MKT 100 Lecture Notes - Lecture 18: Focus Group, Test Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Formal and painstaking ( few ideas make it to successful commercialization) Idea generation: comes from diff sources, consumers provide feedback, suppliers and distributors are sources of imp. 1: development teams makes a written description of the product including general specifications, features and benefits, focus groups held with consumers in the target market to see their initial reaction and uncover barriers or issues. Prototype development ( if it passes the previous stage: subject to consumer testing through focus group and consumer trial. If product development is successful, full market testing is done (peterborough as test a. market: from the test market, the company assesses demand and pricing. Business assessment: company evaluates financial implications of the product and determines if it"s a good business decision in terms of finance, market and strategy to see if it should launch. Evaluation and roll-out: consumer acceptance, competitors" response, financial requirements, technical issues. If results are favourable, full roll out occurs.