. Objectives. . 1.Explain the importance of developing new products and describe the six categories of new products.Explain the steps in the new-product development process.3.Explain the diffusion process through which new products are adopted.4.Explain the concept of product life cycles.
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9. Test Markets Test marketing refers to the testing of a new product or any change in the marketing strategy in the field.
Use a single market, group of markets or a region of the country
Involve the use of experimental procedures
10. Test Markets Test market usage and objectives
Used to evaluate proposed national programs by:
Estimating market share and volume
Estimating cannibalization rate
Collecting data about potential customers
Analyzing reactions and behavior of competitors
11. Test Markets Three types of test market approaches
Standard test markets
Simulated test markets
12. Test Markets Not an over-tested market
Sales of that type of product should be typical
Avoid unusual demographics
Consider regional differences