What is Product Concept Testing?
The Product Concept Test is one of the better behaviors that the “bricks and Mortar” companies developed. This assessment takes a product or service, such as a model, prototype or drawings/specification out for review by a number of potential customers and records their reactions. This procedure gives the company valid data to the acceptation or rejection of the product or service before expensive development costs are incurred. Product Concept Tests are always a good addition to a business plan especially if venture money is to be sought. An outside company should always conduct these tests. This ensures total independence of influence from the creating company. In addition, it always looks better to the VCs to have the product concept testing performed by an independent consulting company.
Related Questions
- I have the concept, need or desire for an injectable pharmaceutical product in my market place. How can McGuff Pharmaceuticals help me?
- How did the concept and technology of Instant Noodle and related product affect the Local & Global Food Industry?
- Does becoming "Non-GMO Project Verified" require testing of every finished product?
