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 Oklahoma Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions agreed upon by parties involved in product development research activities in Oklahoma. This agreement serves as a foundation to govern the research process, protect intellectual property rights, and establish clear expectations for all stakeholders. The Oklahoma Agreement to Conduct Product Development Research typically includes the following key elements: 1. Parties Involved: The agreement specifies the names and contact information of all parties participating in the product development research, including individuals, companies, or institutions. 2. Research Objective: This section outlines the specific goals and objectives of the product development research project, providing a clear understanding of the purpose of the research. 3. Scope of Research: Details regarding the scope of the research are provided to define the specific parameters, methodology, and focus areas of the study. This section helps establish limits on the research to ensure it remains within the agreed boundaries. 4. Confidentiality: To safeguard research findings and proprietary information, a confidentiality clause is included in the agreement. This clause ensures that all parties involved will maintain strict confidentiality regarding any sensitive information or data shared during the research process. 5. Intellectual Property Rights: The agreement specifies the ownership of intellectual property resulting from the research. It outlines the rights and responsibilities of each party regarding inventions, copyrights, patents, and other related aspects. 6. Funding and Resources: Details regarding the financial arrangements, such as funding sources, research budget, and resource sharing, are included in this section. The agreement also outlines any additional resources required for the research and clarifies responsibilities for their procurement. 7. Duration and Termination: This section defines the duration of the research project and the circumstances under which the agreement can be terminated. It outlines the process for closing the research project and disposing of any shared resources upon completion or termination. Types of Oklahoma Agreements to Conduct Product Development Research: 1. Industry-Academia Research Agreement: This type of agreement involves collaboration between industry entities and academic institutions to conduct product development research. It outlines terms for knowledge transfer, licensing, and sharing of intellectual property rights. 2. Public-Private Partnership Research Agreement: This agreement is made between governmental or public entities and private organizations to facilitate product development research. It typically includes provisions for technology transfer, data sharing, and commercialization of research findings. 3. Joint Venture Research Agreement: In the case of joint ventures, this agreement specifies the roles, responsibilities, and rights of each party involved in the research project. It covers aspects such as investment sharing, profit distribution, and the transfer of technology and intellectual property rights. In conclusion, the Oklahoma Agreement to Conduct Product Development Research is a comprehensive legal document that guides product development research activities in Oklahoma. It outlines various aspects of the research process, ensuring transparency, protection of rights, and clear communication among all participating parties.The Oklahoma Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions agreed upon by parties involved in product development research activities in Oklahoma. This agreement serves as a foundation to govern the research process, protect intellectual property rights, and establish clear expectations for all stakeholders. The Oklahoma Agreement to Conduct Product Development Research typically includes the following key elements: 1. Parties Involved: The agreement specifies the names and contact information of all parties participating in the product development research, including individuals, companies, or institutions. 2. Research Objective: This section outlines the specific goals and objectives of the product development research project, providing a clear understanding of the purpose of the research. 3. Scope of Research: Details regarding the scope of the research are provided to define the specific parameters, methodology, and focus areas of the study. This section helps establish limits on the research to ensure it remains within the agreed boundaries. 4. Confidentiality: To safeguard research findings and proprietary information, a confidentiality clause is included in the agreement. This clause ensures that all parties involved will maintain strict confidentiality regarding any sensitive information or data shared during the research process. 5. Intellectual Property Rights: The agreement specifies the ownership of intellectual property resulting from the research. It outlines the rights and responsibilities of each party regarding inventions, copyrights, patents, and other related aspects. 6. Funding and Resources: Details regarding the financial arrangements, such as funding sources, research budget, and resource sharing, are included in this section. The agreement also outlines any additional resources required for the research and clarifies responsibilities for their procurement. 7. Duration and Termination: This section defines the duration of the research project and the circumstances under which the agreement can be terminated. It outlines the process for closing the research project and disposing of any shared resources upon completion or termination. Types of Oklahoma Agreements to Conduct Product Development Research: 1. Industry-Academia Research Agreement: This type of agreement involves collaboration between industry entities and academic institutions to conduct product development research. It outlines terms for knowledge transfer, licensing, and sharing of intellectual property rights. 2. Public-Private Partnership Research Agreement: This agreement is made between governmental or public entities and private organizations to facilitate product development research. It typically includes provisions for technology transfer, data sharing, and commercialization of research findings. 3. Joint Venture Research Agreement: In the case of joint ventures, this agreement specifies the roles, responsibilities, and rights of each party involved in the research project. It covers aspects such as investment sharing, profit distribution, and the transfer of technology and intellectual property rights. In conclusion, the Oklahoma Agreement to Conduct Product Development Research is a comprehensive legal document that guides product development research activities in Oklahoma. It outlines various aspects of the research process, ensuring transparency, protection of rights, and clear communication among all participating parties.
