Test marketing is used across the business world in order to find out what consumers want and need in their everyday lives. Here, a prototype will be developed that a focus group will be able to try and provide their opinions on. All criticisms and praise will be noted and collated in order for executives to determine whether or not they wish to proceed with the product. Of course, this means that a frosty reception to a product can result in the plans being withdrawn due to a lack of demand.
Although test marketing is good because it allows actual consumers to have their say in the future of a product, there are some drawbacks which make people question its viability. For example, the cost of doing this research can really make you question whether or not it’s worth the investment. Also, if a consumer has a hidden agenda and boasts an affiliation with a rival competitor, this could result in an innovative product being stolen and used for other purposes that could lose the initial business money.
Finally, if a business is trying to get a brand-new product concept out in a rush, test marketing isn’t ideal because of how the process can take months. If you are trying to remain at the cutting edge of innovation, this certainly isn’t the strategy to choose" especially considering that there are far more innovative ways to get an opinion on the goods and services you are considering to take mainstream.
Although test marketing is good because it allows actual consumers to have their say in the future of a product, there are some drawbacks which make people question its viability. For example, the cost of doing this research can really make you question whether or not it’s worth the investment. Also, if a consumer has a hidden agenda and boasts an affiliation with a rival competitor, this could result in an innovative product being stolen and used for other purposes that could lose the initial business money.
Finally, if a business is trying to get a brand-new product concept out in a rush, test marketing isn’t ideal because of how the process can take months. If you are trying to remain at the cutting edge of innovation, this certainly isn’t the strategy to choose" especially considering that there are far more innovative ways to get an opinion on the goods and services you are considering to take mainstream.