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 Hillsborough Florida Agreement to Conduct Product Development Research is a legal agreement that outlines the terms and conditions for conducting research and development activities in Hillsborough County, Florida. This agreement is specifically designed to facilitate and support product development initiatives in the region. It provides a framework to protect the interests of both the research entity and the county, while promoting innovation, economic growth, and the creation of new job opportunities. The agreement encompasses various key aspects, such as scope, duration, responsibilities, and financial considerations. It defines the specific goals and objectives of the product development research, including the nature of the products to be developed, potential markets, and technological advancements to be achieved. The agreement highlights the importance of intellectual property rights, confidentiality, and data protection throughout the research process. One type of Hillsborough Florida Agreement to Conduct Product Development Research focuses on collaboration between the county and private research organizations. This type of agreement supports research entities in securing financial and non-financial resources, including grants, tax incentives, or access to specialized facilities in Hillsborough County. It encourages knowledge exchange and the integration of local expertise to maximize the chances of successful product development outcomes. Another type of Hillsborough Florida Agreement to Conduct Product Development Research targets partnerships between the county and educational institutions. These agreements aim to foster innovation and cultivate talent by providing opportunities for students and researchers to work on real-world product development projects. Such collaborations often involve the county providing financial support or assets, while the educational institution offers access to their research facilities, experts, and enthusiastic students. Furthermore, the Hillsborough Florida Agreement to Conduct Product Development Research might also extend to contracts between the county and individual businesses seeking to conduct product development research within the region. These agreements focus on leveraging the county's resources and business-friendly environment to stimulate innovation and drive economic growth. Overall, the Hillsborough Florida Agreement to Conduct Product Development Research serves as an essential tool for promoting collaboration and driving progress in the field of product development. It offers a clear framework to attract research entities, educational institutions, and businesses to Hillsborough County, fostering a vibrant ecosystem of innovation and advancement.The Hillsborough Florida Agreement to Conduct Product Development Research is a legal agreement that outlines the terms and conditions for conducting research and development activities in Hillsborough County, Florida. This agreement is specifically designed to facilitate and support product development initiatives in the region. It provides a framework to protect the interests of both the research entity and the county, while promoting innovation, economic growth, and the creation of new job opportunities. The agreement encompasses various key aspects, such as scope, duration, responsibilities, and financial considerations. It defines the specific goals and objectives of the product development research, including the nature of the products to be developed, potential markets, and technological advancements to be achieved. The agreement highlights the importance of intellectual property rights, confidentiality, and data protection throughout the research process. One type of Hillsborough Florida Agreement to Conduct Product Development Research focuses on collaboration between the county and private research organizations. This type of agreement supports research entities in securing financial and non-financial resources, including grants, tax incentives, or access to specialized facilities in Hillsborough County. It encourages knowledge exchange and the integration of local expertise to maximize the chances of successful product development outcomes. Another type of Hillsborough Florida Agreement to Conduct Product Development Research targets partnerships between the county and educational institutions. These agreements aim to foster innovation and cultivate talent by providing opportunities for students and researchers to work on real-world product development projects. Such collaborations often involve the county providing financial support or assets, while the educational institution offers access to their research facilities, experts, and enthusiastic students. Furthermore, the Hillsborough Florida Agreement to Conduct Product Development Research might also extend to contracts between the county and individual businesses seeking to conduct product development research within the region. These agreements focus on leveraging the county's resources and business-friendly environment to stimulate innovation and drive economic growth. Overall, the Hillsborough Florida Agreement to Conduct Product Development Research serves as an essential tool for promoting collaboration and driving progress in the field of product development. It offers a clear framework to attract research entities, educational institutions, and businesses to Hillsborough County, fostering a vibrant ecosystem of innovation and advancement.
