Investopedia explains 'Market Research'
For example, a company that was considering going into business might conduct market research first to test the viability of its product or service idea. If the market research confirms that company’s predictions, they can proceed confidently with their business plan. If not, they can use the results of the market research to make adjustments and do additional testing. Though market research can be expensive and time consuming, it should be less expensive and time consuming than fully developing and bringing to market a new product or service that will generate little or no interest from potential customers.
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