Product and concept testing studies

Among other market research studies, we have vast expertise and experience in product and concept testing studies. This involves gathering feedback and insights from potential customers to evaluate a new product, service, idea, or concept before it is launched in the market. The main goal of product or concept testing is to assess the feasibility, appeal, and potential success of the offering among the target audience and to identify any areas for improvement or modifications.

During a product or concept testing study, participants are typically presented with a prototype, description, or concept of the product or service and asked to provide feedback on various aspects such as usability, features, design, pricing, and overall appeal. This feedback helps businesses to gauge customer interest, gather suggestions for enhancements, and make informed decisions about the development, marketing, and launch of the offering. Product or concept testing studies can be conducted using various research methods, including surveys, focus groups, interviews, online testing, and observational studies, to gather valuable insights that can guide product development, positioning, and marketing strategies. Product or concept testing studies sometimes narrow down only to specific elements such as in price or taste in the examples below:    

·       A price elasticity study analyzes the relationship between changes in the price of a product or service and changes in consumer demand. Price elasticity measures how sensitive consumers are to price changes and helps businesses understand how price changes may impact sales, revenue, and profitability. Price elasticity is calculated by comparing the percentage change in quantity demanded to the percentage change in price. If the quantity demanded changes significantly in response to a price change, the product is elastic. If the quantity demanded changes only slightly in response to a price change, the product is inelastic. Price elasticity studies help businesses determine the optimal pricing strategy for their products or services. By understanding how price changes affect consumer demand, businesses can make informed decisions about pricing adjustments, promotions, discounts, and other pricing strategies to maximize revenue and profitability.

·       Taste tests, also known as sensory evaluations or sensory tests, are conducted to assess the taste, flavor, texture, aroma, and overall sensory characteristics of food and beverage products. These studies are used by food companies, restaurants, researchers, and manufacturers to gather feedback from consumers or trained panelists to understand preferences, perceptions, and quality attributes of products. There are several types of taste tests that can be conducted, including: 1. Discrimination Testing: This type of test is used to determine if there are perceived differences between two or more products. It helps in identifying variations in taste, flavor, or other sensory attributes. 2. Descriptive Analysis: Trained panelists evaluate products based on specific sensory attributes such as sweetness, saltiness, bitterness, texture, and overall flavor profile. 3. Consumer Testing: Gathering feedback from target consumers through blind taste tests, surveys, and focus groups to understand preferences, likings, and purchase intentions. 4. Preference Mapping: Using statistical techniques to analyze and map consumer preferences and perceptions to identify key drivers of liking and product acceptance. 5. Shelf-life Testing: Evaluating changes in taste and quality of products over time to determine their shelf life and optimize product formulations. By conducting taste tests studies, organizations can gain valuable insights into consumer preferences, sensory profiles, and quality attributes of products, which can help in product development, quality control, and marketing strategies.