Millennium Marketing Research

Millennium Marketing Research Millennium Marketing Research Simulated Test Market Home›Marketing Posts›Millennium Marketing Research Simulated Test Market Marketing PostsHow does the approach described in the case differ from more traditional test markets?The approach described involves researchers who categorically produce and promote their products both scientifically and follow the Acts governing sales and production, while traditional test approach are the ways a product is brought to the market using traditional ways without ensuring that the product is safe for consumption and also going against production rules governing production and market testing of products. Also the approach concentrates on different markets and spreads their products to several agents across the markets unlike the traditional method whereby the products are distributed to few market places or even one place for test thus biasness in discovering the efficacy of proposed new product (Wilmshurst, 1984).Advantages and disadvantages of simulated test market approachThe approach is very expensive and makes the marketers to often not to undertake it for any reason. Nevertheless, they simply launch product without using the approach hoping it will be successful and through positive instincts on the products. On the other advantageous part, it reduces the cost and the time when providing estimates of new products sales (Wilmshurst, 1984). The approach also does not allow evaluation of the entire market mix but advantageously, it provides basis in the awareness estimation, adoption before the launce, trial and it is very cost-effective in fashion.Why do they say that the approach does not permit you to evaluate all marketing mix elements? Do you agree?I agree with the approach ways of permitting the evaluation of all market mix elements because, the approach concentrates on the ways it can market the product through test and ensure that it spreads winning the consumers. The approach ensures proper test and targets competitive market with other products (Savitt, 1986).How could the test be modified to address other marketing mix elements?The approach should be merged with other products in the market which will help in promoting both products thus proper market through lowering prices and so on.How does the methodology used by Millennium provide a basis for estimating awareness, trial, and adoption?It allows the consumers to possess the products for free and also test for themselves with instructions given to them and by doing these they adapt to using the product.Do you think participant behavior in the test will be consistent with their behavior in the actual marketplace? Why do you say that?It depends with the quality of production and the prices in the market compare to the other products. These is because the product maybe with high quality when tested and poor quality when brought to the real market (Savitt, 1986).