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?
Bexar Texas Agreement to Conduct Product Development Research: The Bexar Texas Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research within the region of Bexar County, Texas. This agreement is primarily designed to govern the relationship between various parties involved in the research process, such as researchers, developers, and any relevant stakeholders. The agreement encompasses multiple aspects of product development research, aiming to ensure a comprehensive understanding and adherence to specific guidelines. It outlines the objectives, scope, and timeline of the research project, providing a roadmap for all parties involved. This agreement serves as a clear blueprint that helps in minimizing conflicts, ensuring efficient communication, and establishing a unified vision for the research. Furthermore, this agreement highlights the allocation of resources, including finances, personnel, and equipment required for the research project. It establishes the responsibilities and obligations of each party, ensuring accountability towards the research's successful execution. Depending on the nature of the research and the involved parties, there may be different types of Bexar Texas Agreements to Conduct Product Development Research: 1. Academic Institution-Industry Partnership Agreement: This type of agreement focuses on fostering collaboration between academic institutions such as universities or research centers, and industries. It aims to combine academic expertise with industry knowledge and resources to leverage product development research. 2. Government-Private Sector Agreement: This particular type of agreement involves partnerships between governmental bodies, such as local or state authorities, and private sector entities. The agreement primarily focuses on conducting product development research relevant to public interest, community welfare, or economic development. 3. Collaborative Research Agreement: This agreement type involves collaborations between multiple organizations, regardless of their sector or nature. It could bring together academic institutions, private companies, non-profit organizations, and other stakeholders to conduct research collectively, pooling their resources and knowledge. Overall, the Bexar Texas Agreement to Conduct Product Development Research serves as a crucial instrument in facilitating partnerships, promoting innovation, and enhancing Bexar County's research ecosystem. By establishing a framework for cooperation, it allows for effective knowledge exchange and fosters advancements in various industries, ultimately benefiting the local economy and community.Bexar Texas Agreement to Conduct Product Development Research: The Bexar Texas Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research within the region of Bexar County, Texas. This agreement is primarily designed to govern the relationship between various parties involved in the research process, such as researchers, developers, and any relevant stakeholders. The agreement encompasses multiple aspects of product development research, aiming to ensure a comprehensive understanding and adherence to specific guidelines. It outlines the objectives, scope, and timeline of the research project, providing a roadmap for all parties involved. This agreement serves as a clear blueprint that helps in minimizing conflicts, ensuring efficient communication, and establishing a unified vision for the research. Furthermore, this agreement highlights the allocation of resources, including finances, personnel, and equipment required for the research project. It establishes the responsibilities and obligations of each party, ensuring accountability towards the research's successful execution. Depending on the nature of the research and the involved parties, there may be different types of Bexar Texas Agreements to Conduct Product Development Research: 1. Academic Institution-Industry Partnership Agreement: This type of agreement focuses on fostering collaboration between academic institutions such as universities or research centers, and industries. It aims to combine academic expertise with industry knowledge and resources to leverage product development research. 2. Government-Private Sector Agreement: This particular type of agreement involves partnerships between governmental bodies, such as local or state authorities, and private sector entities. The agreement primarily focuses on conducting product development research relevant to public interest, community welfare, or economic development. 3. Collaborative Research Agreement: This agreement type involves collaborations between multiple organizations, regardless of their sector or nature. It could bring together academic institutions, private companies, non-profit organizations, and other stakeholders to conduct research collectively, pooling their resources and knowledge. Overall, the Bexar Texas Agreement to Conduct Product Development Research serves as a crucial instrument in facilitating partnerships, promoting innovation, and enhancing Bexar County's research ecosystem. By establishing a framework for cooperation, it allows for effective knowledge exchange and fosters advancements in various industries, ultimately benefiting the local economy and community.
