Question

Account for the lack of success of a new product with reference to the following stages of new product development.

Concept Development

marketing strategy

test marketing

Answer 1

Concept development :-

Concept development refers to the basic understanding that is necessary to make sense of one's world. This includes ideas about the self and others, objects, and the environment. This foundationsl understanding is crucial to communication, travel, and independence.

The concept development should

Technically feasible, financial feasible and all other factors should be feasible to start production of products.

2. Marketing strategy :-

A marketing strategy refers to a business' overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.

A carefully-cultivated marketing strategy should be fundamentally rooted in a company’s value proposition, which summarizes the competitive advantage a company holds over rival businesses. For example, Walmart is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts revolve around that ideal.

3. Test marketing :-

Test marketing is a marketing method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis before a wider release. ... If testers are enthusiastic about the product, they also generate buzz for it and increase the likelihood of its success.

The Test marketing is a tool used by the companies to check the viability of their new product or a marketing campaign before it is being launched in the market on a large scale.

The market test is generally carried out to ascertain the probable market success in terms of new product’s performance, the level of acceptance of the product, customer satisfaction, and the efficiency of the marketing campaign.

Through test marketing, a marketer may ascertain the success ratio of the new product and the marketing campaign and can design the marketing mix ( viz. Product, price, place, promotion) very well before its launch.

These are all the information required to solve the given question.

I hope, all the above mentioned information and explanations are useful and helpful to you.

Thank you.