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

Difference between efficiency and effectiveness, Question: (a) Conside...

Question: (a) Considering the Three Era model, differentiate between data processing (DP), management information systems (MIS) and strategic information systems (SIS). (b)

Evaluate current market strategies, Virgin Mobile (VMA) Australia is a lead...

Virgin Mobile (VMA) Australia is a leading consumer focused mobile network with its headquarters based in Sydney. VMA has official retail stores located in the following Australian

State about the measurement and evaluation, State about the Measurement and...

State about the Measurement and evaluation Consumer market uses a variety of techniques to evaluate the effectiveness of communications. In organisation market, sales volume

Explain about peoples choices about the buying product, Explain about peopl...

Explain about peoples choices about the buying product. Peoples want to choose products which give the most value and satisfaction for their wealth. They know a product as anyt

Buying decision making process, Buying decision making process: Mark...

Buying decision making process: Marketers have to go beyond the various influences on buyers and develop an understanding of how consumers actually make their buying decisio

Product policy, Explain product policy in relation to agriculture

Explain product policy in relation to agriculture

Competition oriented pricing, Competition Oriented pricing : competitive or...

Competition Oriented pricing : competitive oriented pricing methods are regular in a competitive economy. The methods in this category rest on  the  principle  of  competitive  par

What are the advantages of exporting in marketing, What are the advantages ...

What are the advantages of exporting in marketing? The advantages of exporting are illustrated in below: • Manufacturing is home based therefore, this is less risky than ove

Marketing position-distribution and price strategy, Marketing Template Assi...

Marketing Template Assignment Position strategy The main aim of our marketing group is to design a lunch box menu for Starbucks. Currently, the competitors of Starbucks ha

What is competition based pricing, What is Competition Based Pricing In...

What is Competition Based Pricing In case of products where market is highly competitive and there is negligible difference in quality of competing brands, price is generally f

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