It has been found that approximately 60% of new ventures fail because of bad marketing decisions. A careful low-cost marketing research can help new ventures make right marketing decisions. In particular, too often companies with new offerings do not test enough to assure that a product is an appealing concept to enough customers.
In this assignment, you are asked to design a research plan for concept testing of a new product, LINEPASS, developed by a new venture. Concept testing is a research technique that checks whether the prospective purchaser and/or user of a new product- offering bundle understands the product/service idea, feels that it answers a need, and would be willing to purchase and/or use it. Concept testing is basically a set of procedures in which potential customers are exposed to a product or service concept and are asked for their reactions to it.
LINEPASS is an easy-to-use Wireless Reservation System for theme park attractions. Visitors receive small personal terminal devices when they buy tickets at the entrance. The personal devices are linked to a server through FM transmitters.
The benefits LINEPASS can offer are as follows:
Get information about waiting times for any attractions in the theme park.
Get information about all the different events in the theme park.
Make a reservation for any attractions in the theme park.
Avoid waiting in line for tickets and rides.
Map current location and find the best route to any place in the theme park.
The digital signature uniquely built into each terminal device allows users to board rides quickly by passing through gates.
The terminal device notifies users 15 min. before their next reserved ride is to start.
Pay all bills one-time upon returning the terminal device.
Monitor movement of all visitors and revenue contribution from all attractions on-line.
Increase sales by sending ads or notices for events to all terminal devices.
Design a 2-3 page marketing research plan for concept testing of LINEPASS. For the concept test plan, the following questions must be addressed:
Objective: State explicitly what you want to learn and how you will use the information
Respondents: Who should be exposed to the concept? Explain why. Be specific about your segmentation and target market.
Sample size: How many respondents should be contacted? Explain why you made this decision.
Method: What are the best modes of data collection? Explain how would you approach respondents?
Stimuli: What should be in the concept statement?
Data: What specific information should be collected from respondents?
Measurement: Explain how should the questions be asked and measured?
Analysis: What kind of analysis should be conducted after gathering data? Explain how your analysis can be used by the corporation for planning and decision making?
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Concept Testing It has been found that approximately 60% of new ventures fail be