In comparison to test markets, laboratory test markets are relatively expensive but they are faster and more variables can be tested.

Question

Quizplus · Accepted Answer

Laboratory test markets are generally less expensive than traditional test markets because they are conducted in a controlled environment, which reduces the cost of distribution and marketing. They are faster because they don't require the setup of products in actual market conditions, but they may not allow for as many variables to be tested in real-world scenarios.

In Comparison to Test Markets, Laboratory Test Markets Are Relatively