Simulated Test Marketing

  • By xcrypto
  • February 22, 2019
  • Comments Off on Simulated Test Marketing

Simulated Test Marketing

Definition

Simulated test marketing is a form of market testing where customers are exposed to a simulated market situation to gauge the consumer’s reactions to a product, service or marketing mix variations. It is used to forecast demand and do market analysis.

Application

The use of Simulated Test marketing goes beyond the pre-launch planning and forecast of demand. Marketers use this approve to improve their marketing plan according to the results.If they observe a big difference between the product forecasts before the launch and post-launch forecasts of awareness, sales, and profits, they still have the time to change the strategy and the marketing plan. This will also help in marketers in maintaining the return on investment of a Product.  Many Marketers use this technology to test different and numerous versions of new products and services are increasing, we are hard pressed to find so many that use it to formulate the marketing plan.

This can be very fruitful for companies if the marketers implement this properly. This can also help companies to save their expenses on marketing in the future.

 

Advantages

  1. Forecast of Performance measures like purchase and share can be obtained by stimulated test marketing
  2. This helps the companies to test different types of marketing plans. This will benefit companies to get a better understanding of the effect of marketing on sales and profit
  3. The ability to experiment with different measures from traditional and digital medium is very useful for budget allocation.
  4. Useful for companies to better understand the market.
  5. If implemented properly then it would help the company to grow in a consistent way.
  6. Can be used by the marketers to Improve their marketing plans

 

This article will give you a vague understanding of Simulated Test Marketing.

 

If you have any questions regarding this then feel free to comment below

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