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?
Montgomery Maryland Agreement to Conduct Product Development Research: The Montgomery Maryland Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions between two parties involved in product development research activities within Montgomery County, Maryland. This agreement acts as a framework to facilitate and govern the research collaboration, ensuring clarity and protection of the rights and responsibilities of both parties. The main purpose of this agreement is to establish a partnership for conducting product development research with a focus on promoting innovation, advancing technology, and enhancing the economic growth of Montgomery County. This collaborative effort aims to leverage the intellectual capital and resources available in the county to drive successful product development endeavors. The agreement will typically cover various aspects related to the product development research, including the scope of research, project objectives, financial considerations, intellectual property rights, confidentiality provisions, and dispute resolution processes. It is designed to protect the interests of both parties involved and to establish the necessary framework for conducting research in a systematic and efficient manner. Some common types of Montgomery Maryland Agreement to Conduct Product Development Research include: 1. Government-Academic Partnership Agreement: This type of agreement is signed between a government entity and an educational institution or research center. It promotes collaboration between the public sector and academia to foster innovation and research in product development. 2. Industry-Academic Collaboration Agreement: This agreement is entered into between an industry organization and an academic institution. It facilitates the collaboration between the two entities for joint research and development activities aimed at creating new products or improving existing ones. 3. Public-Private Partnership (PPP) Agreement: This type of agreement involves a partnership between a government agency and a private sector company. It enables the commercialization of research outcomes by leveraging government resources and industry expertise. 4. Non-Disclosure Agreement (NDA): In some cases, prior to signing the Montgomery Maryland Agreement to Conduct Product Development Research, parties may also execute a Non-Disclosure Agreement. An NDA ensures the confidentiality of proprietary information shared between the parties during the research process. Overall, the Montgomery Maryland Agreement to Conduct Product Development Research serves as a critical tool for establishing a collaborative environment among various entities involved in product development research within Montgomery County. It provides a comprehensive framework for efficient research collaboration while safeguarding the rights and interests of all parties involved.Montgomery Maryland Agreement to Conduct Product Development Research: The Montgomery Maryland Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions between two parties involved in product development research activities within Montgomery County, Maryland. This agreement acts as a framework to facilitate and govern the research collaboration, ensuring clarity and protection of the rights and responsibilities of both parties. The main purpose of this agreement is to establish a partnership for conducting product development research with a focus on promoting innovation, advancing technology, and enhancing the economic growth of Montgomery County. This collaborative effort aims to leverage the intellectual capital and resources available in the county to drive successful product development endeavors. The agreement will typically cover various aspects related to the product development research, including the scope of research, project objectives, financial considerations, intellectual property rights, confidentiality provisions, and dispute resolution processes. It is designed to protect the interests of both parties involved and to establish the necessary framework for conducting research in a systematic and efficient manner. Some common types of Montgomery Maryland Agreement to Conduct Product Development Research include: 1. Government-Academic Partnership Agreement: This type of agreement is signed between a government entity and an educational institution or research center. It promotes collaboration between the public sector and academia to foster innovation and research in product development. 2. Industry-Academic Collaboration Agreement: This agreement is entered into between an industry organization and an academic institution. It facilitates the collaboration between the two entities for joint research and development activities aimed at creating new products or improving existing ones. 3. Public-Private Partnership (PPP) Agreement: This type of agreement involves a partnership between a government agency and a private sector company. It enables the commercialization of research outcomes by leveraging government resources and industry expertise. 4. Non-Disclosure Agreement (NDA): In some cases, prior to signing the Montgomery Maryland Agreement to Conduct Product Development Research, parties may also execute a Non-Disclosure Agreement. An NDA ensures the confidentiality of proprietary information shared between the parties during the research process. Overall, the Montgomery Maryland Agreement to Conduct Product Development Research serves as a critical tool for establishing a collaborative environment among various entities involved in product development research within Montgomery County. It provides a comprehensive framework for efficient research collaboration while safeguarding the rights and interests of all parties involved.
