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Publisher: MCB UP Ltd
Languages: English
Types: Article
Subjects: BF
Abstract: This article explores how different market research methodologies impact on consumers' responses to innovative concepts. Although there is a fierce competition among companies to be first to the market with innovative products, a recent report has shown that the vast majority of such products fail in the marketplace within a year. To avoid such costly mistakes, companies invest in market research to test the potential market appeal of new product concepts. The most common form of concept test is the "picture-board" technique. This technique normally features a graphic representation of a potential new product, accompanied by a short textual description of it. Various alternative concept-testing techniques have been developed to address this issue, including the "living with the concept" method. This method requires participants to keep materials describing the concept at home for a period of time. During this time they are asked to think about the concept and its uses in their life.
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