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?
Miami-Dade Florida Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions for conducting research in the field of product development within Miami-Dade County, Florida. This agreement is designed to facilitate the collaboration between research organizations, businesses, and the local government in order to foster innovation and economic growth in the region. The agreement is typically divided into several sections to cover various aspects of the research process. These sections may include: 1. Purpose: This section provides an overview of the objectives and goals of the research project. It outlines the specific product or technology being developed and the potential benefits it may bring to Miami-Dade County. 2. Parties Involved: This section lists the parties entering into the agreement, including the research organization or company conducting the research, any sponsoring entities, and the Miami-Dade County government representatives. 3. Scope of Work: Here, the agreement describes the specific tasks, milestones, and deliverables to be accomplished during the research project. It outlines the methodologies, technologies, and resources that will be utilized to achieve the desired outcomes. 4. Duration and Termination: This section specifies the duration of the agreement, including the start and end dates. It also outlines conditions under which either party may terminate the agreement, such as non-compliance with the terms or failure to achieve predetermined objectives. 5. Intellectual Property Rights: The agreement addresses the ownership and protection of intellectual property resulting from the research. It defines how patents, copyrights, trade secrets, and other proprietary rights will be managed and shared among the parties involved. 6. Confidentiality: Confidentiality clauses ensure that sensitive information shared during the research project remains confidential and is not disclosed to unauthorized parties. It establishes the responsibilities of each party in maintaining confidentiality and the measures to be taken to protect intellectual property and trade secrets. 7. Liability and Indemnification: This section outlines the responsibilities of each party regarding any potential damages or claims arising from the research project. It establishes provisions for indemnification, insurance coverage, and limitations of liability to safeguard the parties involved. 8. Governing Law and Jurisdiction: This clause specifies the jurisdiction and applicable laws under which any legal disputes regarding the agreement will be resolved. Multiple variations of Miami-Dade Florida Agreements to Conduct Product Development Research may exist, tailored to specific industries or research fields. For example, there could be agreements focused on medical device development, renewable energy technologies, or software product research. Each type of agreement would reflect the unique requirements and considerations relevant to the associated industry or field. In conclusion, the Miami-Dade Florida Agreement to Conduct Product Development Research serves as a framework for promoting collaboration, innovation, and economic development within the county. It sets the terms and conditions for research projects and provides legal protections for the parties involved while fostering advancements in product development across various industries.Miami-Dade Florida Agreement to Conduct Product Development Research is a legal contract that outlines the terms and conditions for conducting research in the field of product development within Miami-Dade County, Florida. This agreement is designed to facilitate the collaboration between research organizations, businesses, and the local government in order to foster innovation and economic growth in the region. The agreement is typically divided into several sections to cover various aspects of the research process. These sections may include: 1. Purpose: This section provides an overview of the objectives and goals of the research project. It outlines the specific product or technology being developed and the potential benefits it may bring to Miami-Dade County. 2. Parties Involved: This section lists the parties entering into the agreement, including the research organization or company conducting the research, any sponsoring entities, and the Miami-Dade County government representatives. 3. Scope of Work: Here, the agreement describes the specific tasks, milestones, and deliverables to be accomplished during the research project. It outlines the methodologies, technologies, and resources that will be utilized to achieve the desired outcomes. 4. Duration and Termination: This section specifies the duration of the agreement, including the start and end dates. It also outlines conditions under which either party may terminate the agreement, such as non-compliance with the terms or failure to achieve predetermined objectives. 5. Intellectual Property Rights: The agreement addresses the ownership and protection of intellectual property resulting from the research. It defines how patents, copyrights, trade secrets, and other proprietary rights will be managed and shared among the parties involved. 6. Confidentiality: Confidentiality clauses ensure that sensitive information shared during the research project remains confidential and is not disclosed to unauthorized parties. It establishes the responsibilities of each party in maintaining confidentiality and the measures to be taken to protect intellectual property and trade secrets. 7. Liability and Indemnification: This section outlines the responsibilities of each party regarding any potential damages or claims arising from the research project. It establishes provisions for indemnification, insurance coverage, and limitations of liability to safeguard the parties involved. 8. Governing Law and Jurisdiction: This clause specifies the jurisdiction and applicable laws under which any legal disputes regarding the agreement will be resolved. Multiple variations of Miami-Dade Florida Agreements to Conduct Product Development Research may exist, tailored to specific industries or research fields. For example, there could be agreements focused on medical device development, renewable energy technologies, or software product research. Each type of agreement would reflect the unique requirements and considerations relevant to the associated industry or field. In conclusion, the Miami-Dade Florida Agreement to Conduct Product Development Research serves as a framework for promoting collaboration, innovation, and economic development within the county. It sets the terms and conditions for research projects and provides legal protections for the parties involved while fostering advancements in product development across various industries.
