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?
Title: Phoenix Arizona Agreement to Conduct Product Development Research: A Comprehensive Overview Introduction: The Phoenix Arizona Agreement to Conduct Product Development Research is a legally binding contract established between two or more parties to govern the collaborative development of products or services in the vibrant city of Phoenix, Arizona. This article aims to provide a detailed description of this agreement, outlining its key components, potential variations, and relevant keywords associated with it. Key Components: 1. Purpose: The agreement sets forth the objectives and purpose of conducting product development research within Phoenix, emphasizing the creation, enhancement, or improvement of a particular product or service. 2. Parties Involved: The contract identifies the participating parties involved in the research and development process, including the primary developer, potential co-developers, sponsors, and any other relevant stakeholders. 3. Scope of Work: This section defines the specific activities, tasks, and milestones to be undertaken during the product development research. It outlines the research methodology, data collection techniques, prototype design, testing procedures, and potential intellectual property considerations. 4. Confidentiality and Intellectual Property Rights: The agreement addresses the protection of confidential information shared during the research. It outlines the ownership rights of intellectual property (IP) generated throughout the process, including patents, copyrights, trademarks, and trade secrets. 5. Funding and Resources: This part discusses the financial aspects of the research project, specifying the contribution and responsibilities of each party towards funding, allocation of resources, and procurement requirements, if applicable. 6. Duration and Termination: The agreement defines the duration of the research project, highlighting the specific start and end dates. Additionally, it clarifies the circumstances under which the agreement may be terminated or extended, alongside the associated penalties or consequences. 7. Liability and Indemnity: This section outlines the obligations of the parties involved regarding indemnification and liability, detailing the responsibilities for any potential damages or liabilities arising from the research process. Types of Phoenix Arizona Agreement to Conduct Product Development Research: 1. Individual Research Agreement: This agreement is entered into between a single developer or researcher and a third party, facilitating the development of a product or service solely by one entity. 2. Collaborative Research Agreement: This type of agreement involves two or more entities combining their efforts, resources, and expertise to conduct research and develop a product jointly. It implies shared responsibilities and potential co-ownership of intellectual property. 3. Sponsored Research Agreement: This agreement is structured when one party, typically a sponsor such as a corporation, government agency, or nonprofit organization, provides funding or resources to another party for conducting product development research. Conclusion: The Phoenix Arizona Agreement to Conduct Product Development Research serves as a vital legal document that outlines the terms and conditions for collaborative efforts in developing innovative products or services. This comprehensive overview provided insights into its crucial components as well as highlighted different types like individual research agreements, collaborative research agreements, and sponsored research agreements. Utilizing these agreed-upon terms fosters fruitful research collaborations in Phoenix, Arizona, while safeguarding confidential information and fostering innovation within the region.Title: Phoenix Arizona Agreement to Conduct Product Development Research: A Comprehensive Overview Introduction: The Phoenix Arizona Agreement to Conduct Product Development Research is a legally binding contract established between two or more parties to govern the collaborative development of products or services in the vibrant city of Phoenix, Arizona. This article aims to provide a detailed description of this agreement, outlining its key components, potential variations, and relevant keywords associated with it. Key Components: 1. Purpose: The agreement sets forth the objectives and purpose of conducting product development research within Phoenix, emphasizing the creation, enhancement, or improvement of a particular product or service. 2. Parties Involved: The contract identifies the participating parties involved in the research and development process, including the primary developer, potential co-developers, sponsors, and any other relevant stakeholders. 3. Scope of Work: This section defines the specific activities, tasks, and milestones to be undertaken during the product development research. It outlines the research methodology, data collection techniques, prototype design, testing procedures, and potential intellectual property considerations. 4. Confidentiality and Intellectual Property Rights: The agreement addresses the protection of confidential information shared during the research. It outlines the ownership rights of intellectual property (IP) generated throughout the process, including patents, copyrights, trademarks, and trade secrets. 5. Funding and Resources: This part discusses the financial aspects of the research project, specifying the contribution and responsibilities of each party towards funding, allocation of resources, and procurement requirements, if applicable. 6. Duration and Termination: The agreement defines the duration of the research project, highlighting the specific start and end dates. Additionally, it clarifies the circumstances under which the agreement may be terminated or extended, alongside the associated penalties or consequences. 7. Liability and Indemnity: This section outlines the obligations of the parties involved regarding indemnification and liability, detailing the responsibilities for any potential damages or liabilities arising from the research process. Types of Phoenix Arizona Agreement to Conduct Product Development Research: 1. Individual Research Agreement: This agreement is entered into between a single developer or researcher and a third party, facilitating the development of a product or service solely by one entity. 2. Collaborative Research Agreement: This type of agreement involves two or more entities combining their efforts, resources, and expertise to conduct research and develop a product jointly. It implies shared responsibilities and potential co-ownership of intellectual property. 3. Sponsored Research Agreement: This agreement is structured when one party, typically a sponsor such as a corporation, government agency, or nonprofit organization, provides funding or resources to another party for conducting product development research. Conclusion: The Phoenix Arizona Agreement to Conduct Product Development Research serves as a vital legal document that outlines the terms and conditions for collaborative efforts in developing innovative products or services. This comprehensive overview provided insights into its crucial components as well as highlighted different types like individual research agreements, collaborative research agreements, and sponsored research agreements. Utilizing these agreed-upon terms fosters fruitful research collaborations in Phoenix, Arizona, while safeguarding confidential information and fostering innovation within the region.
