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 Cuyahoga Ohio Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research will be conducted in the Cuyahoga County, Ohio region. This agreement serves as a critical tool for businesses and organizations looking to forge partnerships and collaborate on innovative product development projects. The primary objective of the Cuyahoga Ohio Agreement to Conduct Product Development Research is to provide a framework for cooperation between the parties involved in the research efforts. It establishes clear guidelines on intellectual property rights, confidentiality, data sharing, and financial responsibilities. By defining these parameters, the agreement aims to facilitate a smooth and efficient research process while protecting the interests of all parties involved. Additionally, the Cuyahoga Ohio Agreement to Conduct Product Development Research encourages collaboration and knowledge sharing within the region. By working together on product development initiatives, businesses and organizations can leverage each other's expertise, resources, and networks. Such collaborations often result in the development of innovative products that can boost the regional economy and generate new employment opportunities. It is worth noting that there may be different types or variations of the Cuyahoga Ohio Agreement to Conduct Product Development Research, depending on the specific circumstances and requirements of the parties involved. For example, some variations of this agreement may focus on specific industries such as healthcare, technology, or manufacturing, tailoring the terms to meet the unique needs and challenges of those fields. Other versions may be geared towards collaborative research efforts between private enterprises and academic institutions to foster innovation and knowledge transfer. Ultimately, the Cuyahoga Ohio Agreement to Conduct Product Development Research aims to create a supportive environment for product development in the region and foster partnerships that can drive economic growth and innovation. By establishing a clear framework for research collaboration and protecting the rights of all parties involved, this agreement serves as a catalyst for transformative product development initiatives in Cuyahoga County, Ohio.The Cuyahoga Ohio Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research will be conducted in the Cuyahoga County, Ohio region. This agreement serves as a critical tool for businesses and organizations looking to forge partnerships and collaborate on innovative product development projects. The primary objective of the Cuyahoga Ohio Agreement to Conduct Product Development Research is to provide a framework for cooperation between the parties involved in the research efforts. It establishes clear guidelines on intellectual property rights, confidentiality, data sharing, and financial responsibilities. By defining these parameters, the agreement aims to facilitate a smooth and efficient research process while protecting the interests of all parties involved. Additionally, the Cuyahoga Ohio Agreement to Conduct Product Development Research encourages collaboration and knowledge sharing within the region. By working together on product development initiatives, businesses and organizations can leverage each other's expertise, resources, and networks. Such collaborations often result in the development of innovative products that can boost the regional economy and generate new employment opportunities. It is worth noting that there may be different types or variations of the Cuyahoga Ohio Agreement to Conduct Product Development Research, depending on the specific circumstances and requirements of the parties involved. For example, some variations of this agreement may focus on specific industries such as healthcare, technology, or manufacturing, tailoring the terms to meet the unique needs and challenges of those fields. Other versions may be geared towards collaborative research efforts between private enterprises and academic institutions to foster innovation and knowledge transfer. Ultimately, the Cuyahoga Ohio Agreement to Conduct Product Development Research aims to create a supportive environment for product development in the region and foster partnerships that can drive economic growth and innovation. By establishing a clear framework for research collaboration and protecting the rights of all parties involved, this agreement serves as a catalyst for transformative product development initiatives in Cuyahoga County, Ohio.
