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?
Oakland Michigan Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions of a research collaboration between two parties in the field of product development. This agreement is specifically designed to govern the partnership between a company or organization and a research institution or individual in Oakland, Michigan. The agreement establishes the primary objectives of the research, the roles and responsibilities of each party, and the specific guidelines to be followed throughout the product development process. It ensures that the partnership operates within legal and ethical boundaries and safeguards the interests of both parties involved. Some keywords that are relevant to the Oakland Michigan Agreement to Conduct Product Development Research include: 1. Research Collaboration: This agreement emphasizes the collaborative nature of the partnership and highlights the need for mutual cooperation and exchange of knowledge between the participating parties. 2. Intellectual Property (IP) Rights: The agreement addresses the ownership and protection of intellectual property generated during the research project. It clearly defines the rights and obligations of each party regarding any inventions, patents, copyrights, or trade secrets. 3. Confidentiality: This clause outlines the obligations of both parties to maintain strict confidentiality regarding any trade secrets, proprietary information, or sensitive data shared during the research project. 4. Scope of Work: The agreement specifies the specific scope, goals, and objectives of the product development research. It describes the methodology, research design, and timeline for the project, providing a clear roadmap for the participants. 5. Liability and Indemnification: This section sets forth the liabilities and responsibilities of each party in case of any damages, losses, or disputes arising from the research collaboration. It also addresses the indemnification process to protect both parties from potential legal claims. Different types of Oakland Michigan Agreements to Conduct Product Development Research can include: 1. University-Industry Agreement: This agreement occurs when a research institution, such as a university, collaborates with a private company or industry partner to conduct product development research. It typically involves the exchange of resources, expertise, and funding to facilitate the research project. 2. Inter-company Agreement: This type of agreement is established between two companies operating in Oakland, Michigan, with complementary knowledge or expertise in product development. They join forces sharing resources, minimize risks, and leverage each other's strengths to achieve their research objectives. 3. Non-profit Organization Collaboration: In specific cases, non-profit organizations in Oakland, Michigan, may enter into agreements with research institutions or companies to conduct product development research, aiming to address social or humanitarian needs. Overall, the Oakland Michigan Agreement to Conduct Product Development Research is a crucial legal document that lays the foundation for a successful collaboration between entities involved in product development research in Oakland, Michigan. It ensures clarity, protects intellectual property, fosters cooperation, and sets expectations for all parties involved, facilitating the advancement of knowledge and the development of innovative products.Oakland Michigan Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions of a research collaboration between two parties in the field of product development. This agreement is specifically designed to govern the partnership between a company or organization and a research institution or individual in Oakland, Michigan. The agreement establishes the primary objectives of the research, the roles and responsibilities of each party, and the specific guidelines to be followed throughout the product development process. It ensures that the partnership operates within legal and ethical boundaries and safeguards the interests of both parties involved. Some keywords that are relevant to the Oakland Michigan Agreement to Conduct Product Development Research include: 1. Research Collaboration: This agreement emphasizes the collaborative nature of the partnership and highlights the need for mutual cooperation and exchange of knowledge between the participating parties. 2. Intellectual Property (IP) Rights: The agreement addresses the ownership and protection of intellectual property generated during the research project. It clearly defines the rights and obligations of each party regarding any inventions, patents, copyrights, or trade secrets. 3. Confidentiality: This clause outlines the obligations of both parties to maintain strict confidentiality regarding any trade secrets, proprietary information, or sensitive data shared during the research project. 4. Scope of Work: The agreement specifies the specific scope, goals, and objectives of the product development research. It describes the methodology, research design, and timeline for the project, providing a clear roadmap for the participants. 5. Liability and Indemnification: This section sets forth the liabilities and responsibilities of each party in case of any damages, losses, or disputes arising from the research collaboration. It also addresses the indemnification process to protect both parties from potential legal claims. Different types of Oakland Michigan Agreements to Conduct Product Development Research can include: 1. University-Industry Agreement: This agreement occurs when a research institution, such as a university, collaborates with a private company or industry partner to conduct product development research. It typically involves the exchange of resources, expertise, and funding to facilitate the research project. 2. Inter-company Agreement: This type of agreement is established between two companies operating in Oakland, Michigan, with complementary knowledge or expertise in product development. They join forces sharing resources, minimize risks, and leverage each other's strengths to achieve their research objectives. 3. Non-profit Organization Collaboration: In specific cases, non-profit organizations in Oakland, Michigan, may enter into agreements with research institutions or companies to conduct product development research, aiming to address social or humanitarian needs. Overall, the Oakland Michigan Agreement to Conduct Product Development Research is a crucial legal document that lays the foundation for a successful collaboration between entities involved in product development research in Oakland, Michigan. It ensures clarity, protects intellectual property, fosters cooperation, and sets expectations for all parties involved, facilitating the advancement of knowledge and the development of innovative products.
