Market(ing) testing as a base for minimization of the business risk

Jovanov, Tamara and Bezovski, Zlatko and Temjanovski, Riste (2021) Market(ing) testing as a base for minimization of the business risk. Macedonian International Journal of Marketing, 7 (13). ISSN 1857-9787

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The paper analyzes the need for market testing of consumer goods, presents various models and methods of market testing, including social media testing, and points out certain actions that need to be taken, as well as those that need to be avoided by companies, especially in terms of the scope and type of testing. Market testing is important for the success of any new product on the market and therefore, it is suggested that companies, after the development of the prototype, should present it to some of their existing or potential customers, to get feedback about how realistically such idea is acceptable. Test methods can range from classical methods that require more time and cost, to the use of alternative methods that are faster and cheaper. Preliminary testing of the product on the market reduces the risk of failure when the product is placed on the market and increases the chances of long-term successful operation of companies.

Item Type: Article
Additional Information: Journal is indexed in: EBSCO
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Tamara Jovanov
Date Deposited: 12 Jul 2021 17:32
Last Modified: 12 Jul 2021 17:32

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