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 Ohio Agreement to Conduct Product Development Research is a legal document that establishes a formal agreement between parties involved in the research and development of new products within the state of Ohio. This agreement serves as a binding contract outlining the terms, conditions, and obligations of all parties involved in the collaborative product development process. Keywords: Ohio, agreement, conduct, product development, research, legal document, formal agreement, parties, terms, conditions, obligations, collaborative, process. There are several types of Ohio Agreements to Conduct Product Development Research, each catering to specific aspects and circumstances of the research and development process. Some of the most common types include: 1. Standard Ohio Agreement to Conduct Product Development Research: This type of agreement serves as a generic framework for conducting product development research activities. It outlines the basic terms and conditions that apply to most research collaborations, including intellectual property rights, confidentiality, funding, and commercialization. 2. Joint Research Agreement: This agreement is entered into by multiple parties, typically universities, research institutions, and private companies, to undertake collaborative product development research. It establishes the rights, responsibilities, and financial contributions of each party involved. 3. Non-Disclosure Agreement (NDA): An NDA is a specific type of agreement that focuses primarily on protecting sensitive information and trade secrets shared during the product development research process. It ensures that confidential information disclosed by one party cannot be disclosed to third parties by the receiving party. 4. Licensing Agreement: In certain cases, an Ohio Agreement to Conduct Product Development Research may also incorporate licensing provisions. This agreement allows one party (the licensor) to grant rights to another party (the licensee) to use, manufacture, or sell the developed product in exchange for royalties or other financial considerations. 5. Sponsored Research Agreement: This type of agreement is commonly used when an external organization sponsors the product development research conducted by another party, such as a university or research institution. It outlines the scope of the research, funding arrangements, intellectual property rights, and any obligations or deliverables. Regardless of the specific type, an Ohio Agreement to Conduct Product Development Research serves as a crucial tool for facilitating effective collaboration, protecting intellectual property, and ensuring a clear understanding of the rights and responsibilities of all parties involved in the product development process.The Ohio Agreement to Conduct Product Development Research is a legal document that establishes a formal agreement between parties involved in the research and development of new products within the state of Ohio. This agreement serves as a binding contract outlining the terms, conditions, and obligations of all parties involved in the collaborative product development process. Keywords: Ohio, agreement, conduct, product development, research, legal document, formal agreement, parties, terms, conditions, obligations, collaborative, process. There are several types of Ohio Agreements to Conduct Product Development Research, each catering to specific aspects and circumstances of the research and development process. Some of the most common types include: 1. Standard Ohio Agreement to Conduct Product Development Research: This type of agreement serves as a generic framework for conducting product development research activities. It outlines the basic terms and conditions that apply to most research collaborations, including intellectual property rights, confidentiality, funding, and commercialization. 2. Joint Research Agreement: This agreement is entered into by multiple parties, typically universities, research institutions, and private companies, to undertake collaborative product development research. It establishes the rights, responsibilities, and financial contributions of each party involved. 3. Non-Disclosure Agreement (NDA): An NDA is a specific type of agreement that focuses primarily on protecting sensitive information and trade secrets shared during the product development research process. It ensures that confidential information disclosed by one party cannot be disclosed to third parties by the receiving party. 4. Licensing Agreement: In certain cases, an Ohio Agreement to Conduct Product Development Research may also incorporate licensing provisions. This agreement allows one party (the licensor) to grant rights to another party (the licensee) to use, manufacture, or sell the developed product in exchange for royalties or other financial considerations. 5. Sponsored Research Agreement: This type of agreement is commonly used when an external organization sponsors the product development research conducted by another party, such as a university or research institution. It outlines the scope of the research, funding arrangements, intellectual property rights, and any obligations or deliverables. Regardless of the specific type, an Ohio Agreement to Conduct Product Development Research serves as a crucial tool for facilitating effective collaboration, protecting intellectual property, and ensuring a clear understanding of the rights and responsibilities of all parties involved in the product development process.
