The different types of consumer markets in test marketing, explained by our marketing consultant in Sydney
Test marketing is the stage in product development in which the product or service is introduced into a realistic marketing setting, in order for the marketing program to be tested. Our marketing consultant in Sydney believe that a test market is beneficial as it gives the marketer experience with marketing the product, finding potential problems and learning where more information is needed. Our Sydney marketing consultants have detailed the different types of consumer markets that products can be tested in:
Standard test markets
Products are tested in situations like those it would face in a full-scale launch. The results are used by our small business marketing consultant in Sydney to forecast national sales and profits and discover potential product problems.
Controlled test markets
Controlled test markets are when research firms deliver the product to participating stores and controls shelf location, amount of shelf space, displays and point-of-purchase promotions and pricing, according to specified plans. Sales results are tracked to determine the impact of these factors in the limited stores chosen.
Simulated test markets
This is when consumers are given a small amount of money & are invited into a real store where they may keep the money or use it to buy items. Our marketing advice in Sydney is for businesses to take note of how many consumers buy the new product and competing brands.
For more information regarding the different types of consumer markets in test marketing, please contact our marketing consultant in Sydney today.