Virgil Menefee: Market research is the way companies find out what their target market thinks about their product or service. For example, if Coke wanted to try a new product they would hire a market research firm. The firm would run test groups of 10-20 people mixed in ages and nationality (but still within the target market) to give their feedback. They would do many different groups so that their answers were fairly conclusive with a low margin of error.
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