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 Virgin Islands Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions for conducting innovative research and development in the Virgin Islands. This agreement serves as a guiding document to ensure a productive and mutually beneficial relationship between parties involved in product development research. Key components of the Virgin Islands Agreement include: 1. Parties Involved: This section specifies the names and contact information of the parties entering into the agreement. It typically includes the names of the research institution, company, or organization leading the research, and any collaborating parties. 2. Objective and Scope: This section outlines the specific goals and objectives of the product development research to be conducted. It defines the scope of the research, including any limitations or constraints. 3. Responsibilities and Obligations: This section details the roles and responsibilities of each party involved in the research. It clarifies the tasks, deliverables, and timelines that need to be accomplished during the research process. 4. Intellectual Property Rights: This crucial section addresses the ownership and protection of intellectual property resulting from the research. It defines the rights and obligations towards the inventions, innovations, and other intellectual property generated during the project. 5. Confidentiality and Non-Disclosure: This section ensures that all confidential information shared during the research process remains confidential and is not disclosed to third parties unless explicitly authorized. It establishes the procedures for handling and protecting sensitive data. 6. Duration and Termination: This section specifies the start and end dates of the research project. It also outlines the circumstances under which the agreement can be terminated prematurely and provides a procedure for dispute resolution. Types of Virgin Islands Agreements to Conduct Product Development Research may include: 1. Government-University Collaboration Agreement: This type of agreement involves partnerships between government entities and academic institutions in the Virgin Islands. It aims to foster innovation and research in areas of strategic importance to the region's development. 2. Industry-Academia Agreement: These agreements are formed between commercial enterprises and academic or research institutions. They facilitate collaboration on product development projects that can lead to commercialization and economic growth. 3. Multinational Collaboration Agreement: In cases where multiple organizations from different countries collaborate on product development research in the Virgin Islands, a multinational collaboration agreement is established. This type of agreement promotes knowledge exchange and enables the pooling of resources for enhanced research outcomes. In conclusion, the Virgin Islands Agreement to Conduct Product Development Research is a comprehensive legal document that sets forth the terms, responsibilities, and obligations of all parties involved in product development research in the Virgin Islands. By specifying the rights and protections regarding intellectual property and confidentiality, this agreement ensures a smooth and fruitful research collaboration.The Virgin Islands Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions for conducting innovative research and development in the Virgin Islands. This agreement serves as a guiding document to ensure a productive and mutually beneficial relationship between parties involved in product development research. Key components of the Virgin Islands Agreement include: 1. Parties Involved: This section specifies the names and contact information of the parties entering into the agreement. It typically includes the names of the research institution, company, or organization leading the research, and any collaborating parties. 2. Objective and Scope: This section outlines the specific goals and objectives of the product development research to be conducted. It defines the scope of the research, including any limitations or constraints. 3. Responsibilities and Obligations: This section details the roles and responsibilities of each party involved in the research. It clarifies the tasks, deliverables, and timelines that need to be accomplished during the research process. 4. Intellectual Property Rights: This crucial section addresses the ownership and protection of intellectual property resulting from the research. It defines the rights and obligations towards the inventions, innovations, and other intellectual property generated during the project. 5. Confidentiality and Non-Disclosure: This section ensures that all confidential information shared during the research process remains confidential and is not disclosed to third parties unless explicitly authorized. It establishes the procedures for handling and protecting sensitive data. 6. Duration and Termination: This section specifies the start and end dates of the research project. It also outlines the circumstances under which the agreement can be terminated prematurely and provides a procedure for dispute resolution. Types of Virgin Islands Agreements to Conduct Product Development Research may include: 1. Government-University Collaboration Agreement: This type of agreement involves partnerships between government entities and academic institutions in the Virgin Islands. It aims to foster innovation and research in areas of strategic importance to the region's development. 2. Industry-Academia Agreement: These agreements are formed between commercial enterprises and academic or research institutions. They facilitate collaboration on product development projects that can lead to commercialization and economic growth. 3. Multinational Collaboration Agreement: In cases where multiple organizations from different countries collaborate on product development research in the Virgin Islands, a multinational collaboration agreement is established. This type of agreement promotes knowledge exchange and enables the pooling of resources for enhanced research outcomes. In conclusion, the Virgin Islands Agreement to Conduct Product Development Research is a comprehensive legal document that sets forth the terms, responsibilities, and obligations of all parties involved in product development research in the Virgin Islands. By specifying the rights and protections regarding intellectual property and confidentiality, this agreement ensures a smooth and fruitful research collaboration.
