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Test Marketing and Market Research

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The product development team at XYZ Fireworks Company has worked on several modifications for their unique backyard fireworks. The most promising development is a new type of sparkler that explodes into five different colors. Based on the positive feedback from employees who home tested the fireworks, management thinks the new home based fireworks will be a major seller. It has been decided to test market the product. If you were the CEO, what information would you want from the test market? What constraints would you want the test-marketing to operate under and why?

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This solution provides information on test marketing and its constraints.

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In the Entrepreneur's Guide to Market Research, Wenzel (2012) defines Market research as the study of the demographic characteristics of our customers (and potential customers), their needs and desires, our market competition, emerging technologies, and market trends. "We perform market research in order to reach a new understanding of the size and growth of our market, who exactly our customer and potential customers are, what types of products and services our customers and potential customers most desire, and who our competition is. Market research can also tell us where and how we can reach our customers and potential customers (e.g., via which websites, publications, ...

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