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?
San Jose, California Agreement to Conduct Product Development Research refers to a comprehensive contract established between two parties to outline the terms and conditions for conducting research and development activities in San Jose, California, specifically for product development purposes. This agreement serves as a legal binding document that specifies the rights, responsibilities, and obligations of both parties involved in the research project. The San Jose, California Agreement to Conduct Product Development Research encompasses various essential aspects to ensure clarity, protection of intellectual property, and efficient collaboration throughout the research process. Some vital elements covered in this agreement include: 1. Parties Involved: The agreement clearly identifies and defines the parties engaged in the research project. It typically includes the names, addresses, and contact details of both the research sponsor and the research company or institution. 2. Research Scope and Objectives: The agreement precisely outlines the scope and specific objectives of the research project, including a detailed description of the product being developed. This section serves as a roadmap for the research activities and helps align both parties' expectations. 3. Project Timeline: A clear timeline with specific milestones and deadlines is essential to ensure efficient project management. The agreement specifies the duration of the research project and sets realistic targets to track progress and manage expectations. 4. Confidentiality and Non-Disclosure: Given the sensitive nature of product development research, confidentiality clauses play a crucial role. This section defines the obligations of both parties to maintain confidentiality and prohibits the unauthorized disclosure of research findings or intellectual property. 5. Intellectual Property Rights: This segment of the agreement addresses the ownership and protection of intellectual property resulting from the research. It outlines the rights and responsibilities regarding patents, copyrights, trademarks, and trade secrets. Specific provisions may be included to address ownership in cases of joint collaborations. 6. Financial Terms: The agreement discusses the financial aspects of the research project, including budget allocation, payment terms, and any reimbursements or royalties arrangements. It also defines the terms for termination, refunds, and dispute resolution mechanisms if financial issues arise. Different types of San Jose California Agreements to Conduct Product Development Research may exist depending on the industries and sectors involved. Some examples include: 1. Biotechnology Research Agreement: Specifically designed for research projects related to biotechnology and life sciences, this agreement emphasizes the unique considerations and legal aspects in that field. 2. Software Development Research Agreement: Focused on the development of software and technology products, this agreement centers on issues such as code ownership, licensing, and software distribution. 3. Automotive Product Development Research Agreement: Tailored for the automotive industry, this type of agreement addresses specific research requirements related to vehicle design, safety testing, and performance optimization. In conclusion, a San Jose, California Agreement to Conduct Product Development Research is a comprehensive contract that regulates the research and development activities conducted in the city. It covers various essential aspects, including parties involved, research scope, project timeline, confidentiality, intellectual property rights, and financial terms. Different specialized types of agreements may be employed depending on the industry or sector involved in the research project.San Jose, California Agreement to Conduct Product Development Research refers to a comprehensive contract established between two parties to outline the terms and conditions for conducting research and development activities in San Jose, California, specifically for product development purposes. This agreement serves as a legal binding document that specifies the rights, responsibilities, and obligations of both parties involved in the research project. The San Jose, California Agreement to Conduct Product Development Research encompasses various essential aspects to ensure clarity, protection of intellectual property, and efficient collaboration throughout the research process. Some vital elements covered in this agreement include: 1. Parties Involved: The agreement clearly identifies and defines the parties engaged in the research project. It typically includes the names, addresses, and contact details of both the research sponsor and the research company or institution. 2. Research Scope and Objectives: The agreement precisely outlines the scope and specific objectives of the research project, including a detailed description of the product being developed. This section serves as a roadmap for the research activities and helps align both parties' expectations. 3. Project Timeline: A clear timeline with specific milestones and deadlines is essential to ensure efficient project management. The agreement specifies the duration of the research project and sets realistic targets to track progress and manage expectations. 4. Confidentiality and Non-Disclosure: Given the sensitive nature of product development research, confidentiality clauses play a crucial role. This section defines the obligations of both parties to maintain confidentiality and prohibits the unauthorized disclosure of research findings or intellectual property. 5. Intellectual Property Rights: This segment of the agreement addresses the ownership and protection of intellectual property resulting from the research. It outlines the rights and responsibilities regarding patents, copyrights, trademarks, and trade secrets. Specific provisions may be included to address ownership in cases of joint collaborations. 6. Financial Terms: The agreement discusses the financial aspects of the research project, including budget allocation, payment terms, and any reimbursements or royalties arrangements. It also defines the terms for termination, refunds, and dispute resolution mechanisms if financial issues arise. Different types of San Jose California Agreements to Conduct Product Development Research may exist depending on the industries and sectors involved. Some examples include: 1. Biotechnology Research Agreement: Specifically designed for research projects related to biotechnology and life sciences, this agreement emphasizes the unique considerations and legal aspects in that field. 2. Software Development Research Agreement: Focused on the development of software and technology products, this agreement centers on issues such as code ownership, licensing, and software distribution. 3. Automotive Product Development Research Agreement: Tailored for the automotive industry, this type of agreement addresses specific research requirements related to vehicle design, safety testing, and performance optimization. In conclusion, a San Jose, California Agreement to Conduct Product Development Research is a comprehensive contract that regulates the research and development activities conducted in the city. It covers various essential aspects, including parties involved, research scope, project timeline, confidentiality, intellectual property rights, and financial terms. Different specialized types of agreements may be employed depending on the industry or sector involved in the research project.
