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?
Hennepin Minnesota Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions between parties involved in research and development activities in Hennepin County, Minnesota. This agreement establishes a framework for conducting product development research with a focus on innovation, collaborative efforts, and intellectual property protection. It is designed to facilitate the advancement of new products, technologies, and services while ensuring the interests of all parties are protected. The primary goal of the Hennepin Minnesota Agreement to Conduct Product Development Research is to foster partnerships between research institutions, companies, entrepreneurs, and government agencies to stimulate economic growth within Hennepin County. By encouraging collaborations, sharing resources, and promoting technological advancements, this agreement aims to position Hennepin County as a hub of innovation and a leader in product development. There are several types or variations of the Hennepin Minnesota Agreement to Conduct Product Development Research, each tailored to address specific areas of focus or industries. Some of these types include: 1. Technology Transfer Agreement: This type of agreement focuses on transferring technology from research institutions or universities to private companies or entrepreneurs. It outlines the terms for licensing intellectual property, commercializing inventions, and sharing royalties or profits. 2. Collaborative Research Agreement: This agreement emphasizes collaboration between multiple research institutions, companies, or government entities. It sets out the terms for joint research and development efforts, resource sharing, and intellectual property rights distribution. 3. Public-Private Partnership Agreement: This type of agreement outlines the terms for collaboration between government agencies or entities and private companies or research institutions. Its focus is on leveraging public and private resources to address specific challenges or promote economic development. 4. Product Development Joint Venture Agreement: This agreement is suited for joint ventures between two or more companies or entities to develop a new product or technology. It outlines the contributions, responsibilities, and profit-sharing arrangements between the parties involved. Regardless of the specific type, all Hennepin Minnesota Agreement to Conduct Product Development Research share common important elements. This includes provisions related to the scope of the project, funding and resource allocation, confidentiality and intellectual property protection, dispute resolution mechanisms, and termination clauses. Overall, the Hennepin Minnesota Agreement to Conduct Product Development Research offers a flexible framework supporting collaborations and innovation while assuring parties involved that their rights and interests are safeguarded. It encourages knowledge sharing, technology transfer, and economic growth, making it a crucial tool for promoting research and development in Hennepin County, Minnesota.Hennepin Minnesota Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions between parties involved in research and development activities in Hennepin County, Minnesota. This agreement establishes a framework for conducting product development research with a focus on innovation, collaborative efforts, and intellectual property protection. It is designed to facilitate the advancement of new products, technologies, and services while ensuring the interests of all parties are protected. The primary goal of the Hennepin Minnesota Agreement to Conduct Product Development Research is to foster partnerships between research institutions, companies, entrepreneurs, and government agencies to stimulate economic growth within Hennepin County. By encouraging collaborations, sharing resources, and promoting technological advancements, this agreement aims to position Hennepin County as a hub of innovation and a leader in product development. There are several types or variations of the Hennepin Minnesota Agreement to Conduct Product Development Research, each tailored to address specific areas of focus or industries. Some of these types include: 1. Technology Transfer Agreement: This type of agreement focuses on transferring technology from research institutions or universities to private companies or entrepreneurs. It outlines the terms for licensing intellectual property, commercializing inventions, and sharing royalties or profits. 2. Collaborative Research Agreement: This agreement emphasizes collaboration between multiple research institutions, companies, or government entities. It sets out the terms for joint research and development efforts, resource sharing, and intellectual property rights distribution. 3. Public-Private Partnership Agreement: This type of agreement outlines the terms for collaboration between government agencies or entities and private companies or research institutions. Its focus is on leveraging public and private resources to address specific challenges or promote economic development. 4. Product Development Joint Venture Agreement: This agreement is suited for joint ventures between two or more companies or entities to develop a new product or technology. It outlines the contributions, responsibilities, and profit-sharing arrangements between the parties involved. Regardless of the specific type, all Hennepin Minnesota Agreement to Conduct Product Development Research share common important elements. This includes provisions related to the scope of the project, funding and resource allocation, confidentiality and intellectual property protection, dispute resolution mechanisms, and termination clauses. Overall, the Hennepin Minnesota Agreement to Conduct Product Development Research offers a flexible framework supporting collaborations and innovation while assuring parties involved that their rights and interests are safeguarded. It encourages knowledge sharing, technology transfer, and economic growth, making it a crucial tool for promoting research and development in Hennepin County, Minnesota.
