Product test is essential to marketer because it helps them in identify customers’ wants, and allow marketer to enhance the product to meet customers’ requirements, create real competitive advantage to competitor’s product.
A new product test, in another hand, helps marketer in refine product design and plans before conduct product development, which is much more expensive. With new product test, marketer identifies what customers truly expect from new product, drive innovation and allow them be one step ahead of the competition.
For example, if a new product idea is well analyzed before applying, the more promising new product idea will be concentrated more than wasting money to unpromising new product idea. Besides that, a new product research helps marketers in identify how much customers might be willing to pay. For a launched product, basically, marketer conducts customer satisfaction research. Sometimes, depends on different industry, a product test may be slightly different. For example, product test will be extremely important in retail industry, because the findings play vital role in decision to stock that product from retailers. In order to be successful in conduct a product test; marketers must and must not do:
• Start testing at the ideas stage.
• Be objective.
• Check the technical feasibility of your product – is it fit for purpose?
• Talk to suppliers and manufacturers – can it be made?
• Find out exactly how much it would cost to make – will that leave you with a healthy margin.
• Be prepared to walk away if the figures don’t add up.
• Use an impartial third party to conduct research and testing.
• Ask customers what they think of the product and its specification.
• Ask customers what they would pay for it.
• Adapt your product to meet the requirements f the market.
• Talk to retailers or dealers about stocking your product.
Must NOT do:
• Wait until product launch before you test the feasibility of your product.
• Conduct poorly planned or insufficiently in-depth research – it will not provide an accurate picture.
• Assume that everyone feels the same as you about your product.
• Ignore negative research findings.
• Let your heart rule your head and personal feelings to cloud your judgment.
The AMR Group is an expert in Vietnam and its markets. The team is local but with international training and experience, operating to global standards.The AMR Group helps brands bloom in Vietnam through lean, focused & reliable marketing research from VINAMR ; marketing & brand strategy with AMR. VINAMR Marketing Research & Consultants provide world class lean, focused and reliable research through deep understanding of the brief, international quality field, professional data handling & decision-orientated analysis, action focused recommendation. AMR use insights from VINAMR to deliver effective marketing & branding consulting, retail consulting & training, seminar & training: Brand War.
Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014
Source: Strategic Initatives
For more articles, visit: www.amr.com.vn
For enquiries, email Mr. Nguyen Thanh Tung (CEO of AMR Group) : firstname.lastname@example.org
This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found within, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.