a picture or verbal description of a product or service the firm might offer for sale, used to find consumer reaction to a potential new product
------- For example, Fisher-Price’s addition of a noisemaker, wheels, and eyes to the basic design of its Chatter Telephone made the toy more fun for children and increased sales.
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
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