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?
Philadelphia Pennsylvania Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions between two or more parties involved in conducting product development research within the state of Pennsylvania. This agreement serves as a formal agreement, binding the involved parties, and ensuring that all parties adhere to certain guidelines and obligations during the research process. The purpose of this agreement is to provide a framework for undertaking product development research activities in Philadelphia, Pennsylvania. It lays out important provisions for the research project, including the roles and responsibilities of each party, the objectives, timeline, and financial arrangements. The agreement also addresses intellectual property rights, confidentiality, and any other legal considerations. Keywords: Philadelphia Pennsylvania, agreement, product development research, legal document, terms and conditions, parties, guidelines, obligations, research project, roles and responsibilities, objectives, timeline, financial arrangements, intellectual property rights, confidentiality, legal considerations. Different types of Philadelphia Pennsylvania Agreement to Conduct Product Development Research may include: 1. Exclusive Product Development Research Agreement: This type of agreement grants exclusive rights to conduct the product development research solely to a particular party. Other parties are restricted from conducting similar research during the defined period. 2. Non-Exclusive Product Development Research Agreement: In this type of agreement, multiple parties are allowed to conduct the product development research simultaneously or during different periods while adhering to the specified terms and conditions. 3. Collaborative Product Development Research Agreement: This agreement involves multiple parties collaborating on the research project, pooling their resources, and sharing responsibilities, costs, and outcomes. 4. Sponsorship Agreement for Product Development Research: This type of agreement involves one party providing financial or other support for the product development research project, while the other party carries out the research activities. 5. Government-funded Product Development Research Agreement: This agreement pertains to research projects supported by governmental organizations or agencies. It outlines the terms and conditions provided by the government entity and the obligations and requirements of the research party. These various types of Philadelphia Pennsylvania Agreement to Conduct Product Development Research provide flexibility and customization options for the parties involved to suit their specific needs and circumstances.Philadelphia Pennsylvania Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions between two or more parties involved in conducting product development research within the state of Pennsylvania. This agreement serves as a formal agreement, binding the involved parties, and ensuring that all parties adhere to certain guidelines and obligations during the research process. The purpose of this agreement is to provide a framework for undertaking product development research activities in Philadelphia, Pennsylvania. It lays out important provisions for the research project, including the roles and responsibilities of each party, the objectives, timeline, and financial arrangements. The agreement also addresses intellectual property rights, confidentiality, and any other legal considerations. Keywords: Philadelphia Pennsylvania, agreement, product development research, legal document, terms and conditions, parties, guidelines, obligations, research project, roles and responsibilities, objectives, timeline, financial arrangements, intellectual property rights, confidentiality, legal considerations. Different types of Philadelphia Pennsylvania Agreement to Conduct Product Development Research may include: 1. Exclusive Product Development Research Agreement: This type of agreement grants exclusive rights to conduct the product development research solely to a particular party. Other parties are restricted from conducting similar research during the defined period. 2. Non-Exclusive Product Development Research Agreement: In this type of agreement, multiple parties are allowed to conduct the product development research simultaneously or during different periods while adhering to the specified terms and conditions. 3. Collaborative Product Development Research Agreement: This agreement involves multiple parties collaborating on the research project, pooling their resources, and sharing responsibilities, costs, and outcomes. 4. Sponsorship Agreement for Product Development Research: This type of agreement involves one party providing financial or other support for the product development research project, while the other party carries out the research activities. 5. Government-funded Product Development Research Agreement: This agreement pertains to research projects supported by governmental organizations or agencies. It outlines the terms and conditions provided by the government entity and the obligations and requirements of the research party. These various types of Philadelphia Pennsylvania Agreement to Conduct Product Development Research provide flexibility and customization options for the parties involved to suit their specific needs and circumstances.
