During which phase is a product evaluated by a small segment of the market?

The phase wherein a product is evaluated by a small segment of the market is known as Test Marketing. This involves introducing the product to a limited audience to gauge their reactions, gather feedback, and observe how the product performs in a real market environment. During this stage, businesses can assess various factors such as consumer interest, buying behavior, and the effectiveness of their marketing strategies.

Test marketing helps identify potential issues and allows modifications before a full-scale launch, minimizing risks associated with the introduction of new products. This process is crucial because it provides insights that can enhance the product's success when it officially enters the broader market. Other stages, such as product screening or concept development, tend to occur earlier in the product development process and do not involve direct market evaluation. The feasibility study typically assesses the viability of a product idea rather than testing it with real consumers.