Market research involves gathering, analyzing, and interpreting market information to support business decisions. It can be primary (surveys, interviews, focus groups) or secondary (analyzing existing data and reports).
Market research helps identify customer needs before launching products, understand competitor strategies, and spot market opportunities. For example, a food company conducts focus groups and test marketing before introducing a new flavor.
Proper research reduces business risk and increases the probability of success. Companies that invest in market research are more likely to make informed decisions and avoid costly mistakes.