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?
Houston, Texas Agreement to Conduct Product Development Research: A Comprehensive Overview Introduction: The Houston, Texas Agreement to Conduct Product Development Research refers to a legally binding arrangement established between two or more parties to engage in collaborative research activities aimed at advancing product development within the Houston, Texas area. This agreement outlines the terms and conditions pertaining to the research project and provides a framework for efficient and effective collaboration. Key Elements of the Agreement: 1. Purpose and Scope: The agreement clearly defines the purpose and objectives of the product development research. It outlines the specific research goals, desired outcomes, and the intended impact on the industry or market. The scope of the research is also clearly stated, indicating the boundaries and limitations of the project. 2. Participants and Roles: The agreement identifies and includes all participating entities involved in the research project. This may include businesses, research institutions, universities, or government agencies. Each participant's roles and responsibilities are clearly defined, ensuring clarity and accountability throughout the duration of the research. 3. Duration and Termination: The agreement specifies the time frame for the research project, including the start and end dates. It may also outline conditions under which the agreement can be terminated, such as breach of terms, failure to meet milestones, or mutual consent. 4. Intellectual Property (IP) Rights: Intellectual property rights play a critical role in any research collaboration. The agreement addresses the ownership, usage, protection, and commercialization of intellectual property resulting from the research. It may establish protocols for IP rights sharing, licensing, confidentiality, and proper attribution of contributions. 5. Funding and Resources: Funding and resource allocation are integral components of the agreement. It outlines the financial obligations of each participant, including contributions towards research expenses, equipment, materials, or personnel. The agreement may also specify the mechanism for resource sharing, cost-sharing, and budgeting. Types of Houston, Texas Agreement to Conduct Product Development Research: While specific types of agreements may vary depending on the nature of the research project, some common Houston, Texas Agreement to Conduct Product Development Research variations include: 1. Public-Private Partnerships (PPP): These agreements involve collaborations between public entities, such as government agencies or research institutions, and private sector entities, typically businesses. PPP aim to leverage the respective strengths of each partner to accelerate product development and foster economic growth within the Houston, Texas region. 2. University-Industry Collaboration: These agreements typically involve partnerships between universities or research institutions and industries. The goal is to combine academic expertise with industry know-how to develop innovative products and technologies. These collaborations often lead to knowledge transfer and commercialization opportunities. 3. Consortium Agreements: Consortium agreements involve multiple parties, including businesses, research organizations, and government agencies, who collectively contribute expertise, resources, and funding toward a specific research project. These agreements foster collaboration, knowledge sharing, and risk mitigation among the participating entities. In conclusion, the Houston, Texas Agreement to Conduct Product Development Research serves as a vital instrument to facilitate collaborative research endeavors and drive innovation within the region. By clearly defining the purpose, roles, IP rights, funding, and resources, this agreement establishes a solid foundation for successful and mutually beneficial product development research collaborations in Houston, Texas.Houston, Texas Agreement to Conduct Product Development Research: A Comprehensive Overview Introduction: The Houston, Texas Agreement to Conduct Product Development Research refers to a legally binding arrangement established between two or more parties to engage in collaborative research activities aimed at advancing product development within the Houston, Texas area. This agreement outlines the terms and conditions pertaining to the research project and provides a framework for efficient and effective collaboration. Key Elements of the Agreement: 1. Purpose and Scope: The agreement clearly defines the purpose and objectives of the product development research. It outlines the specific research goals, desired outcomes, and the intended impact on the industry or market. The scope of the research is also clearly stated, indicating the boundaries and limitations of the project. 2. Participants and Roles: The agreement identifies and includes all participating entities involved in the research project. This may include businesses, research institutions, universities, or government agencies. Each participant's roles and responsibilities are clearly defined, ensuring clarity and accountability throughout the duration of the research. 3. Duration and Termination: The agreement specifies the time frame for the research project, including the start and end dates. It may also outline conditions under which the agreement can be terminated, such as breach of terms, failure to meet milestones, or mutual consent. 4. Intellectual Property (IP) Rights: Intellectual property rights play a critical role in any research collaboration. The agreement addresses the ownership, usage, protection, and commercialization of intellectual property resulting from the research. It may establish protocols for IP rights sharing, licensing, confidentiality, and proper attribution of contributions. 5. Funding and Resources: Funding and resource allocation are integral components of the agreement. It outlines the financial obligations of each participant, including contributions towards research expenses, equipment, materials, or personnel. The agreement may also specify the mechanism for resource sharing, cost-sharing, and budgeting. Types of Houston, Texas Agreement to Conduct Product Development Research: While specific types of agreements may vary depending on the nature of the research project, some common Houston, Texas Agreement to Conduct Product Development Research variations include: 1. Public-Private Partnerships (PPP): These agreements involve collaborations between public entities, such as government agencies or research institutions, and private sector entities, typically businesses. PPP aim to leverage the respective strengths of each partner to accelerate product development and foster economic growth within the Houston, Texas region. 2. University-Industry Collaboration: These agreements typically involve partnerships between universities or research institutions and industries. The goal is to combine academic expertise with industry know-how to develop innovative products and technologies. These collaborations often lead to knowledge transfer and commercialization opportunities. 3. Consortium Agreements: Consortium agreements involve multiple parties, including businesses, research organizations, and government agencies, who collectively contribute expertise, resources, and funding toward a specific research project. These agreements foster collaboration, knowledge sharing, and risk mitigation among the participating entities. In conclusion, the Houston, Texas Agreement to Conduct Product Development Research serves as a vital instrument to facilitate collaborative research endeavors and drive innovation within the region. By clearly defining the purpose, roles, IP rights, funding, and resources, this agreement establishes a solid foundation for successful and mutually beneficial product development research collaborations in Houston, Texas.
