Market Testing
Market testing is a process used by businesses to evaluate the potential success of a product or service before its full launch. This involves introducing the product to a limited audience to gather feedback on its features, pricing, and overall appeal. The insights gained help companies make informed decisions about adjustments needed for a wider release.
During market testing, companies may use various methods such as surveys, focus groups, or pilot programs. This approach allows them to identify any issues and understand customer preferences, ultimately reducing the risk of failure in the competitive marketplace.