Develop Marketing 6Ps
Product mix testing, a tactical evaluation process to optimize a brand’s product assortment, is crucial for creating a growth-aligned product mix in today’s dynamic market landscape. It helps in assessing the right product fit that matches market needs and it evaluates your brand’s product portfolio’s value propositions to drive higher market share and ROI, building loyalty and navigating competition.
At Borderless Access, our comprehensive Product Mix Testing Solution employs market research mechanisms such as contextual product comparison surveys, in-home product placement (iHUT) or central location tests (CLT) combined with automated analysis and advanced analytics to derive accurate insights for either product prototypes or final products. Through A/B testing and customer feedback we not only refine your product mix but also uncover new opportunities that deliver value proposition versus the price. This approach ensures a well-balanced product mix that not only adapts to market shifts but also resonates with evolving consumer behavior.
We identify product optimization opportunities by understanding how changes in product attributes influence consumer liking through the Just-About-Right (JAR) scale. Our approach employs penalty analysis to assess the impact of changes in product attributes like flavor, sweetness, bitterness, etc., on overall liking. This involves categorical scales where the two ends of the scale indicate “too little” or “too much” of a particular attribute, with one point representing “Just-About-Right.” Further, the penalty analysis measures the impact on product liking (or any other measure) when the product has either “too much” or “too little” of a specific attribute.
Certainly. Understanding how customers value your product is crucial for successful market entry. We employ reliable models like Van Westendorp’s Price Sensitivity Model, avoiding the guesswork in pricing. This comprehensive, multi-question model indirectly measures willingness to pay through questionnaires-driven data collected from potential buyers. Rather than asking potential buyers to identify a single price point, the Van Westendorp model helps assess a range of prices instead of just one. Along with the PSM model, we also use conjoint analyses to determine the optimal price and pricing strategy for your product.
While our preference is to manage the entire process of product mix testing and support the strategic needs of research; we do provide assistance in managing the critical elements of identifying the right respondents (target consumers) who are willing to participate in the data collection process. We have capabilities to screen and invite these respondents across the B2C and B2B/Healthcare segment from our opt-in online community members across 40 markets and recruit for any on-going product testing projects.
Product Mix Testing
Before launching its new bar soap in the Africa market, Unilever turned to Borderless Access to assess the positioning framework basis market insights. Read more to know how it helped Unilever get the soap into the market.