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 Harris Texas Agreement to Conduct Product Development Research is a comprehensive contract between Harris Corporation, a leading technology company, and various entities located in Texas. This agreement outlines the terms, conditions, and obligations necessary to facilitate the collaboration between Harris Corporation and partners in conducting product development research in Texas. The primary purpose of this agreement is to lay down the groundwork for joint research activities focused on innovative product development in various industries. Through this agreement, Harris Corporation aims to harness the collective expertise and resources of Texas-based entities, thereby fostering technological advancements, boosting market competitiveness, and driving economic growth in the region. The Harris Texas Agreement to Conduct Product Development Research covers a wide range of research areas, including but not limited to telecommunications, aerospace, defense, healthcare, energy, and information technology. It serves as a specialized framework for both prevalent and emerging sectors, ensuring extensive reach and adaptability across industries. There might be different types of Harris Texas Agreement to Conduct Product Development Research, which are tailored to suit the specific requirements and objectives of different entities. These variations may include: 1. Harris Texas-U.S. Government Agreement: This type of agreement focuses on collaborative research efforts between Harris Corporation and various branches of the U.S. Government, such as the Department of Defense or NASA. It aims to address the specific technological needs and challenges faced by the government sectors. 2. Harris Texas-Industry Agreement: This agreement targets research collaborations with private sector companies and organizations located in Texas. It emphasizes joint product development initiatives to enhance industrial competitiveness and explore cutting-edge technologies within a specific market segment. 3. Harris Texas-Academic Institution Agreement: This particular type of agreement involves partnerships with educational institutions, universities, and research centers across Texas. It facilitates knowledge exchange, scientific research, and student engagement, with the ultimate goal of fostering innovation and talent development in various fields. 4. Harris Texas-Startup Collaboration Agreement: Harris Corporation acknowledges the significance of startups in driving technological disruption and encouraging entrepreneurship. This agreement variant is formed specifically to collaborate with Texas-based startups, providing them with access to resources, expertise, and mentorship to accelerate their product development journeys. In conclusion, the Harris Texas Agreement to Conduct Product Development Research represents a framework for extensive collaborations, bringing together Harris Corporation and various entities in Texas. By tailoring the agreement to suit different sectors and partnerships, it provides a solid foundation for research and development endeavors, propelling innovation and economic growth in the region.The Harris Texas Agreement to Conduct Product Development Research is a comprehensive contract between Harris Corporation, a leading technology company, and various entities located in Texas. This agreement outlines the terms, conditions, and obligations necessary to facilitate the collaboration between Harris Corporation and partners in conducting product development research in Texas. The primary purpose of this agreement is to lay down the groundwork for joint research activities focused on innovative product development in various industries. Through this agreement, Harris Corporation aims to harness the collective expertise and resources of Texas-based entities, thereby fostering technological advancements, boosting market competitiveness, and driving economic growth in the region. The Harris Texas Agreement to Conduct Product Development Research covers a wide range of research areas, including but not limited to telecommunications, aerospace, defense, healthcare, energy, and information technology. It serves as a specialized framework for both prevalent and emerging sectors, ensuring extensive reach and adaptability across industries. There might be different types of Harris Texas Agreement to Conduct Product Development Research, which are tailored to suit the specific requirements and objectives of different entities. These variations may include: 1. Harris Texas-U.S. Government Agreement: This type of agreement focuses on collaborative research efforts between Harris Corporation and various branches of the U.S. Government, such as the Department of Defense or NASA. It aims to address the specific technological needs and challenges faced by the government sectors. 2. Harris Texas-Industry Agreement: This agreement targets research collaborations with private sector companies and organizations located in Texas. It emphasizes joint product development initiatives to enhance industrial competitiveness and explore cutting-edge technologies within a specific market segment. 3. Harris Texas-Academic Institution Agreement: This particular type of agreement involves partnerships with educational institutions, universities, and research centers across Texas. It facilitates knowledge exchange, scientific research, and student engagement, with the ultimate goal of fostering innovation and talent development in various fields. 4. Harris Texas-Startup Collaboration Agreement: Harris Corporation acknowledges the significance of startups in driving technological disruption and encouraging entrepreneurship. This agreement variant is formed specifically to collaborate with Texas-based startups, providing them with access to resources, expertise, and mentorship to accelerate their product development journeys. In conclusion, the Harris Texas Agreement to Conduct Product Development Research represents a framework for extensive collaborations, bringing together Harris Corporation and various entities in Texas. By tailoring the agreement to suit different sectors and partnerships, it provides a solid foundation for research and development endeavors, propelling innovation and economic growth in the region.
