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 York Agreement to Conduct Product Development Research refers to a contractual agreement made in the state of New York between two or more parties with the purpose of undertaking research and development (R&D) activities aimed at creating new products or enhancing existing ones. This agreement sets the framework, terms, and conditions under which the research will be conducted, including the allocation of resources, ownership of intellectual property, and collaboration guidelines. Keywords: New York Agreement, conduct, product development, research, contractual agreement, R&D activities, new products, existing products, framework, terms, conditions, allocation of resources, ownership of intellectual property, collaboration guidelines. There are various types of New York Agreements to Conduct Product Development Research, which can be tailored to suit the specific needs and objectives of the parties involved. Some common types are: 1. Joint Research Agreement: This agreement involves two or more parties collaborating to conduct joint research and development activities. It outlines the roles, responsibilities, and contributions of each party, as well as the sharing of results and intellectual property. 2. Licensing Agreement: This type of agreement is formed when a company or individual grants another party the right to use their patented or proprietary technology or research results for product development purposes. It outlines the terms, payments, and restrictions for the licensed technology. 3. Collaborative Research Agreement: This agreement is typically entered into by academic institutions, research organizations, or companies, intending to jointly conduct research in a specific field or area of interest. It outlines the scope, goals, funding, and intellectual property ownership of the collaborative research project. 4. Sponsored Research Agreement: In this type of agreement, one party (often a company) financially sponsors the research activities of another party (such as a university or research institute). The sponsor gains access to the research results and may have certain rights over the resulting intellectual property. 5. Material Transfer Agreement: This agreement governs the transfer of materials, such as biological samples, chemicals, or data, between parties involved in product development research. It outlines the terms, conditions, and restrictions related to the use, ownership, and sharing of the transferred materials. 6. Confidentiality Agreement: This agreement ensures that sensitive information exchanged between parties in the course of conducting product development research remains confidential and protected from unauthorized disclosure. It establishes obligations, limitations, and penalties related to the handling of confidential information. These different types of New York Agreements to Conduct Product Development Research offer flexibility and versatility, enabling parties to tailor the specifics of their arrangement according to their unique needs and objectives. The choice of the most suitable agreement type depends on factors such as the nature of the research, the parties involved, and the desired outcomes.
