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?
Wayne Michigan Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for collaboration between parties involved in product development research activities within the city of Wayne, Michigan. This agreement serves as a crucial framework for harmonious cooperation, intellectual property protection, and shared benefits among the entities engaged in research and development initiatives. The Wayne Michigan Agreement to Conduct Product Development Research encompasses various aspects essential for productive collaboration. Key components typically included in this agreement are: 1. Definition of Parties: The agreement begins by clearly identifying and defining all parties involved in the research collaboration, including their legal names, addresses, and contact information. 2. Objective and Scope: This section outlines the purpose and scope of the product development research to be conducted. It describes the goals and anticipated outcomes, ensuring mutual understanding and alignment among all parties. 3. Responsibilities: Each party's responsibilities and contributions to the research project are explicitly defined to avoid any potential conflicts or disputes. This may include financial obligations, resource allocation, staffing requirements, and timelines for deliverables. 4. Confidentiality: To protect sensitive information and maintain confidentiality, this section establishes guidelines for the handling, disclosure, and use of proprietary data and knowledge generated during the research process. 5. Intellectual Property Rights: This section highlights the ownership, protection, and licensing of intellectual property resulting from the research activities. It may also address the resolution of disputes related to intellectual property, including rights to inventions, copyrights, trademarks, and patents. 6. Term and Termination: Both the duration of the agreement and the circumstances under which it may be terminated are specified in this section. It can include grounds for termination, notice periods, and conditions for early termination. 7. Governing Law: The agreement will designate the governing law under which it will be interpreted and enforced. It will also specify the jurisdiction for any disputes that may arise. Different types of Wayne Michigan Agreements to Conduct Product Development Research may exist based on factors such as the participating entities (e.g., businesses, educational institutions, non-profit organizations), the specific field of research (e.g., pharmaceuticals, technology, consumer goods), or the specific project goals (e.g., new product development, process improvement, quality enhancement). Each agreement will be tailored to the unique circumstances and needs of the parties involved. Whether it is an agreement between two private companies, a university-industry research collaboration, or a joint venture between multiple entities, the Wayne Michigan Agreement to Conduct Product Development Research plays a crucial role in establishing a solid foundation for successful research collaboration in the city of Wayne, Michigan.Wayne Michigan Agreement to Conduct Product Development Research is a legal document that outlines the terms and conditions for collaboration between parties involved in product development research activities within the city of Wayne, Michigan. This agreement serves as a crucial framework for harmonious cooperation, intellectual property protection, and shared benefits among the entities engaged in research and development initiatives. The Wayne Michigan Agreement to Conduct Product Development Research encompasses various aspects essential for productive collaboration. Key components typically included in this agreement are: 1. Definition of Parties: The agreement begins by clearly identifying and defining all parties involved in the research collaboration, including their legal names, addresses, and contact information. 2. Objective and Scope: This section outlines the purpose and scope of the product development research to be conducted. It describes the goals and anticipated outcomes, ensuring mutual understanding and alignment among all parties. 3. Responsibilities: Each party's responsibilities and contributions to the research project are explicitly defined to avoid any potential conflicts or disputes. This may include financial obligations, resource allocation, staffing requirements, and timelines for deliverables. 4. Confidentiality: To protect sensitive information and maintain confidentiality, this section establishes guidelines for the handling, disclosure, and use of proprietary data and knowledge generated during the research process. 5. Intellectual Property Rights: This section highlights the ownership, protection, and licensing of intellectual property resulting from the research activities. It may also address the resolution of disputes related to intellectual property, including rights to inventions, copyrights, trademarks, and patents. 6. Term and Termination: Both the duration of the agreement and the circumstances under which it may be terminated are specified in this section. It can include grounds for termination, notice periods, and conditions for early termination. 7. Governing Law: The agreement will designate the governing law under which it will be interpreted and enforced. It will also specify the jurisdiction for any disputes that may arise. Different types of Wayne Michigan Agreements to Conduct Product Development Research may exist based on factors such as the participating entities (e.g., businesses, educational institutions, non-profit organizations), the specific field of research (e.g., pharmaceuticals, technology, consumer goods), or the specific project goals (e.g., new product development, process improvement, quality enhancement). Each agreement will be tailored to the unique circumstances and needs of the parties involved. Whether it is an agreement between two private companies, a university-industry research collaboration, or a joint venture between multiple entities, the Wayne Michigan Agreement to Conduct Product Development Research plays a crucial role in establishing a solid foundation for successful research collaboration in the city of Wayne, Michigan.
