Testing/Proof of Concept

Now it's time to completely validate your project in terms of the product, its marketing plan, and the production. It is broken up into three phases:

Near Testing - Our goal here is to find the bugs. We'll test the product with and get feedback primarily from in-house staff and additional parties like customers and partners who are close to the firm. The idea is to give them a clear understanding of how the product should perform so they know what to look out for.

Field Testing - Now your product fully resembles its planned launch model in all aspects, and is ready to be tested with a larger number of qualified participants. They will be fully informed on the product's functions, features, benefits, and intended use conditions. We'll be testing for interest levels, attribute preferences, price sensitivity, product usage, and durability. Lastly, we'll collect and analyze all the data for improvements in design, product positioning, and other aspects of the marketing mix.

Market Testing - This testing is completely optional; its costs v. benefits will depend on your product category, operational flexibility, and channel strategy. The first option is to employ simulated market tests through specialized consumer market research firms that involves exposing shoppers to new products and their claims in a staged advertising and purchasing environment. The second option is to conduct trial sells of your product through specific channels, geographic regions, or customer profiles. The objective of both approaches is to determine a greater certainty of market acceptance and projected sales forecasts.

Our next phase: Life Cycle