Test Marketing

College
Essay
Miscellaneous
Pages 2 (502 words)
Download 1
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…

Introduction

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 ...
Download paper
Not exactly what you need?

Related papers

Test Marketing
Marketers should be aware that using this method posts both benefit and drawbacks.…
Website Optimization Using Taguchi Test Method
Taguchi Test Method, invented by Dr. Genichi Taguchi, a Japanese working engineer at a Japanese phone company NTT, is one of the excellent methods applied to optimize the website. …
Strategy Evaluation
A case of assuming availability of traditional work force to undertake a task that involves more drudgery but is very cost-effective may not work if better opportunities are available to the targeted work force (Allan). On proper allocation of resources, even though required financial resources might have been arranged , it might not have considered the need for skilled and competent employees.…
Company G Marketing Plan
The product is primarily a portable Global Positioning System (GPS) device, which provides the information in "real-life" three dimensional graphics providing enhanced user experience, and is much easier to use than similar conventional devices. The interactive touch screen provides a video game arcade feel, which is closer to real-life than any other similar product. The device can be mounted on…
Project Management BIX-FIX
Determine the final version of the new product through product development processes, including test marketing, in terms of standardisation of ingredients, product shape, packaging, and packaged quantities…
Integrated Marketing Communications (Marketing Communications Management, Copley)
This is more like an effective communication with the target market.…