Concept development and testing - new product development, Marketing Management

Assignment Help:

Concept Development and Testing

The third stage in the procedure is concept development and testing. Concepts can take on several forms are following:

1). A product idea is an idea for a probable product that the company may see itself on the market.

2). A product concept is a thorough version of the new-product idea specified in meaningful consumer terms.

3). A product image is the way consumers perceive real or potential product.

a. Concept development includes generating product ideas into some alternative product concept, searching out how attractive each of the concepts is to consumers, and selecting the best one.

b. Concept testing involves testing the concepts with a group of focused consumers to discover if the concepts have strong consumer appeal. Concepts can be presented to consumers either physically or symbolically. Marketers are always attempting to discover new ways to create product concepts more actual to concept-test subjects.

1). A word or picture description might be sufficient for some concept tests.

2). Virtual reality tests are becoming famous.

3). It is routine to test concepts before consumers before trying to turn them into actual products.


Related Discussions:- Concept development and testing - new product development

How is routinisation facilitated in development of exchange, How is routini...

How is routinisation facilitated in development of exchange system? Routinisation facilitates the development of the exchange system. This leads to standardization of goods and

Describe the formulation of sales organization, Problem 1: Describe the...

Problem 1: Describe the formulation of Sales organization. Explanation of sales Organisation Step 1 - Sales Strategy Step 2 - Marketing Strategy Step 3 - Sale

Test marketing & FMCG, explain the various approaches that are followed by ...

explain the various approaches that are followed by FMCG companies in test marketing.

Factors affecting the choice of distribution channel, Factors affecting the...

Factors affecting the choice of distribution channel Choice of an appropriate distribution channel is very significant as pricing as well as promotion strategy are dependent up

Explain the term market segmentation, Mauritius became independent in 1968....

Mauritius became independent in 1968. At this time the economy was basically an agricultural one, sugar and tea being the main foreign exchange earners. In the 1970's it embarked o

Modules in market implementation evaluation and controlling, How many types...

How many types of modules are included in Market Implementation Evaluation and Controlling? The five modules of MIEV or Market Implementation, Evaluation and Controlling are

Test marketing, approaches that are followed by FMCG companies

approaches that are followed by FMCG companies

Differentiate holistic marketing and conventional concept, How holistic mar...

How holistic marketing concept is different from conventional concept? Holistic marketing is an approach to marketing which attempts to recognize and reconcile and the complexi

What is meant by marketing research, QUESTION (a) What should managemen...

QUESTION (a) What should management do at the time of Maturity stage to avoid decline of a product? Explain your answer with the help of different approaches at this stage. Sug

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd