What Is Introducing a New Product into a Chosen Area

question 204

Multiple Choice

What is introducing a new product into a chosen area and then observing its degree of success is the marketing research technique known as?

• A) laboratory experimentation
• B) concept testing
• C) test-marketing
• D) observational marketing

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Definitions:

Willing Supplier

An entity or individual that is ready and able to provide goods or services at a certain price.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive in the market.

Market Price

The ongoing value at which a commodity or service is offered for buy or sell in a trading environment.

Producer Surplus

The gap between the amount sellers are prepared to accept for a product and the actual selling price they obtain.