Test Marketing Is Considered a Critical Step in New Product

question 8

Essay

Test marketing is considered a critical step in new product development in most Western countries.Comment on test marketing.Also, outline some of the shortcomings of test marketing?

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Definitions:

Success

The accomplishment of an aim or purpose.

Prediction Interval

A range of values that estimates where future observations will fall, with a specified probability.

Cancer Mortality

The number of deaths caused by cancer within a specific population and time period.

Radioactive Waste

Material that is no longer useful and contains radioactive substances at concentrations or levels that require regulatory control.