MARKET RESEARCH

Assessing the viability of a new product or service in a specific market. This can be done by applying techniques such as focus groups, product testing, and surveys. It allows a business to discover their target market and what the consumers think about that product or service before making it available to the public. The company itself or a third-party firm may conduct market research. Normally, subjects in a market research are compensated with product samples and/or small stipend for their time.