Test Markets Offer at Least Two Important Benefits to the Firm

question 45

True/False

Test markets offer at least two important benefits to the firm conducting the test.First and foremost,the test should identify weaknesses of the product and the proposed marketing strategy for the product and give management an opportunity to correct any weaknesses.

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Definitions:

Facts

Information that is empirically proven to be true and verifiable.

Demographics

Statistical data relating to the population and particular groups within it, often used to identify characteristics such as age, gender, income, etc.

Attitudes

Mental and emotional entities that encapsulate an individual's feelings, beliefs, and predispositions toward objects, people, or situations.

Behaviors

Patterns of action or reactions of an individual or group in response to external or internal stimuli.