A Virtual Testing Approach to Improve New Product Success Rates
Karl IronsIrons Consulting, United States
Lionel WangMarketing and Innovation, LLC, United States
Henry XinMarket-Guide Consulting Co., Ltd., China
BACKGROUND
There is no quantitative area of market research more regularly used or more studied than concept testing. Over a hundred thousand product concepts have been systematically tested in the past 20 years. Massive databases of results have been created and diligently maintained. Sophisticated forecasting approaches have be employed, refined, updated, and improved. Yet, four out of five new products continue to fail in-market. The failure rate 25 years...