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?
Travis Texas Agreement to Conduct Product Development Research is a legal contract entered into by parties involved in the product development process. This agreement outlines the terms and conditions governing the research and development activities conducted by Travis Texas Corporation or its affiliates (referred to as "Travis") and the other party or parties (referred to as "Counterparty"). Keywords: Travis Texas, Agreement, Conduct, Product Development Research The Travis Texas Agreement to Conduct Product Development Research serves as a framework for collaboration between Travis and Counterparty, allowing both entities to pool their resources, expertise, and knowledge to conduct research and development activities in the pursuit of enhancing existing products or creating new ones. It provides a clear roadmap for their partnership, protecting their respective interests and intellectual property rights. There are different types of Travis Texas Agreements to Conduct Product Development Research, each tailored to specific scenarios or industries. Some examples include: 1. General Product Development Research Agreement: This type of agreement is applicable when Travis and Counterparty collaborate on general product development research across various industries. It covers a wide range of activities aimed at improving, optimizing, or innovating new products. 2. Industry-Specific Product Development Research Agreement: In case Travis and Counterparty specialize in a specific industry or vertical, they may enter into an agreement tailored to that particular industry. This agreement may include provisions specific to that industry's regulations, market dynamics, or technological advancements relevant to product development. 3. Joint Product Development Research Agreement: When two or more entities join forces to conduct product development research, they can enter into a joint agreement. This type of agreement lays down the terms and conditions governing the collaboration, resource sharing, project ownership, and division of resulting Intellectual Property (IP) rights between the parties involved. 4. Exclusive Product Development Research Agreement: In certain cases, Travis may engage Counterparty exclusively for product development research activities. This agreement grants Counterparty exclusive rights to work with Travis on a specific project or product for a defined period. It may outline exclusivity clauses, performance milestones, and investment commitments required from both parties. 5. Research Funding Agreement: Sometimes, Counterparty lacks the financial resources to conduct product development research independently. In such cases, Travis may provide research funding through this agreement. It will detail the financial terms, disbursement mechanisms, milestones, and obligations for Counterparty to receive and utilize the research funds effectively. These various types of Travis Texas Agreements to Conduct Product Development Research allow parties to tailor the terms and conditions according to their specific needs and circumstances, ensuring a productive and mutually beneficial collaboration.Travis Texas Agreement to Conduct Product Development Research is a legal contract entered into by parties involved in the product development process. This agreement outlines the terms and conditions governing the research and development activities conducted by Travis Texas Corporation or its affiliates (referred to as "Travis") and the other party or parties (referred to as "Counterparty"). Keywords: Travis Texas, Agreement, Conduct, Product Development Research The Travis Texas Agreement to Conduct Product Development Research serves as a framework for collaboration between Travis and Counterparty, allowing both entities to pool their resources, expertise, and knowledge to conduct research and development activities in the pursuit of enhancing existing products or creating new ones. It provides a clear roadmap for their partnership, protecting their respective interests and intellectual property rights. There are different types of Travis Texas Agreements to Conduct Product Development Research, each tailored to specific scenarios or industries. Some examples include: 1. General Product Development Research Agreement: This type of agreement is applicable when Travis and Counterparty collaborate on general product development research across various industries. It covers a wide range of activities aimed at improving, optimizing, or innovating new products. 2. Industry-Specific Product Development Research Agreement: In case Travis and Counterparty specialize in a specific industry or vertical, they may enter into an agreement tailored to that particular industry. This agreement may include provisions specific to that industry's regulations, market dynamics, or technological advancements relevant to product development. 3. Joint Product Development Research Agreement: When two or more entities join forces to conduct product development research, they can enter into a joint agreement. This type of agreement lays down the terms and conditions governing the collaboration, resource sharing, project ownership, and division of resulting Intellectual Property (IP) rights between the parties involved. 4. Exclusive Product Development Research Agreement: In certain cases, Travis may engage Counterparty exclusively for product development research activities. This agreement grants Counterparty exclusive rights to work with Travis on a specific project or product for a defined period. It may outline exclusivity clauses, performance milestones, and investment commitments required from both parties. 5. Research Funding Agreement: Sometimes, Counterparty lacks the financial resources to conduct product development research independently. In such cases, Travis may provide research funding through this agreement. It will detail the financial terms, disbursement mechanisms, milestones, and obligations for Counterparty to receive and utilize the research funds effectively. These various types of Travis Texas Agreements to Conduct Product Development Research allow parties to tailor the terms and conditions according to their specific needs and circumstances, ensuring a productive and mutually beneficial collaboration.
