Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A primary use for marketing research is to determine the effectiveness of new products. If Monty Brewery and Pub was thinking of introducing a new
A primary use for marketing research is to determine the effectiveness of new products. If Monty Brewery and Pub was thinking of introducing a new product, one way it might test the new product is to see how many people actually try the new product. The number of people who try a product relative to the number of people in the target market is known as the brand trial rate:
Brand trial rate Number of customers in target market who have tried the brand Total number of customers in the target market
For example, let's assume Monty has come up with a new product idea that it wants to sell at the brew pub a beer slushy that mixes their Monty Juice Raspberry Sour and blended fruit. It decides to give this new beverage a trial at a weekend event at the brew pub. It places signage around the brew pub and has the bartenders mention the new product to everyone who orders, but to make sure they get the word out, they also hand each person who enters the door a slip with the description of the new beverage and a coupon for a free sample glass. They collect the coupon's at the bar, and at the end of the night, they counted coupons out of the total of coupons they gave out at the door.
Number of samples given out
Number of customers
Brand trial rate?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started