market-testing

Vocabulary Word

Definition

Market testing is a strategy businesses use. Before a product or service is sold on a large scale, it's tested in a smaller market to gauge the response.

Examples in Different Contexts

In product launch, 'market testing' is the process of evaluating a new product or service with a targeted group of consumers before a full-scale launch. A product manager might state, 'We conducted market testing in several key cities to gauge consumer response to our new smartwatch before its nationwide release.'

Practice Scenarios

Tech

Scenario:

The beta version of our software seems stable. It’s time to select a tester group to gather response.

Response:

Let's conduct a market-testing phase with a select group of users. Their feedback will let us spot any problems before the full release.

Public-Policy

Scenario:

Proposed policy changes can impact public sentiment. Successful implementation relies on understanding how these changes are received.

Response:

We should consider market-testing these policy changes with different segments of the population for a comprehensive understanding of public opinion.