Market research is the process a company uses to assess the _______ of a new product or service. It reveals the details of a company’s _____ market, and what ________ think about a product before it’s widely _______. Companies can hire third-party providers, or do the research themselves. Techniques include surveys, product testing, and focus groups. Suppose XYZ Technology Company invents a new phone that offers some innovative features. The company can assemble a _____ group and let its participants experiment with the phone, while management observes from behind a two-way _____. It might ________ consumers to gauge interest in the product, or use _____ or ____ surveys to gather more data. If XYZ finds consumers ____ the phone, it can confidently proceed with its business plan. If not, it can scrap the project, or make adjustments according to what its research discovered. Market research can be expensive and time-consuming. But unveiling a new product ______ conducting market research can be even more costly.