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In this hypercompetitive global business arena, the company's success or even mere survival is directly related on its capacity to produce and sell products which will be strongly patronized by its market. Because of this, business organizations are compelled to undertake intensive market research in order to ascertain if their offerings are likely to succeed in the market…
Marketers should be aware that using this method posts both benefit and drawbacks.
Test marketing gives significant insight which is needed by a company in order to compete efficiently in its market. For one, this tool permits a business organization to test the impact of alternative marketing plans. Since a test market is typically smaller than the whole market, investing in a test marketing effort in 10 cities is more rational for a large company than getting into a full blown nationwide product launch. Test marketing as the name implies provides companies with a clear idea on whether a marketing effort is strategic or not without shouldering the huge cost of the whole marketing campaign in the entire market. Test marketing also allows companies to test multiple strategies without affecting the overall image of its products. For example, a company which wishes to embark on a new marketing approach and is choosing on three different ones will find it impossible to launch the three strategies on the entire market. Thus, it will opt to use test marketing in order to ascertain the best approach for its product at lesser cost.
However, the utiliza ...
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