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The fatality rate for new ventures is high. New businesses and even new products from established businesses fail frequently, for one reason or another. Test-marketing new products has become key to the risk management involved in new ventures, because such tests can shed light on the product's potential appeal before the full complement of resources has been committed to rollout. A market test is a key element of market research, in which a new or modified product, good, or service is offered to a limited market in order to observe its response. This is done after initial research—the in-house development, determination of pricing, and so on—and often after the focus group stage, in preparation for introduction to the full market. The process is known ...

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