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Simulated test market refers to a marketing research technique where consumers are subjected to engineered advertising and purchase decisions to examine their response to a new product or service.
What will be the benefit of simulating test marketing to the marketer?
there are two options of testing new product launch: (1) real controlled market and (2) simulated test market (STM). Clancy et al (1994) report the following advantages of the latter:
– Less Expensive
– Short time period for results
– Confidentiality
– Test multiple marketing plans (advertising , promo etc.), concepts, positionings, alow simulations
– May be projected nationally
– Examine cannibalization and source of volume
– Detailed consumer feedback on purchasing drivers: pack, price, communication, product
Form my experience consumer info is key, you typically dont get that from traditional test market studies. I've collected some learnings at www.korotkov.pro
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