VALIDATE THE SERVICE DESCRIPTION OF THE PRODUCT WITH POTENTIAL CUSTOMERS TO DETERMINE ITS MARKET ACCEPTABILITY Flashcards
are rental of goods, alteration or repair of goods owned by consumers and personal services.
These are intangible products
Services
Type of services
Rented Goods Service
Owned Goods Service
Non-Goods Service
The consumer rented the facility or products of the sellers
Rented Goods Service
Repair and maintenance services rendered by the sellers
Owned Goods Service
Personal service on the part of the seller
Non-Good Service
Characteristics of Services:
Intangibility
Inseparability
Variability
Products, unlike consumer products, have the attribute of intangibility.
Intangibility
Service provider and services cannot be separated.
Inseparability
Service is difficult to standardize because it varies upon the performance of the provider.
Variability
Maguire (2015) summarizes the Steps for Market Testing a Product:
Go back evaluating your Potential Market.
Elaborate what are the Objectives. Select Your Audience.
Create a Presentation.
Suggest Solutions.
Once evaluating a specific object, one thing to prioritize is your potential market.
Go back evaluating your Potential Market.
Every successful testing comes from clearly defined objectives.
Elaborate what are the Objectives.
Try as much as possible not to go beyond your target market.
Select Your Audience.
In creating a presentation, an important element is precision.
Create a Presentation.
First, take the opportunity to analyze the responses of the viewers and ask for suggestions.
Suggest Solutions.
