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 Wake North Carolina Agreement to Conduct Product Development Research is a comprehensive legal contract used by businesses and researchers to outline the terms and conditions for collaborative product development projects in Wake, North Carolina. This agreement serves as a legally binding document that sets forth the rights, responsibilities, and obligations of all parties involved. 1. Wake North Carolina Agreement: The agreement emphasizes the specific location, Wake, North Carolina, highlighting its significance as a hotspot for research and development activities. 2. Product Development Research: The core objective of this agreement is to conduct collaborative research and development in order to create innovative products. The agreement encompasses various stages of product development, including ideation, prototyping, testing, and commercialization. 3. Terms and Conditions: The agreement carefully delineates the terms and conditions that both parties must adhere to during the course of the project. This may include project timelines, funding arrangements, intellectual property rights, confidentiality, and non-disclosure provisions. 4. Parties Involved: The agreement clearly specifies the roles and responsibilities of each party involved in the research project. This includes the researchers, businesses, institutions, and any other stakeholders participating in the project. 5. Intellectual Property (IP) Rights: It is crucial to address the ownership and protection of intellectual property generated during the research project. The agreement covers IP rights, licensing, royalties, and any restrictions on the use and dissemination of proprietary information. 6. Confidentiality: To safeguard sensitive information, the agreement includes provisions ensuring the confidentiality and non-disclosure of any proprietary information shared between the parties. This ensures that the results of the research project remain confidential until they are ready for public disclosure. 7. Funding Arrangements: Depending on the nature of the project, the agreement may outline the financial contributions, grants, and funding commitments made by each party involved. This ensures that adequate resources are available to execute the research project effectively. 8. Termination and Dispute Resolution: The agreement addresses the circumstances under which the collaboration can be terminated and outlines the steps to resolve any disputes that may arise during the project. Different types of Wake North Carolina Agreements to Conduct Product Development Research may specify additional clauses based on the unique requirements of the parties involved. For instance, a specific agreement may focus on medical product development, while another might pertain to technology or renewable energy. These variations ensure that the agreement is tailored to the specific needs and goals of the research project.The Wake North Carolina Agreement to Conduct Product Development Research is a comprehensive legal contract used by businesses and researchers to outline the terms and conditions for collaborative product development projects in Wake, North Carolina. This agreement serves as a legally binding document that sets forth the rights, responsibilities, and obligations of all parties involved. 1. Wake North Carolina Agreement: The agreement emphasizes the specific location, Wake, North Carolina, highlighting its significance as a hotspot for research and development activities. 2. Product Development Research: The core objective of this agreement is to conduct collaborative research and development in order to create innovative products. The agreement encompasses various stages of product development, including ideation, prototyping, testing, and commercialization. 3. Terms and Conditions: The agreement carefully delineates the terms and conditions that both parties must adhere to during the course of the project. This may include project timelines, funding arrangements, intellectual property rights, confidentiality, and non-disclosure provisions. 4. Parties Involved: The agreement clearly specifies the roles and responsibilities of each party involved in the research project. This includes the researchers, businesses, institutions, and any other stakeholders participating in the project. 5. Intellectual Property (IP) Rights: It is crucial to address the ownership and protection of intellectual property generated during the research project. The agreement covers IP rights, licensing, royalties, and any restrictions on the use and dissemination of proprietary information. 6. Confidentiality: To safeguard sensitive information, the agreement includes provisions ensuring the confidentiality and non-disclosure of any proprietary information shared between the parties. This ensures that the results of the research project remain confidential until they are ready for public disclosure. 7. Funding Arrangements: Depending on the nature of the project, the agreement may outline the financial contributions, grants, and funding commitments made by each party involved. This ensures that adequate resources are available to execute the research project effectively. 8. Termination and Dispute Resolution: The agreement addresses the circumstances under which the collaboration can be terminated and outlines the steps to resolve any disputes that may arise during the project. Different types of Wake North Carolina Agreements to Conduct Product Development Research may specify additional clauses based on the unique requirements of the parties involved. For instance, a specific agreement may focus on medical product development, while another might pertain to technology or renewable energy. These variations ensure that the agreement is tailored to the specific needs and goals of the research project.
