When Hope Springs develops its flavored water additive and uses the college town where Gabbie and Justin are students to gauge if there is ample product interest, the company is engaged in a test market.

When Hope Springs develops its flavored water additive and uses the college town where Gabbie and Justin are students to gauge if there is ample product interest, the company is engaged in a standard test market.

standard test market

Explanation: Test marketing is applied by firms in order to determine how suitable a new product or campaign is before proceeding on a large scale. And so it helps in obtaining the success ratio of the newly launched product, customer satisfaction or acceptance, distribution requirements and material support for a full launch.

In a standard test market, a few number of representative audience or towns is selected for trial of the full marketing mix (product, price, place, and promotion) prior to a new product launch on a larger scale.

answer; no individual buyer or seller has any significant impact on the market price;

answer; intellectual property protection;