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?
Contra Costa California Agreement to Conduct Product Development Research is a legal contract entered into by parties interested in collaborating and conducting research activities in the field of product development within the Contra Costa County, California region. This agreement outlines the terms, conditions, and responsibilities of each party involved in the research project. Keywords: Contra Costa California, Agreement, Conduct, Product Development Research. This agreement serves as a framework for individuals, companies, or organizations to join forces and explore innovative ideas, technologies, and methodologies to bring new products or enhance existing ones. It plays a crucial role in fostering collaboration, sharing resources, and leveraging expertise to accelerate product development processes. By signing this agreement, all parties commit to maintaining the confidentiality, security, and protection of intellectual property related to the research project. The agreement also assigns ownership rights to each party based on their respective contributions, ensuring equitable distribution of intellectual property if applicable. Depending on the scope and nature of the product development research, there might be different types of Contra Costa California Agreement to Conduct Product Development Research. Some common categories include: 1. Joint Venture Agreement: This type of agreement is suitable when two or more parties, typically companies, form a separate legal entity to jointly conduct product development research. This arrangement involves sharing resources, risks, and profits, and often results in the creation of a new product or service. 2. Collaborative Research Agreement: This agreement is formed between academic institutions, research organizations, and private entities to conduct joint product development research. It enables the exchange of knowledge, expertise, and access to specialized facilities or equipment. 3. Licensing Agreement: In this scenario, one party grants the other a license to use their existing technology, innovation, or intellectual property for product development purposes. The agreement specifies the terms and conditions for such usage, including licensing fees and royalties. 4. Research and Development Contract: This type of agreement is commonly used when a party hires another party, such as a research firm or consultant, to conduct product development research on their behalf. The contract outlines the scope of work, deliverables, timelines, and compensation terms for the research project. In conclusion, the Contra Costa California Agreement to Conduct Product Development Research is a vital tool for fostering collaboration, protecting intellectual property, and facilitating innovation in the region. Whether through joint ventures, collaborations, licensing, or contracting arrangements, this agreement enables parties to pool their resources, knowledge, and skills to drive product development forward.Contra Costa California Agreement to Conduct Product Development Research is a legal contract entered into by parties interested in collaborating and conducting research activities in the field of product development within the Contra Costa County, California region. This agreement outlines the terms, conditions, and responsibilities of each party involved in the research project. Keywords: Contra Costa California, Agreement, Conduct, Product Development Research. This agreement serves as a framework for individuals, companies, or organizations to join forces and explore innovative ideas, technologies, and methodologies to bring new products or enhance existing ones. It plays a crucial role in fostering collaboration, sharing resources, and leveraging expertise to accelerate product development processes. By signing this agreement, all parties commit to maintaining the confidentiality, security, and protection of intellectual property related to the research project. The agreement also assigns ownership rights to each party based on their respective contributions, ensuring equitable distribution of intellectual property if applicable. Depending on the scope and nature of the product development research, there might be different types of Contra Costa California Agreement to Conduct Product Development Research. Some common categories include: 1. Joint Venture Agreement: This type of agreement is suitable when two or more parties, typically companies, form a separate legal entity to jointly conduct product development research. This arrangement involves sharing resources, risks, and profits, and often results in the creation of a new product or service. 2. Collaborative Research Agreement: This agreement is formed between academic institutions, research organizations, and private entities to conduct joint product development research. It enables the exchange of knowledge, expertise, and access to specialized facilities or equipment. 3. Licensing Agreement: In this scenario, one party grants the other a license to use their existing technology, innovation, or intellectual property for product development purposes. The agreement specifies the terms and conditions for such usage, including licensing fees and royalties. 4. Research and Development Contract: This type of agreement is commonly used when a party hires another party, such as a research firm or consultant, to conduct product development research on their behalf. The contract outlines the scope of work, deliverables, timelines, and compensation terms for the research project. In conclusion, the Contra Costa California Agreement to Conduct Product Development Research is a vital tool for fostering collaboration, protecting intellectual property, and facilitating innovation in the region. Whether through joint ventures, collaborations, licensing, or contracting arrangements, this agreement enables parties to pool their resources, knowledge, and skills to drive product development forward.
