What process involves determining the viability of a new service or product through direct research with potential customers?

Market research is the process that directly involves evaluating the viability of a new service or product by engaging with potential customers. This typically includes gathering data through surveys, focus groups, interviews, or observations to assess customer needs, preferences, and willingness to adopt the new offering. The insights gained from market research help businesses make informed decisions regarding product design, pricing strategies, and marketing approaches.

In this context, market research is crucial as it allows companies to validate their concepts before launching a product, minimizing the risk associated with new introductions to the market. By capturing customer feedback, businesses can identify necessary adjustments and improve their offerings to better meet market demands.

While market segmentation, product development, and consumer behavior analysis are all important aspects of the overarching marketing and product strategy, they serve different purposes. Market segmentation focuses on identifying distinct groups within a broader market to tailor marketing efforts. Product development involves the creation and refinement of the product based on various inputs, while consumer behavior analysis studies the decision-making processes of consumers, but may not involve direct testing of a product or service idea like market research does.