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 Texas Agreement to Conduct Product Development Research is a legal document outlining the terms and conditions established between parties involved in conducting research and development activities related to new product development. This agreement sets forth the parameters necessary to facilitate the efficient and collaborative execution of product development projects within the state of Texas. Key clauses within the Texas Agreement to Conduct Product Development Research may include: 1. Parties Involved: This section identifies the parties entering into the agreement, describing their legal names, addresses, and contact information. It clarifies the roles and responsibilities of each party in the research and development process. 2. Research Scope: This clause defines the specific research and development activities to be conducted under the agreement. It explicitly outlines the objectives, timelines, and expected deliverables of the product development project. 3. Intellectual Property Rights: This section addresses the ownership, protection, and usage of intellectual property (IP) developed during the research process. It outlines the rights of each party with respect to the IP, including licensing, sublicensing, and any confidentiality provisions that may be necessary for trade secrets or proprietary information. 4. Confidentiality and Non-Disclosure: This clause ensures the protection of proprietary, sensitive, or confidential information shared between the parties. It sets forth the guidelines and obligations for handling the information, including restrictions on disclosure and use beyond the scope of the agreement. 5. Funding and Budget: This section details the financial arrangements between the parties, including the budget allocated for the research and development efforts. It may outline the contributions of each party, payment terms, and any cost-sharing arrangements. 6. Termination: This clause defines the conditions under which the agreement can be terminated, either by mutual consent or for cause. It may include provisions for the orderly wind-up of the project and the return or disposal of any shared materials or data. Types of Texas Agreements to Conduct Product Development Research: 1. University-Industry Research Agreements: These agreements are typically entered into between a Texas-based university or research institution and a private company. They aim to foster collaboration, technology transfer, and the commercialization of research findings. 2. Government-Industry Research Agreements: These agreements involve collaboration between a Texas state government agency or federal research lab and a private company. They focus on research and development initiatives that promote economic growth, innovation, and public-private partnerships. 3. Industry-Industry Research Agreements: These agreements facilitate cooperation between two or more private companies within Texas. They aim to leverage complementary capabilities, resources, and expertise to achieve common research and development goals. 4. Small Business-University Research Agreements: These agreements are specifically designed to enhance the innovation capacity of small businesses by leveraging the research capabilities of a Texas-based university or research institution. They encourage technology transfer and commercialization efforts. By entering into the Texas Agreement to Conduct Product Development Research, parties establish a framework that nurtures collaboration, knowledge exchange, and intellectual property protection. This promotes innovation and facilitates the development of new products that can drive economic growth and generate valuable contributions to the state of Texas.The Texas Agreement to Conduct Product Development Research is a legal document outlining the terms and conditions established between parties involved in conducting research and development activities related to new product development. This agreement sets forth the parameters necessary to facilitate the efficient and collaborative execution of product development projects within the state of Texas. Key clauses within the Texas Agreement to Conduct Product Development Research may include: 1. Parties Involved: This section identifies the parties entering into the agreement, describing their legal names, addresses, and contact information. It clarifies the roles and responsibilities of each party in the research and development process. 2. Research Scope: This clause defines the specific research and development activities to be conducted under the agreement. It explicitly outlines the objectives, timelines, and expected deliverables of the product development project. 3. Intellectual Property Rights: This section addresses the ownership, protection, and usage of intellectual property (IP) developed during the research process. It outlines the rights of each party with respect to the IP, including licensing, sublicensing, and any confidentiality provisions that may be necessary for trade secrets or proprietary information. 4. Confidentiality and Non-Disclosure: This clause ensures the protection of proprietary, sensitive, or confidential information shared between the parties. It sets forth the guidelines and obligations for handling the information, including restrictions on disclosure and use beyond the scope of the agreement. 5. Funding and Budget: This section details the financial arrangements between the parties, including the budget allocated for the research and development efforts. It may outline the contributions of each party, payment terms, and any cost-sharing arrangements. 6. Termination: This clause defines the conditions under which the agreement can be terminated, either by mutual consent or for cause. It may include provisions for the orderly wind-up of the project and the return or disposal of any shared materials or data. Types of Texas Agreements to Conduct Product Development Research: 1. University-Industry Research Agreements: These agreements are typically entered into between a Texas-based university or research institution and a private company. They aim to foster collaboration, technology transfer, and the commercialization of research findings. 2. Government-Industry Research Agreements: These agreements involve collaboration between a Texas state government agency or federal research lab and a private company. They focus on research and development initiatives that promote economic growth, innovation, and public-private partnerships. 3. Industry-Industry Research Agreements: These agreements facilitate cooperation between two or more private companies within Texas. They aim to leverage complementary capabilities, resources, and expertise to achieve common research and development goals. 4. Small Business-University Research Agreements: These agreements are specifically designed to enhance the innovation capacity of small businesses by leveraging the research capabilities of a Texas-based university or research institution. They encourage technology transfer and commercialization efforts. By entering into the Texas Agreement to Conduct Product Development Research, parties establish a framework that nurtures collaboration, knowledge exchange, and intellectual property protection. This promotes innovation and facilitates the development of new products that can drive economic growth and generate valuable contributions to the state of Texas.
