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 Salt Lake Utah Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research activities in Salt Lake City, Utah. This agreement is specifically designed for businesses, organizations, or individuals involved in the development or innovation of new products or services. Keywords: Salt Lake Utah, agreement, conduct, product development research This agreement serves as a framework to establish a collaboration between parties interested in conducting product development research in Salt Lake City. It outlines the roles, responsibilities, and expectations of each party involved in the research project. The agreement begins with a comprehensive introduction, detailing the purpose and objectives of the product development research. It highlights the significance of conducting research in Salt Lake City due to its favorable business climate, vibrant technological ecosystem, and skilled workforce. By leveraging these resources, the agreement aims to facilitate the effective and efficient development of innovative products or services. The agreement further specifies the different types of Salt Lake Utah Agreements to Conduct Product Development Research: 1. Mutual Cooperation Agreement: This type of agreement is entered into by two or more parties, including research organizations, businesses, universities, or governmental bodies, who mutually agree to collaborate and jointly fund product development research projects in Salt Lake City. 2. Licensing Agreement: This type of agreement outlines the terms and conditions under which a party grants a license to another party to conduct product development research activities in Salt Lake City. It covers topics such as intellectual property rights, royalties, confidentiality, and exclusivity. 3. Research Partnership Agreement: This agreement is designed for research organizations or academic institutions that collaborate with businesses or industries to conduct product development research in Salt Lake City. It establishes the roles, responsibilities, and ownership of intellectual property resulting from the research. Key sections within the agreement cover important aspects such as project scope, research methodology, timelines, budgets, confidentiality, intellectual property rights, liability, and termination clauses. These sections ensure that all parties involved are aware of their obligations and protect their interests throughout the research project. In addition, this agreement may include provisions addressing ethical considerations, compliance with local, state, and federal laws, data protection, and any necessary permits or licenses required for conducting research in Salt Lake City. In summary, the Salt Lake Utah Agreement to Conduct Product Development Research provides a comprehensive framework for organizations or individuals interested in conducting product development research activities in Salt Lake City. It establishes a structure for collaboration, outlines key research activities, supports the protection of intellectual property, and ensures compliance with legal and ethical considerations.The Salt Lake Utah Agreement to Conduct Product Development Research is a legally binding contract that outlines the terms and conditions for conducting product development research activities in Salt Lake City, Utah. This agreement is specifically designed for businesses, organizations, or individuals involved in the development or innovation of new products or services. Keywords: Salt Lake Utah, agreement, conduct, product development research This agreement serves as a framework to establish a collaboration between parties interested in conducting product development research in Salt Lake City. It outlines the roles, responsibilities, and expectations of each party involved in the research project. The agreement begins with a comprehensive introduction, detailing the purpose and objectives of the product development research. It highlights the significance of conducting research in Salt Lake City due to its favorable business climate, vibrant technological ecosystem, and skilled workforce. By leveraging these resources, the agreement aims to facilitate the effective and efficient development of innovative products or services. The agreement further specifies the different types of Salt Lake Utah Agreements to Conduct Product Development Research: 1. Mutual Cooperation Agreement: This type of agreement is entered into by two or more parties, including research organizations, businesses, universities, or governmental bodies, who mutually agree to collaborate and jointly fund product development research projects in Salt Lake City. 2. Licensing Agreement: This type of agreement outlines the terms and conditions under which a party grants a license to another party to conduct product development research activities in Salt Lake City. It covers topics such as intellectual property rights, royalties, confidentiality, and exclusivity. 3. Research Partnership Agreement: This agreement is designed for research organizations or academic institutions that collaborate with businesses or industries to conduct product development research in Salt Lake City. It establishes the roles, responsibilities, and ownership of intellectual property resulting from the research. Key sections within the agreement cover important aspects such as project scope, research methodology, timelines, budgets, confidentiality, intellectual property rights, liability, and termination clauses. These sections ensure that all parties involved are aware of their obligations and protect their interests throughout the research project. In addition, this agreement may include provisions addressing ethical considerations, compliance with local, state, and federal laws, data protection, and any necessary permits or licenses required for conducting research in Salt Lake City. In summary, the Salt Lake Utah Agreement to Conduct Product Development Research provides a comprehensive framework for organizations or individuals interested in conducting product development research activities in Salt Lake City. It establishes a structure for collaboration, outlines key research activities, supports the protection of intellectual property, and ensures compliance with legal and ethical considerations.
