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 Wyoming Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research in the state of Wyoming, United States. This agreement is designed to facilitate collaboration between businesses, researchers, and other relevant entities involved in product development. The agreement typically covers various aspects related to the research and development process. It commonly outlines the goals and objectives of the project, including a detailed description of the product being developed. It also elaborates on the research methodology, timeline, and any specific milestones that need to be achieved throughout the process. One important element of the Wyoming Agreement to Conduct Product Development Research is the allocation of rights and responsibilities. It clarifies the ownership of intellectual property rights generated during the research, ensuring that all parties involved are appropriately acknowledged and rewarded. Additionally, the agreement sets forth the confidentiality and non-disclosure provisions to safeguard any proprietary information shared during the research endeavor. Another essential part of the agreement involves the financial aspects. It addresses the funding and payment terms for the research, including the budget, funding responsibilities, and payment schedule. It may also include provisions for reimbursement of expenses, such as materials, equipment, and travel costs incurred during the product development research. There are different types of Wyoming Agreements to Conduct Product Development Research, depending on the specific nature of the research project and the parties involved. Some common types include: 1. Public-Private Partnership Agreement: This type of agreement involves collaboration between a government entity and a private organization or business. It aims to leverage both resources and expertise to develop innovative products for the benefit of society and the economy. 2. Research and Development Contract: This agreement is typically between a business or corporation and a research institution, university, or independent researcher. It outlines the terms for conducting product development research, including the scope, deliverables, and financial arrangements. 3. Cooperative Research and Development Agreement (PRADA): A PRADA is an agreement between a government agency, such as a federal laboratory, and a private entity. It enables the sharing of resources, expertise, and intellectual property rights to accelerate the development of new products and technologies. 4. Non-Disclosure Agreement (NDA): While not specifically a product development research agreement, an NDA is often included as a standalone clause within the larger agreement. It ensures that all parties involved maintain the confidentiality of sensitive information disclosed during the research process. In conclusion, the Wyoming Agreement to Conduct Product Development Research is a comprehensive legal document that governs the research and development process in the state. It outlines the objectives, responsibilities, financial aspects, and intellectual property rights related to the product development research. By defining these terms, the agreement facilitates collaboration between various stakeholders and promotes innovation in Wyoming's product development landscape.The Wyoming Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for conducting product development research in the state of Wyoming, United States. This agreement is designed to facilitate collaboration between businesses, researchers, and other relevant entities involved in product development. The agreement typically covers various aspects related to the research and development process. It commonly outlines the goals and objectives of the project, including a detailed description of the product being developed. It also elaborates on the research methodology, timeline, and any specific milestones that need to be achieved throughout the process. One important element of the Wyoming Agreement to Conduct Product Development Research is the allocation of rights and responsibilities. It clarifies the ownership of intellectual property rights generated during the research, ensuring that all parties involved are appropriately acknowledged and rewarded. Additionally, the agreement sets forth the confidentiality and non-disclosure provisions to safeguard any proprietary information shared during the research endeavor. Another essential part of the agreement involves the financial aspects. It addresses the funding and payment terms for the research, including the budget, funding responsibilities, and payment schedule. It may also include provisions for reimbursement of expenses, such as materials, equipment, and travel costs incurred during the product development research. There are different types of Wyoming Agreements to Conduct Product Development Research, depending on the specific nature of the research project and the parties involved. Some common types include: 1. Public-Private Partnership Agreement: This type of agreement involves collaboration between a government entity and a private organization or business. It aims to leverage both resources and expertise to develop innovative products for the benefit of society and the economy. 2. Research and Development Contract: This agreement is typically between a business or corporation and a research institution, university, or independent researcher. It outlines the terms for conducting product development research, including the scope, deliverables, and financial arrangements. 3. Cooperative Research and Development Agreement (PRADA): A PRADA is an agreement between a government agency, such as a federal laboratory, and a private entity. It enables the sharing of resources, expertise, and intellectual property rights to accelerate the development of new products and technologies. 4. Non-Disclosure Agreement (NDA): While not specifically a product development research agreement, an NDA is often included as a standalone clause within the larger agreement. It ensures that all parties involved maintain the confidentiality of sensitive information disclosed during the research process. In conclusion, the Wyoming Agreement to Conduct Product Development Research is a comprehensive legal document that governs the research and development process in the state. It outlines the objectives, responsibilities, financial aspects, and intellectual property rights related to the product development research. By defining these terms, the agreement facilitates collaboration between various stakeholders and promotes innovation in Wyoming's product development landscape.
