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?
Maricopa, Arizona Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions between two or more parties involved in conducting innovative research activities relating to product development within the Maricopa area, located in the state of Arizona. This agreement serves as a guideline to ensure smooth collaboration and protect the interests of all parties involved. Key elements of the Maricopa, Arizona Agreement to Conduct Product Development Research may include but are not limited to: 1. Purpose: Clearly defining the objective and scope of the research project, describing the specific product being developed, and outlining the anticipated outcomes and benefits. 2. Parties Involved: Identifying all participating parties, including individuals, organizations, or businesses. Different types of Maricopa, Arizona Agreements to Conduct Product Development Research may involve various combinations of private companies, research institutions, universities, government entities, or non-profit organizations. 3. Responsibilities: Specifying the roles and responsibilities of each party regarding the research project, including financial contributions, human resources, intellectual property rights, and project management duties. It is crucial to clearly outline how costs, risks, and rewards will be shared among the parties. 4. Timeline: Establishing a well-defined timeline for the research project, including specific milestones, deadlines, and reporting requirements. This ensures that the project remains on track and progress can be adequately monitored. 5. Confidentiality and Intellectual Property: Addressing the protection and ownership of intellectual property generated during the research project. This section may include stipulations regarding non-disclosure agreements, patent filing procedures, and rights to commercialize or license any resulting products. 6. Data and Publications: Considering how data generated during the research project will be shared, stored, and published. Parties may establish guidelines for joint publications, data sharing agreements, and access provisions. 7. Funding and Resources: Detailing the financial arrangements, including financial obligations, budget allocations, and the disbursement of funds. This section may also address resource sharing, equipment usage, and facilities arrangements. 8. Termination and Dispute Resolution: Outlining conditions under which either party may terminate the agreement, as well as mechanisms for resolving disputes or conflicts that may arise during the research project. Different types of Maricopa, Arizona Agreements to Conduct Product Development Research may cater to specific industries, such as technology, healthcare, renewable energy, or agriculture. Additionally, these agreements may vary in complexity and context, depending on whether they are one-time collaborations or part of an ongoing partnership. It is essential to consult legal professionals and subject-matter experts when drafting or entering into such agreements to ensure compliance with local, state, and federal laws, as well as to protect the rights and interests of all parties involved.Maricopa, Arizona Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions between two or more parties involved in conducting innovative research activities relating to product development within the Maricopa area, located in the state of Arizona. This agreement serves as a guideline to ensure smooth collaboration and protect the interests of all parties involved. Key elements of the Maricopa, Arizona Agreement to Conduct Product Development Research may include but are not limited to: 1. Purpose: Clearly defining the objective and scope of the research project, describing the specific product being developed, and outlining the anticipated outcomes and benefits. 2. Parties Involved: Identifying all participating parties, including individuals, organizations, or businesses. Different types of Maricopa, Arizona Agreements to Conduct Product Development Research may involve various combinations of private companies, research institutions, universities, government entities, or non-profit organizations. 3. Responsibilities: Specifying the roles and responsibilities of each party regarding the research project, including financial contributions, human resources, intellectual property rights, and project management duties. It is crucial to clearly outline how costs, risks, and rewards will be shared among the parties. 4. Timeline: Establishing a well-defined timeline for the research project, including specific milestones, deadlines, and reporting requirements. This ensures that the project remains on track and progress can be adequately monitored. 5. Confidentiality and Intellectual Property: Addressing the protection and ownership of intellectual property generated during the research project. This section may include stipulations regarding non-disclosure agreements, patent filing procedures, and rights to commercialize or license any resulting products. 6. Data and Publications: Considering how data generated during the research project will be shared, stored, and published. Parties may establish guidelines for joint publications, data sharing agreements, and access provisions. 7. Funding and Resources: Detailing the financial arrangements, including financial obligations, budget allocations, and the disbursement of funds. This section may also address resource sharing, equipment usage, and facilities arrangements. 8. Termination and Dispute Resolution: Outlining conditions under which either party may terminate the agreement, as well as mechanisms for resolving disputes or conflicts that may arise during the research project. Different types of Maricopa, Arizona Agreements to Conduct Product Development Research may cater to specific industries, such as technology, healthcare, renewable energy, or agriculture. Additionally, these agreements may vary in complexity and context, depending on whether they are one-time collaborations or part of an ongoing partnership. It is essential to consult legal professionals and subject-matter experts when drafting or entering into such agreements to ensure compliance with local, state, and federal laws, as well as to protect the rights and interests of all parties involved.
