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?
Bronx New York Agreement to Conduct Product Development Research: A Bronx New York Agreement to Conduct Product Development Research refers to a formal arrangement between entities or organizations involved in the development of new products within the Bronx, New York area. This agreement outlines the terms, conditions, and objectives related to the research, testing, and development of innovative products. It emphasizes collaboration and aims to leverage the expertise, resources, and knowledge available within the Bronx community to advance product development efforts. Keywords: Bronx New York, agreement, product development research, formal arrangement, entities, organizations, terms, conditions, objectives, research, testing, innovation, collaboration, expertise, resources, knowledge, community. Different Types: 1. Collaborative Research Agreement: This type of agreement brings together multiple entities, such as academic institutions, private companies, and research centers within the Bronx, New York, to jointly conduct product development research. It aims to pool resources and expertise to accelerate innovation and product commercialization. 2. Public-Private Partnership Agreement: This agreement involves collaboration between the Bronx government agencies, local businesses, and research organizations to conduct product development research. It aims to foster economic growth, enhance the local business ecosystem, and develop innovative products that address community needs. 3. Non-Disclosure Agreement: Often used in conjunction with the main product development research agreement, this type of agreement ensures confidentiality and protects proprietary information shared between parties involved in product development. It safeguards intellectual property rights, trade secrets, and confidential research findings. 4. Licensing Agreement: This agreement is established when a product already developed through research in the Bronx, New York, is ready for commercialization. It outlines the terms and conditions for licensing the product to third parties, allowing them to further develop, manufacture, market, and distribute the product. 5. Research Funding Agreement: This type of agreement involves securing financial support from various sources, such as governmental agencies, private investors, or philanthropic organizations. It outlines the terms and conditions for funding product development research projects in the Bronx, New York, with the aim of driving innovation and economic growth in the region. 6. Intellectual Property Agreement: This agreement focuses on the ownership, protection, and management of intellectual property resulting from product development research conducted in the Bronx, New York. It defines the rights and responsibilities of the parties involved in the research, ensuring fair and equitable distribution of intellectual property rights, royalties, and licensing revenues. Keywords: collaborative research agreement, public-private partnership agreement, non-disclosure agreement, licensing agreement, research funding agreement, intellectual property agreement, confidentiality, proprietary information, licensing, financial support, intellectual property rights.Bronx New York Agreement to Conduct Product Development Research: A Bronx New York Agreement to Conduct Product Development Research refers to a formal arrangement between entities or organizations involved in the development of new products within the Bronx, New York area. This agreement outlines the terms, conditions, and objectives related to the research, testing, and development of innovative products. It emphasizes collaboration and aims to leverage the expertise, resources, and knowledge available within the Bronx community to advance product development efforts. Keywords: Bronx New York, agreement, product development research, formal arrangement, entities, organizations, terms, conditions, objectives, research, testing, innovation, collaboration, expertise, resources, knowledge, community. Different Types: 1. Collaborative Research Agreement: This type of agreement brings together multiple entities, such as academic institutions, private companies, and research centers within the Bronx, New York, to jointly conduct product development research. It aims to pool resources and expertise to accelerate innovation and product commercialization. 2. Public-Private Partnership Agreement: This agreement involves collaboration between the Bronx government agencies, local businesses, and research organizations to conduct product development research. It aims to foster economic growth, enhance the local business ecosystem, and develop innovative products that address community needs. 3. Non-Disclosure Agreement: Often used in conjunction with the main product development research agreement, this type of agreement ensures confidentiality and protects proprietary information shared between parties involved in product development. It safeguards intellectual property rights, trade secrets, and confidential research findings. 4. Licensing Agreement: This agreement is established when a product already developed through research in the Bronx, New York, is ready for commercialization. It outlines the terms and conditions for licensing the product to third parties, allowing them to further develop, manufacture, market, and distribute the product. 5. Research Funding Agreement: This type of agreement involves securing financial support from various sources, such as governmental agencies, private investors, or philanthropic organizations. It outlines the terms and conditions for funding product development research projects in the Bronx, New York, with the aim of driving innovation and economic growth in the region. 6. Intellectual Property Agreement: This agreement focuses on the ownership, protection, and management of intellectual property resulting from product development research conducted in the Bronx, New York. It defines the rights and responsibilities of the parties involved in the research, ensuring fair and equitable distribution of intellectual property rights, royalties, and licensing revenues. Keywords: collaborative research agreement, public-private partnership agreement, non-disclosure agreement, licensing agreement, research funding agreement, intellectual property agreement, confidentiality, proprietary information, licensing, financial support, intellectual property rights.
