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 Nassau New York Agreement to Conduct Product Development Research is a comprehensive accord that outlines the terms and conditions for conducting research and development activities related to a specific product or technology within the geographic boundaries of Nassau County, New York. This agreement serves as a legal framework between multiple parties involved in the product development process, such as manufacturers, developers, researchers, and government entities. The primary objective of this agreement is to foster collaborations and partnerships among various stakeholders to drive innovation, enhance product development, and stimulate economic growth within the region. It establishes guidelines for sharing resources, knowledge, and expertise while ensuring compliance with applicable regulations and intellectual property rights. This agreement typically encompasses the following key aspects: 1. Parties Involved: It identifies and lists all parties involved in the agreement. This may include manufacturers, research institutions, universities, government bodies, and other relevant entities. 2. Scope and Objectives: The agreement defines the scope of the product development research, outlining the specific areas, technologies, or fields of study to be explored. It also sets clear objectives, such as developing prototypes, conducting market research, or addressing specific challenges. 3. Responsibilities and Contributions: The agreement outlines the responsibilities and contributions expected from each party involved. This includes sharing resources, funding, technical expertise, manpower, and facilities necessary for the research and development process. 4. Intellectual Property Rights: In order to protect the interests of all involved parties, the agreement addresses issues related to intellectual property ownership, usage, and licensing. It defines how intellectual property generated throughout the research will be shared or independently owned by the parties involved. 5. Confidentiality and Data Protection: As research and development often involve sensitive information, the agreement includes provisions for maintaining confidentiality, safeguarding proprietary data, and adhering to relevant data protection regulations. 6. Project Management and Reporting: The agreement establishes a project management framework that outlines the procedures for monitoring and reporting progress. This includes periodic reporting, project milestones, and mechanisms for resolving disputes or disagreements. Types of Nassau New York Agreements to Conduct Product Development Research: While the specific types of agreements may vary depending on the nature of the product or technology being developed, some examples include: 1. Industry-Academia Research Agreements: These agreements involve collaborations between industry companies and academic institutions to conduct joint research and development, combining academic knowledge with industrial expertise. 2. Public-Private Partnerships (PPP): These agreements involve partnerships between government bodies and private entities to stimulate product development activities aligned with regional economic development plans. It aims to leverage public resources, infrastructure, and expertise to accelerate research and innovation. 3. Joint Venture Agreements: In certain cases, parties may opt for a joint venture agreement, forming a new legal entity to conduct product development research. This allows for the pooling of resources, sharing risks, and deriving shared benefits. Overall, the Nassau New York Agreement to Conduct Product Development Research serves as a vital mechanism to promote collaboration, innovation, and economic growth within Nassau County, facilitating the development of novel products and technologies that can contribute to the betterment of society.The Nassau New York Agreement to Conduct Product Development Research is a comprehensive accord that outlines the terms and conditions for conducting research and development activities related to a specific product or technology within the geographic boundaries of Nassau County, New York. This agreement serves as a legal framework between multiple parties involved in the product development process, such as manufacturers, developers, researchers, and government entities. The primary objective of this agreement is to foster collaborations and partnerships among various stakeholders to drive innovation, enhance product development, and stimulate economic growth within the region. It establishes guidelines for sharing resources, knowledge, and expertise while ensuring compliance with applicable regulations and intellectual property rights. This agreement typically encompasses the following key aspects: 1. Parties Involved: It identifies and lists all parties involved in the agreement. This may include manufacturers, research institutions, universities, government bodies, and other relevant entities. 2. Scope and Objectives: The agreement defines the scope of the product development research, outlining the specific areas, technologies, or fields of study to be explored. It also sets clear objectives, such as developing prototypes, conducting market research, or addressing specific challenges. 3. Responsibilities and Contributions: The agreement outlines the responsibilities and contributions expected from each party involved. This includes sharing resources, funding, technical expertise, manpower, and facilities necessary for the research and development process. 4. Intellectual Property Rights: In order to protect the interests of all involved parties, the agreement addresses issues related to intellectual property ownership, usage, and licensing. It defines how intellectual property generated throughout the research will be shared or independently owned by the parties involved. 5. Confidentiality and Data Protection: As research and development often involve sensitive information, the agreement includes provisions for maintaining confidentiality, safeguarding proprietary data, and adhering to relevant data protection regulations. 6. Project Management and Reporting: The agreement establishes a project management framework that outlines the procedures for monitoring and reporting progress. This includes periodic reporting, project milestones, and mechanisms for resolving disputes or disagreements. Types of Nassau New York Agreements to Conduct Product Development Research: While the specific types of agreements may vary depending on the nature of the product or technology being developed, some examples include: 1. Industry-Academia Research Agreements: These agreements involve collaborations between industry companies and academic institutions to conduct joint research and development, combining academic knowledge with industrial expertise. 2. Public-Private Partnerships (PPP): These agreements involve partnerships between government bodies and private entities to stimulate product development activities aligned with regional economic development plans. It aims to leverage public resources, infrastructure, and expertise to accelerate research and innovation. 3. Joint Venture Agreements: In certain cases, parties may opt for a joint venture agreement, forming a new legal entity to conduct product development research. This allows for the pooling of resources, sharing risks, and deriving shared benefits. Overall, the Nassau New York Agreement to Conduct Product Development Research serves as a vital mechanism to promote collaboration, innovation, and economic growth within Nassau County, facilitating the development of novel products and technologies that can contribute to the betterment of society.
