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A product concept is a description of a product or service, at an early stage in the product lifecycle. [1] It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture.
Concept testing (to be distinguished from pre-test markets and test markets which may be used at a later stage of product development research) [1] is the process of using surveys (and sometimes qualitative methods) to evaluate consumer acceptance of a new product idea prior to the introduction of a product to the market. [2]
Market research is one stage of product planning and is regarded as the way to accomplish the activity though designing questions, preparing the samples, collecting data and analysing them. It provides significant insight into customers wants, needs, buying habits and behaviours and is a key tool used in the product planning process. [ 6 ]
For example, some customers prefer high-tech products, while others prefer the basic model of a product and will be dissatisfied if a product has too many extra features. [1] Examples: In a callcenter, using a lot of jargon, using excessive pleasantries, or using excessive scripts while talking to customers might be off-putting for them.
Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service. The objective of conjoint analysis is to determine the influence of a set of attributes on respondent choice or decision making.
A prototype is an early sample, model, or release of a product built to test a concept or process. [1] It is a term used in a variety of contexts, including semantics, design, electronics, and software programming. A prototype is generally used to evaluate a new design to enhance precision by system analysts and users.
Context analysis is a method to analyze the environment in which a business operates. Environmental scanning mainly focuses on the macro environment of a business. But context analysis considers the entire environment of a business, its internal and external environment. This is an important aspect of business planning.
A free sample or "freebie" or "trial packs" is a portion of food or other product (for example beauty products) given to consumers in shopping malls, supermarkets, retail stores, or through other channels (such as via the Internet). [2] Sometimes samples of non-perishable items are included in direct marketing mailings.