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 Mecklenburg North Carolina Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research will be conducted in Mecklenburg County, North Carolina. This agreement is designed to protect the interests of all parties involved and ensure a smooth and collaborative research process. The purpose of the Mecklenburg North Carolina Agreement to Conduct Product Development Research is to establish a framework for cooperation between the research organization and the entity or individual seeking to conduct product development research. It encompasses a wide range of research activities, including but not limited to ideation, prototyping, testing, and refining of products. Research organizations, businesses, entrepreneurs, and academic institutions commonly use the Mecklenburg North Carolina Agreement to Conduct Product Development Research to safeguard their intellectual property rights, establish ownership of research outcomes, address confidentiality concerns, and define the scope and duration of the research project. This agreement also helps to define the roles and responsibilities of each party involved in the research process and establish clear guidelines for collaboration. Key provisions typically included in the Mecklenburg North Carolina Agreement to Conduct Product Development Research may include: 1. Purpose: Clearly defining the objective and scope of the research project and specifying the intended outcomes. 2. Term: Establishing the duration of the agreement and outlining any milestones or deadlines for the completion of different stages of the research project. 3. Confidentiality: Addressing the confidentiality concerns by including provisions that protect the confidentiality of proprietary information, trade secrets, and other sensitive research data. 4. Intellectual Property: Determining the ownership and rights to any intellectual property generated during the research process, including patents, copyrights, and trademarks. 5. Compensation: Outlining any financial obligations, including payment terms, compensation for research services, and reimbursement of expenses incurred during the research project. 6. Governing Law and Jurisdiction: Specifying the laws and courts that have jurisdiction over any disputes or legal matters arising from the agreement. 7. Termination: Clearly defining the circumstances under which the agreement can be terminated, including any notice periods or conditions for termination. While there may not be different types of the Mecklenburg North Carolina Agreement to Conduct Product Development Research, variations in specific terms and conditions can be customized based on the unique needs and preferences of the parties involved. Customization can ensure that the agreement aligns with the specific goals and requirements of the research project and serves the best interests of everyone involved.The Mecklenburg North Carolina Agreement to Conduct Product Development Research is a legally binding document that outlines the terms and conditions under which product development research will be conducted in Mecklenburg County, North Carolina. This agreement is designed to protect the interests of all parties involved and ensure a smooth and collaborative research process. The purpose of the Mecklenburg North Carolina Agreement to Conduct Product Development Research is to establish a framework for cooperation between the research organization and the entity or individual seeking to conduct product development research. It encompasses a wide range of research activities, including but not limited to ideation, prototyping, testing, and refining of products. Research organizations, businesses, entrepreneurs, and academic institutions commonly use the Mecklenburg North Carolina Agreement to Conduct Product Development Research to safeguard their intellectual property rights, establish ownership of research outcomes, address confidentiality concerns, and define the scope and duration of the research project. This agreement also helps to define the roles and responsibilities of each party involved in the research process and establish clear guidelines for collaboration. Key provisions typically included in the Mecklenburg North Carolina Agreement to Conduct Product Development Research may include: 1. Purpose: Clearly defining the objective and scope of the research project and specifying the intended outcomes. 2. Term: Establishing the duration of the agreement and outlining any milestones or deadlines for the completion of different stages of the research project. 3. Confidentiality: Addressing the confidentiality concerns by including provisions that protect the confidentiality of proprietary information, trade secrets, and other sensitive research data. 4. Intellectual Property: Determining the ownership and rights to any intellectual property generated during the research process, including patents, copyrights, and trademarks. 5. Compensation: Outlining any financial obligations, including payment terms, compensation for research services, and reimbursement of expenses incurred during the research project. 6. Governing Law and Jurisdiction: Specifying the laws and courts that have jurisdiction over any disputes or legal matters arising from the agreement. 7. Termination: Clearly defining the circumstances under which the agreement can be terminated, including any notice periods or conditions for termination. While there may not be different types of the Mecklenburg North Carolina Agreement to Conduct Product Development Research, variations in specific terms and conditions can be customized based on the unique needs and preferences of the parties involved. Customization can ensure that the agreement aligns with the specific goals and requirements of the research project and serves the best interests of everyone involved.
