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 Utah Agreement to Conduct Product Development Research is a legally binding contract between two parties involved in the research and development (R&D) process of a product. This agreement outlines the terms and conditions under which the research will be conducted and the rights and responsibilities of each party involved. Keywords: Utah Agreement, Product Development Research, R&D, contract, terms and conditions, rights and responsibilities. There may be different types of Utah Agreements to Conduct Product Development Research, depending on the specifics of the partnership and the nature of the research being conducted. Some examples include: 1. Exclusive Product Development Agreement: This type of agreement grants exclusive rights to one party to conduct product development research. It prevents the other party from engaging in similar research with a competitor during the term of the agreement. 2. Joint Product Development Agreement: In this type of agreement, multiple parties collaborate to conduct product development research. The responsibilities, costs, intellectual property rights, and revenue sharing terms are clearly defined to ensure a fair and mutually beneficial collaboration. 3. Non-Disclosure and Product Development Agreement: This agreement is often used when there is a need to protect confidential information during product development research. It includes provisions to ensure that sensitive information shared by either party remains confidential and is not disclosed to any third party. 4. Strategic Alliance Agreement for Product Development: This type of agreement involves a partnership between two or more companies to conduct product development research together. It establishes a framework for cooperation and defines the roles, responsibilities, and contributions of each party towards the joint research effort. Regardless of the specific type of Utah Agreement to Conduct Product Development Research, it is essential to have a clear and comprehensive contract that covers important aspects such as project scope, timeline, payment terms, ownership of intellectual property, confidentiality, liability, termination, and dispute resolution mechanisms.The Utah Agreement to Conduct Product Development Research is a legally binding contract between two parties involved in the research and development (R&D) process of a product. This agreement outlines the terms and conditions under which the research will be conducted and the rights and responsibilities of each party involved. Keywords: Utah Agreement, Product Development Research, R&D, contract, terms and conditions, rights and responsibilities. There may be different types of Utah Agreements to Conduct Product Development Research, depending on the specifics of the partnership and the nature of the research being conducted. Some examples include: 1. Exclusive Product Development Agreement: This type of agreement grants exclusive rights to one party to conduct product development research. It prevents the other party from engaging in similar research with a competitor during the term of the agreement. 2. Joint Product Development Agreement: In this type of agreement, multiple parties collaborate to conduct product development research. The responsibilities, costs, intellectual property rights, and revenue sharing terms are clearly defined to ensure a fair and mutually beneficial collaboration. 3. Non-Disclosure and Product Development Agreement: This agreement is often used when there is a need to protect confidential information during product development research. It includes provisions to ensure that sensitive information shared by either party remains confidential and is not disclosed to any third party. 4. Strategic Alliance Agreement for Product Development: This type of agreement involves a partnership between two or more companies to conduct product development research together. It establishes a framework for cooperation and defines the roles, responsibilities, and contributions of each party towards the joint research effort. Regardless of the specific type of Utah Agreement to Conduct Product Development Research, it is essential to have a clear and comprehensive contract that covers important aspects such as project scope, timeline, payment terms, ownership of intellectual property, confidentiality, liability, termination, and dispute resolution mechanisms.
