The step after 'concept testing' in the new product development process is:
Marketing strategy development
The new product development process is a fixed sequence of stages, and the question asks which one immediately follows concept testing.
The full sequence is idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing and commercialisation. Concept testing is the stage at which the product concept is presented to target consumers to gauge their reaction. The step immediately after it is marketing strategy development, in which the firm drafts a preliminary marketing strategy for introducing the concept - describing the target market, the planned positioning, sales and profit goals, the intended price, distribution and marketing budget, and the long-run plan.
Business analysis comes only after that strategy exists, because the sales, cost and profit projections it reviews are derived from the marketing strategy statement. Product development follows once the business case is judged attractive and the concept is turned into a physical prototype. Test marketing comes later still, when the product and its programme are tried in realistic market settings.
Hence the step after concept testing is marketing strategy development.
Similar Questions
Which of the following best describes the 4 A’s from the buyer’s viewpoint ?
A. Adjustability
B. Awareness
C. Accessibility
D. Affordability
E. Acceptability
Choose the correct answer from the options given below :
Under which of the following conditions, a brand is said to have a negative brand equity ?
Under Brand Sponsorship, store brands are also known as which other names from the following?
A. National Brands
B. Generic Brands
C. Private Brands
D. Distributor Brands
E. Manufacturers Brands
Choose the correct answer from the options given below:
From the given columns which of the combinations best describe the concepts of product hierarchy?
(a) Need family (i) The core need that underlines the existence of a product family (b) Product family (ii) Group of items within a product line that share one of several possible forms of the product (c) Product class (iii) Group of products within the product family recognized as having a certain functional coherence (d) Product line (iv) All the product classes that can satisfy a core need with reasonable effectiveness Evaluate the statements according to Brand Asset Valuator Model of Brand Equity :
Statement (I) : Knowledge measures the degree to which a brand is seen as different from others as well as its pricing power.
Statement (II) : Esteem measures perceptions of quality and loyalty or how well the brand is regarded and respected.
Code :
Important Questions from Marketing mix
Which of the following statements represents marketing ?
- Which one is not a part of Marketing Mix ?
- Give the correct sequence for Marketing strategy.
(i) Promotion
(ii) Packing
(iii) Analysing
(iv) Developing
(v) Distribution
(vi) Pricing
Code : - Match the pricing strategies in List - I with their appropriate explanation in List - II :
List - I List - II (a) Bundle pricing (i) Price for any product is deliberately fixed lower than the prices of competitors (b) Parity pricing (ii) Prices fixed for similar products and services are the same as competitor’s prices (c) Penetration pricing (iii) Price fixation is allowed at levels higher than competitors (d) Premium pricing (iv) Involves being the leader in fixing prices by benchmarking them (v) Set of products and services are clubbed together and charged at lower than the sum of individual elements in the mix Which of the following best describes the 4 A’s from the buyer’s viewpoint ?
A. Adjustability
B. Awareness
C. Accessibility
D. Affordability
E. Acceptability
Choose the correct answer from the options given below :
