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 Virginia Agreement to Conduct Product Development Research is a legal document that governs the relationship between parties involved in product development research activities within the state of Virginia. This agreement outlines the terms and conditions under which research cooperation is conducted, including the rights and responsibilities of each party involved. Keywords: Virginia, agreement, conduct, product development research, legal document, relationship, research cooperation, rights, responsibilities. There are various types of Virginia Agreements to Conduct Product Development Research, categorized based on the specific focus and industry: 1. Technology Research Agreement: This type of agreement focuses on the research and development of innovative technologies, such as software, hardware, telecommunications, or any other field related to technology advancements. 2. Pharmaceutical Research Agreement: This agreement pertains to research in the pharmaceutical industry, involving the development of new drugs, clinical trials, drug delivery systems, molecular biology, or medical advancements to enhance patient care and treatment. 3. Biotechnology Research Agreement: This type of agreement revolves around the research and development of innovative biotechnological products, including genetic engineering, gene therapy, bioinformatics, or the development of advanced diagnostics and treatments. 4. Consumer Product Research Agreement: This agreement concerns the development and research of consumer products, such as electronics, appliances, wearables, or any other goods that directly target end consumers. 5. Industrial Product Research Agreement: This type of agreement is tailored for research and development activities related to industrial products, which can include machinery, automotive parts, chemicals, manufacturing processes, or any other product that serves industrial purposes. 6. Energy Research Agreement: This agreement focuses on the research and development of energy-related technologies, including renewable energy sources, energy efficiency improvements, energy storage systems, or any other innovations aiming to advance the energy sector. Each type of agreement mentioned above is designed to cater to specific industries and research domains, allowing the parties involved to collaborate within the boundaries of Virginia while safeguarding their respective rights and interests.
