual consent, or completion of the research objectives. 7. Governing Law and Dispute Resolution: States the jurisdiction, typically the state of Nevada, under which any disputes arising from the agreement will be governed. It also outlines the preferred method of dispute resolution, such as mediation or arbitration. Conclusion: A Nevada Agreement to Conduct Product Development Research plays a crucial role in establishing a collaborative framework for effective product development. Whether exclusive or non-exclusive, this agreement sets the foundation for mutually beneficial research activities, ensuring the protection of intellectual property, clearly defining the roles and responsibilities of each party, and providing a mechanism for dispute resolution.
