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 Cook Illinois Agreement to Conduct Product Development Research is a contract or legal agreement that establishes the terms and conditions for conducting product development research. This agreement is typically entered into between Cook Illinois Corporation, a leading company in the field, and other entities or individuals interested in collaborating on product development projects. The Cook Illinois Agreement to Conduct Product Development Research aims to outline the scope of the research, define the roles and responsibilities of each party involved, establish the ownership and intellectual property rights, and determine the financial aspects of the collaboration. This agreement ensures that all parties involved understand and agree upon the terms and conditions before initiating any research activities. There can be different types of Cook Illinois Agreements to Conduct Product Development Research, each tailored to specific project requirements or industry needs. Some of these variations may include: 1. Exclusive Research Agreement: This type of agreement grants Cook Illinois exclusive rights to conduct product development research related to a specific area or industry. It restricts the other party from engaging in similar research activities with any other organization. 2. Joint Research Agreement: In this scenario, Cook Illinois collaborates with other companies or research institutions to jointly conduct product development research. Both parties contribute their expertise, resources, and intellectual property to achieve mutually beneficial outcomes. 3. Non-Disclosure Agreement (NDA): Usually used alongside the main agreement, an NDA ensures that any confidential or proprietary information disclosed during the research project remains protected. This safeguards sensitive data from being shared or used without consent. 4. Licensing Agreement: This agreement comes into play when the research project leads to the creation of intellectual property, such as patents or trademarks. It allows Cook Illinois to license or transfer the rights to use and commercialize the developed product or technology to other parties. 5. Service Agreement: In some cases, Cook Illinois may offer its research and development services to external organizations or individuals. This type of agreement outlines the services to be provided and the compensation terms. The Cook Illinois Agreement to Conduct Product Development Research is an essential tool for ensuring a successful collaboration in the realm of product development research. It sets clear expectations, protects the intellectual property, and facilitates the efficient execution of the research project.The Cook Illinois Agreement to Conduct Product Development Research is a contract or legal agreement that establishes the terms and conditions for conducting product development research. This agreement is typically entered into between Cook Illinois Corporation, a leading company in the field, and other entities or individuals interested in collaborating on product development projects. The Cook Illinois Agreement to Conduct Product Development Research aims to outline the scope of the research, define the roles and responsibilities of each party involved, establish the ownership and intellectual property rights, and determine the financial aspects of the collaboration. This agreement ensures that all parties involved understand and agree upon the terms and conditions before initiating any research activities. There can be different types of Cook Illinois Agreements to Conduct Product Development Research, each tailored to specific project requirements or industry needs. Some of these variations may include: 1. Exclusive Research Agreement: This type of agreement grants Cook Illinois exclusive rights to conduct product development research related to a specific area or industry. It restricts the other party from engaging in similar research activities with any other organization. 2. Joint Research Agreement: In this scenario, Cook Illinois collaborates with other companies or research institutions to jointly conduct product development research. Both parties contribute their expertise, resources, and intellectual property to achieve mutually beneficial outcomes. 3. Non-Disclosure Agreement (NDA): Usually used alongside the main agreement, an NDA ensures that any confidential or proprietary information disclosed during the research project remains protected. This safeguards sensitive data from being shared or used without consent. 4. Licensing Agreement: This agreement comes into play when the research project leads to the creation of intellectual property, such as patents or trademarks. It allows Cook Illinois to license or transfer the rights to use and commercialize the developed product or technology to other parties. 5. Service Agreement: In some cases, Cook Illinois may offer its research and development services to external organizations or individuals. This type of agreement outlines the services to be provided and the compensation terms. The Cook Illinois Agreement to Conduct Product Development Research is an essential tool for ensuring a successful collaboration in the realm of product development research. It sets clear expectations, protects the intellectual property, and facilitates the efficient execution of the research project.
