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What is Concept Testing Strategy Development?
Concept Testing:
To estimate ideas properly. This may be essential to test product concepts testing is a phase in that a small sample of potential buyers is presented along with a product idea by a written or oral description to find out their attitude and initial buying intentions concerning the product. For a particular product thought an organization can test one or quite a few concepts of identical products. Idea testing is a low cast procedure which lets an organization find out customer’s initial reactions to a product concept before this invests considerable resources into research and development. The result of idea testing can be used by product development personnel to better understand that product attributes and benefits are most significant to potential customers.
Meaning of price: Price is the marketing mix element that product revenue, the other producer costs. Price is also one of the most flexible elements: it can be changed quickly
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