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?
A Tennessee Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions between parties involved in a research project focused on product development. This agreement serves as a framework to ensure the smooth execution of research activities, the protection of intellectual property rights, financial obligations, liability limitations, and other essential aspects. In Tennessee, there may exist various types of Agreements to Conduct Product Development Research. Some common variations include: 1. Tennessee University-Industry Research Agreement: This type of agreement is typically established between a Tennessee-based university or research institution and an industry entity. It enables collaboration on product development research, where the university provides its expertise, resources, and facilities, while the industry partner contributes financially and potentially through access to proprietary data or materials. 2. Tennessee Government-Private Sector Research Agreement: In this scenario, the Tennessee government entity partners with a private sector organization to conduct product development research. These agreements often aim to promote economic growth, innovation, and the development of new technologies for public benefit. 3. Tennessee Non-Disclosure Agreement for Product Development Research: This agreement focuses specifically on maintaining confidentiality during research activities. It is commonly used when multiple parties are involved in the research project and want to protect their intellectual property rights. Keywords: Tennessee, Agreement, Conduct, Product Development, Research, University, Industry, Government, Private Sector, Non-Disclosure, Intellectual Property, Collaboration, Financial Obligations, Liability Limitations, Resources, Facilities, Proprietary Data, Materials, Confidentiality.A Tennessee Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions between parties involved in a research project focused on product development. This agreement serves as a framework to ensure the smooth execution of research activities, the protection of intellectual property rights, financial obligations, liability limitations, and other essential aspects. In Tennessee, there may exist various types of Agreements to Conduct Product Development Research. Some common variations include: 1. Tennessee University-Industry Research Agreement: This type of agreement is typically established between a Tennessee-based university or research institution and an industry entity. It enables collaboration on product development research, where the university provides its expertise, resources, and facilities, while the industry partner contributes financially and potentially through access to proprietary data or materials. 2. Tennessee Government-Private Sector Research Agreement: In this scenario, the Tennessee government entity partners with a private sector organization to conduct product development research. These agreements often aim to promote economic growth, innovation, and the development of new technologies for public benefit. 3. Tennessee Non-Disclosure Agreement for Product Development Research: This agreement focuses specifically on maintaining confidentiality during research activities. It is commonly used when multiple parties are involved in the research project and want to protect their intellectual property rights. Keywords: Tennessee, Agreement, Conduct, Product Development, Research, University, Industry, Government, Private Sector, Non-Disclosure, Intellectual Property, Collaboration, Financial Obligations, Liability Limitations, Resources, Facilities, Proprietary Data, Materials, Confidentiality.
