To Price Or Not To Price? That Is The Question
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When Leaving Price Out Of A Concept Test Is Harmless – And When It Becomes Costly
Concept Testing is about making Decisions
Concept testing plays a central role in the innovation process. It supports important decisions: should an innovation proceed or be stopped? If it proceeds, which elements should be retained, improved or changed?
These decisions are often made when the proposition is already defined, but many marketing-mix elements are not. Packaging, distribution, communication and, frequently, the final price may still be under development.
This creates a common dilemma for Innovation and Consumer and Market Insights teams. Should a concept be tested with a price that may later change, or should price simply be left out?
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