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 West Virginia Agreement to Conduct Product Development Research is a comprehensive legal document that outlines the terms and conditions for conducting research and development activities in the field of product development. This agreement serves as a binding contract between two or more parties, typically a company or organization seeking to develop a product and a research institution or agency located in the state of West Virginia. Keywords: 1. West Virginia: The agreement is specifically designed to govern research activities conducted within the jurisdiction of West Virginia, a state in the United States. 2. Agreement: The term signifies that this document is a legally binding contract between the involved parties and establishes their obligations and rights. 3. Conduct: Refers to the act of carrying out or performing research and development activities as per the specified terms and conditions. 4. Product Development: Implies the process of creating, improving, or enhancing products, typically involving research, design, prototyping, and testing stages. 5. Research: Reflects the systematic investigation or exploration of a specific field or topic to gain knowledge, develop new techniques, or advance existing practices. 6. Development: Indicates the act or process of bringing new ideas, concepts, or products into existence, often involving research, experimentation, and refinement. 7. Legal document: Highlights that the agreement is a formal written contract recognized by law, ensuring the rights, responsibilities, and obligations of the participating parties. 8. Research institution/agency: Refers to an organization, university, or research center involved in scientific or technological research and development activities. 9. Parties: Represents the individuals or entities entering into the agreement, which may include the product development company, research institution, and any other relevant stakeholders. 10. Terms and conditions: Include the specific provisions, clauses, and agreements that will govern the product development research activities and outline the responsibilities, timelines, intellectual property rights, confidentiality, and financial aspects involved. Types of West Virginia Agreement to Conduct Product Development Research: While there may not be specific "types" of West Virginia Agreement to Conduct Product Development Research, the agreement can vary based on the nature and scope of the research being conducted, the parties involved, and the specific requirements of the product being developed. The agreement may cover various aspects such as exclusive or non-exclusive research partnerships, funding arrangements, licensing of intellectual property rights, data sharing, termination clauses, and dispute resolution mechanisms. The types of agreements can also differ based on the specific industrial sector or technology domain involved, such as medical devices, renewable energy, software development, biotechnology, etc.The West Virginia Agreement to Conduct Product Development Research is a comprehensive legal document that outlines the terms and conditions for conducting research and development activities in the field of product development. This agreement serves as a binding contract between two or more parties, typically a company or organization seeking to develop a product and a research institution or agency located in the state of West Virginia. Keywords: 1. West Virginia: The agreement is specifically designed to govern research activities conducted within the jurisdiction of West Virginia, a state in the United States. 2. Agreement: The term signifies that this document is a legally binding contract between the involved parties and establishes their obligations and rights. 3. Conduct: Refers to the act of carrying out or performing research and development activities as per the specified terms and conditions. 4. Product Development: Implies the process of creating, improving, or enhancing products, typically involving research, design, prototyping, and testing stages. 5. Research: Reflects the systematic investigation or exploration of a specific field or topic to gain knowledge, develop new techniques, or advance existing practices. 6. Development: Indicates the act or process of bringing new ideas, concepts, or products into existence, often involving research, experimentation, and refinement. 7. Legal document: Highlights that the agreement is a formal written contract recognized by law, ensuring the rights, responsibilities, and obligations of the participating parties. 8. Research institution/agency: Refers to an organization, university, or research center involved in scientific or technological research and development activities. 9. Parties: Represents the individuals or entities entering into the agreement, which may include the product development company, research institution, and any other relevant stakeholders. 10. Terms and conditions: Include the specific provisions, clauses, and agreements that will govern the product development research activities and outline the responsibilities, timelines, intellectual property rights, confidentiality, and financial aspects involved. Types of West Virginia Agreement to Conduct Product Development Research: While there may not be specific "types" of West Virginia Agreement to Conduct Product Development Research, the agreement can vary based on the nature and scope of the research being conducted, the parties involved, and the specific requirements of the product being developed. The agreement may cover various aspects such as exclusive or non-exclusive research partnerships, funding arrangements, licensing of intellectual property rights, data sharing, termination clauses, and dispute resolution mechanisms. The types of agreements can also differ based on the specific industrial sector or technology domain involved, such as medical devices, renewable energy, software development, biotechnology, etc.
