Concept testing
Concept testing is a market research technique used to evaluate the viability of a new product or service idea before it is launched. It involves gathering feedback from potential customers to determine their interest and likelihood of purchasing the product or service.
There are several ways to conduct concept testing, including surveys, focus groups, and one-on-one interviews. The goal is to gather insights on factors such as perceived value, uniqueness, and potential barriers to adoption.
For example, a company developing a new mobile app may use concept testing to gauge interest in the app’s features, usability, and pricing. By gathering feedback early in the development process, the company can make informed decisions on how to refine the concept and optimize its chances of success in the market.
Benefits of concept testing:
- Identify potential market demand
- Reduce the risk of product failure
- Refine the product concept based on customer feedback
- Gain insights on customer preferences and needs
Overall, concept testing helps businesses make more informed decisions about their product development and marketing strategies, leading to higher chances of success in the market.
For more information on concept testing, please visit Wikipedia.