Use of product concept test in market research
Market research testing is critical if you want to substantially enhance your chances of turning a new concept into a lucrative asset. Product idea testing discovers product flaws and possible market failures that may be addressed before the product is launched. It can also identify product advantages that might be improved. Concept test , when done correctly, is a strong tool for identifying: Individual concept assets' efficacy Obstacles to realising the full potential of a notion Relationships between an idea and its customers In a competitive environment, what is the status of a concept? Advertising's failure to convey clearly Weaknesses as a result of the product's unremarkable personality Failure as a result of a lack of value perception Assets in the form of brand equity Brand image and consumer perceptions: potential consistency and discrepancies Benefits of a product that aren't widely known Elusive characteristics of the brand and idea personality Brand failure