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 Alaska Agreement to Conduct Product Development Research is a comprehensive legal document that outlines the terms and conditions under which product development research is conducted in the state of Alaska. This agreement enables businesses, organizations, and research institutions to collaborate on innovative projects and work together to develop new products and technologies. The primary purpose of the Alaska Agreement to Conduct Product Development Research is to establish a clear understanding between the parties involved regarding their roles, responsibilities, and intellectual property rights throughout the research and development process. It serves as a binding contract that ensures the protection of confidential information, outlines ownership of any inventions or discoveries, and defines the rights to commercialize or license the outcomes of the research. This agreement covers various aspects and considerations related to product development research. It includes provisions for the scope and objective of the research, the timeline for completion, and the allocation of resources required for successful implementation. Additionally, it addresses funding arrangements, confidentiality obligations, liability, and dispute resolution mechanisms. Different types of Alaska Agreements to Conduct Product Development Research can be categorized based on the specific focus or industry involved. Some common examples include: 1. Biotechnology Research Agreement: This type of agreement focuses on product development research in the field of biotechnology, encompassing areas such as pharmaceuticals, genetic engineering, and medical devices. 2. Renewable Energy Research Agreement: This agreement concentrate on innovation and development in the renewable energy sector, including technologies like solar, wind, hydropower, and geothermal energy. 3. Aerospace and Defense Research Agreement: This type of research agreement focuses on the collaboration between aerospace and defense companies, government entities, and research institutions to develop advanced technologies for space exploration, national defense, and military applications. 4. Software Development Research Agreement: This agreement specifically targets software and technology companies engaged in product development research. It encompasses areas such as software engineering, artificial intelligence, machine learning, and computer programming. 5. Environmental Research Agreement: This research agreement focuses on studying and developing solutions related to environmental conservation, waste management, pollution reduction, and sustainable development practices. In conclusion, the Alaska Agreement to Conduct Product Development Research is a crucial legal document that facilitates collaborations and fosters innovation in various industries. It provides a framework for research partnerships and enables the development of groundbreaking products and technologies that can contribute to the growth and prosperity of Alaska's economy.
