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 Fulton Georgia Agreement to Conduct Product Development Research is a comprehensive and legal document that outlines the terms and conditions between parties involved in the research and development of a product. This agreement serves as a blueprint for businesses and individuals seeking to collaborate on innovative projects, where Fulton, Georgia, serves as the jurisdiction. The primary objective of the Fulton Georgia Agreement to Conduct Product Development Research is to establish the obligations, responsibilities, and ownership rights of each party involved in the research project. It specifies the scope of work, timelines, financial considerations, and intellectual property rights related to the development of the product. Under this agreement, the parties involved are typically defined as the "Developer" and the "Sponsor." The Developer is responsible for conducting the research and development activities, while the Sponsor provides the necessary funding and resources for the project. However, it should be noted that these terms can be customized based on the specific requirements of the parties involved. The agreement delineates the methodology for conducting the research, including the creation of prototypes, conducting experiments, and carrying out feasibility studies. It also sets out the reporting and progress assessment mechanisms to keep all parties informed of the project's status. To establish clear guidelines for the financial aspect, the agreement covers funding mechanisms, cost allocation, reimbursement policies, and any potential revenue-sharing arrangements resulting from the product's commercialization. Intellectual property rights are a crucial component of the Fulton Georgia Agreement to Conduct Product Development Research. It defines how ownership and utilization of intellectual property, including patents, copyrights, and trademarks, will be managed. The parties involved may agree to assign ownership of the developed IP to one party, share it jointly, or grant specific licenses. Additionally, the agreement may include clauses related to confidentiality and non-disclosure to protect sensitive information shared during the research process. This includes trade secrets, proprietary data, and any other information that is considered confidential. Overall, the Fulton Georgia Agreement to Conduct Product Development Research provides a comprehensive framework for parties engaged in product development activities. It ensures transparency, protects intellectual property, clarifies financial aspects, and promotes collaboration for successful project completion.The Fulton Georgia Agreement to Conduct Product Development Research is a comprehensive and legal document that outlines the terms and conditions between parties involved in the research and development of a product. This agreement serves as a blueprint for businesses and individuals seeking to collaborate on innovative projects, where Fulton, Georgia, serves as the jurisdiction. The primary objective of the Fulton Georgia Agreement to Conduct Product Development Research is to establish the obligations, responsibilities, and ownership rights of each party involved in the research project. It specifies the scope of work, timelines, financial considerations, and intellectual property rights related to the development of the product. Under this agreement, the parties involved are typically defined as the "Developer" and the "Sponsor." The Developer is responsible for conducting the research and development activities, while the Sponsor provides the necessary funding and resources for the project. However, it should be noted that these terms can be customized based on the specific requirements of the parties involved. The agreement delineates the methodology for conducting the research, including the creation of prototypes, conducting experiments, and carrying out feasibility studies. It also sets out the reporting and progress assessment mechanisms to keep all parties informed of the project's status. To establish clear guidelines for the financial aspect, the agreement covers funding mechanisms, cost allocation, reimbursement policies, and any potential revenue-sharing arrangements resulting from the product's commercialization. Intellectual property rights are a crucial component of the Fulton Georgia Agreement to Conduct Product Development Research. It defines how ownership and utilization of intellectual property, including patents, copyrights, and trademarks, will be managed. The parties involved may agree to assign ownership of the developed IP to one party, share it jointly, or grant specific licenses. Additionally, the agreement may include clauses related to confidentiality and non-disclosure to protect sensitive information shared during the research process. This includes trade secrets, proprietary data, and any other information that is considered confidential. Overall, the Fulton Georgia Agreement to Conduct Product Development Research provides a comprehensive framework for parties engaged in product development activities. It ensures transparency, protects intellectual property, clarifies financial aspects, and promotes collaboration for successful project completion.
