Concept development and testing A two-phase stage in the development of a new product in which potential buyers are presented first with the idea or description of the new product (concept testing) and later with the product itself in final or prototype form (product testing), in order to obtain their reaction. Concept development can be considered as the 1st step towards development of product design and it also helps in making proper strategic decisions for improved product development. Concept development also helps to identify related risks and challenges and evaluates positive solutions in business and consumer perspectives. For concept development and testing method, a dedicated and skillful team is a most important requirement as a lack of knowledge may create miscommunication and confusion among the stakeholders. In order to begin with the concept development strategy, the primary step involves the selection of members who are skilled and can develop the product design based on criteria. After the team and product designing are finalized, the next step involves themes generation to develop the concept. Test Market To estimate the success of a product on a small percentage of the target market before it is launched fully. Test marketing is a method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis to test markets before a wider release. It's important to note that customers exposed to the product or campaign may be part of a test group without the customers' knowledge. What are the benefits of test marketing? First, it allows businesses to get customer satisfaction feedback on a product or campaign from real-world consumers directly before making a significant investment in mass production or widespread distribution to a national market. This can help to avoid potential costly mistakes if the product's performance leaves more to be desired or is not well received. Additionally, the customer feedback can provide valuable, cost-effective insights into different aspects of consumer behavior and preferences that can be used to optimize the final product or campaign. Test marketing also helps build buzz and excitement for a new product or campaign, which can generate additional interest and demand when it is eventually released. When is test marketing used? Businesses can use test marketing in the early stages of product development, as well as prior to a product launch. For example, it is common to announce a free product trial specifically to potential clients at trade shows to bolster customer interest in the new product. It can also be used to test different versions of a product or campaign to see which is most effective. For instance, a company might release two different versions of a new product in two different markets and compare sales figures to see which one performs better. Cambridge Dictionary. (2022, 26 octubre). test market significado, definición, qué es test market: 1. a particular area or group of people chosen for a limited introduction of a new product or. . .. Saber más. https://dictionary.cambridge.org/esLA/dictionary/english/test-market Chakraborty, A. (2020, 2 julio). Concept development and testing in product development. https://www.linkedin.com/pulse/concept-development-testing-product-ananyachakraborty Concept Development and Testing. (2018, 7 febrero). Monash Business School. https://www.monash.edu/business/marketing/marketing-dictionary/c/conceptdevelopment-and-testing Hanna, K. T. (2022, 19 julio). test marketing. WhatIs.com. https://www.techtarget.com/whatis/definition/test-marketing
