Question

Explain concept testing, conjoint analysis and simulated test marketing

Explain how companies will need to modify how they conduct and use these techniques in a pandemic situation?

Answer 1

Concept Testing

Concept testing is a quaity check which is done by making surveys to know the consumer preference and acceptance about a new launch in the market. This is made before the introduction of product in the market and to know the reaction of the consumers aganist the new product.It is important because this will help in decision making about various things such as product pricing ,marketing efforts etc.

Conjoint analysis

It is a market research method for measuring the values of the product for which the consumers give more importance. It is a quantitative analysis where the consumers or the respondents are asked to answer the surveys with multiple product features and concepts are given as choices.It is like a real life situations and statistical features are used for making actual market decisions.It is based on the trade off between various product concepts.There are various types of conjoint analysis. Such as traditional analysis , Choice Based Conjoint Analysis , and Adaptive Conjoint Analysis.

Simulated Test Marketing

Simulated Test Marketing is a situation which creates a false buying situation and observe how the consumer acts in the market. It take a keen observation on the purchace intentions and actual choices of the customers. It is followed up with the consumers lately.It is mainly used for testing in consumer non durable products.It provides measure of trial and the effectiveness of promotion. By this researchers can interview the customers.

The companies have to clearly make a market research during a pandemic situation. They have to consider the financial and personnel situation of the consumers before producing a products. the product which will copeup with the current needs of the people. Before the production itself they have to make a market research on the needs abd wants of the people so that they can easily know the needs of the consumers. After that they should produce a product which will cover the needs of the public. Then try these test to know the viability of the product in the minds of the consumers.