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  • Topics: Concept Testing Strategic Management Development

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    Manoj Kumar Mishra
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    This document discusses concept testing and strategic marketing development. It defines concept testing as predicting the success of a new product idea before launch by getting reactions to a basic description. Key features evaluated in concept testing include target market, benefits, costs, and feasibility. The document also defines marketing strategy as integrating major goals and policies through product, price, promotion, and placement strategies to achieve objectives. Regular strategy development is important due to changing consumer tastes, competition, and need for brand refreshment. Strategies are developed using up-to-date data from sources like data mining and field research.

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    This document discusses concept testing and strategic marketing development. It defines concept testing as predicting the success of a new product idea before launch by getting reactions to a basic description. Key features evaluated in concept testing include target market, benefits, costs, and feasibility. The document also defines marketing strategy as integrating major goals and policies through product, price, promotion, and placement strategies to achieve objectives. Regular strategy development is important due to changing consumer tastes, competition, and need for brand refreshment. Strategies are developed using up-to-date data from sources like data mining and field research.

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    6 views10 pages

    Topics: Concept Testing Strategic Management Development

    Uploaded by

    Manoj Kumar Mishra
    This document discusses concept testing and strategic marketing development. It defines concept testing as predicting the success of a new product idea before launch by getting reactions to a basic description. Key features evaluated in concept testing include target market, benefits, costs, and feasibility. The document also defines marketing strategy as integrating major goals and policies through product, price, promotion, and placement strategies to achieve objectives. Regular strategy development is important due to changing consumer tastes, competition, and need for brand refreshment. Strategies are developed using up-to-date data from sources like data mining and field research.

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    of 10

    TOPICS

     CONCEPT TESTING

     STRATEGIC MANAGEMENT DEVELOPMENT


    AGENDA
    Definition of concept testing
    Features of concept testing
    Definition of marketing strategy
    Marketing strategy development
    Why Marketing strategy development
    Ways of Marketing strategy development
    CONCEPT TESTING
     
    Concept test­ing is the attempt to predict the success
    of a new product idea before putting it on the market.
    It usually involves getting people’s reactions to a state­
    ment describing the basic idea of the product. It is
    usually con­ducted as a pass/fail, go/no go test..
    In short words-
    Process in which a new product idea is thoroughly
    analyzed with the help of a computer model or
    blueprint.
    Features of concept testing
     What product features must the product incorporate?
     What benefits will the product provide?
     Who is the target market and who is the decision
    maker in the purchasing process?
     How will consumers react to the product?

     How will the product be produced most cost


    effectively?
     Prove feasibility through rapid prototyping
     What will it cost to produce it?
    MARKETING STRATEGY
    Marketing strategy is essentially a pattern or plan that
    integrates your organization's major goals, policies,
    and actions to achive the objectives.
    Marketing strategies are generally concerned with four
    ps: product strategies, pricing strategies, promotional
    strategies, and placement strategies.
    The focus of marketing strategies must the objectives
    to be achieved .
    WHY Marketing Strategy Development?

    Businesses exist in dynamic, evolving industries.


    Competitors actively change their product's attributes,
    price or message. Consumers' tastes change. Mature
    brands need to be refreshed. This is the game of
    marketing. Winning in the game of business is why
    marketing strategy development is warranted.
    Ways of Marketing Strategy Development

     In order to develop a marketing strategy, you need up-to-


    date information on all the areas of marketing. Major
    marketers planning is proceeded by fact-finding from
     data mining
     field research.
    Presented By
    Manju Vilecha
    Manoj Mishra.
    *******THANK-YOU ***********

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