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What is Test Marketing for make great business?




Companies offering new products and services want to know how consumers might respond before they formally launch, all out, into the marketplace. Test marketing provides a way to introduce a product/service in a way that allows marketers to get a good idea about sales potential and other considerations that can affect sales.
In marketing, a test market is used to represent the actual market for a product/service. The test market must be demographically and/or geographically similar to the actual market so that a manufacturer/producer can accurately gauge the potential viability of a product or service prior to a wide scale roll-out.
There are several methods of testing market potential that are available (market testing, focus group interviews, consumer surveys, trade show exhibits). Companies will choose one or more of these methods based on the type and amount of information marketers need, what the company is offering, and the consumer demand that's expected for it.
Many costs are involved in bringing a new product/service to the market. Ae company may have to build or rent a manufacturing facility, and it may have to spend, in the case of a new consumer packaged good, between $10 million and $200 million for advertising, sales promotion, and other marketing efforts--in the first year. The company also must decide where to launch the new product—in a single location, a region, the national market, or in the international market.
Market testing can provide valuable information that can help marketers, tremendously, in the decision-making process.

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