Proper subset selection for next release is one of the key factors responsible for the success of the software projects. Selecting a subset of requirements from a pool of requirements in a market driven product development is found to be challenging since it involves unknown customers who may be geographically distributed. The objective of this paper is to study the importance of requirements prioritization through a exploratory study of literature supported by a survey conducted with industry experts. We have also analyzed and identified the different stakeholders that are involved in the process. The use of social media for gathering information from unknown market and the reasons behind the negligence of prioritization in industries is also been discussed. © Springer International Publishing Switzerland 2016.