SCBUS123 Lecture Notes - Lecture 7: Test Market
19 Dec 2017
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Document Summary
Central to creation of value for the consumer. Smth of value to consumer and offered through marketing exchange. Adding products allows firms to create and deliver value by satisfying changing needs of current and new customers. Sometimes firms take a well-known product, such as a vacuum and make it interesting such as dyson. Innovation allows firms to create broader portfolio of products. A portfolio of products is better than having just a single product. Innovators early adopters early majority late majority laggards (maybe baby boomers: idea generation, concept testing. Test product idea among set of potential customers: product development. Development of prototypes and or the product: market testing. Testing actual product in a few test market: product launch. Prototype is tested through alpha testing and beta testing. Alpha: attempt to determine whether the product will preform according to its design and whether it satisfied the need for which it was intended.
