What does 'market research' entail?

Market research fundamentally involves the process of gathering and analyzing information about consumers and markets. This is crucial for businesses as it helps them understand customer needs and preferences, identify market opportunities, and make informed decisions regarding product development, marketing strategies, pricing, and overall business planning. By employing various methods such as surveys, interviews, and data analysis, market research provides valuable insights that guide companies in tailoring their offerings to better meet the demands of their target audience. It also aids in assessing the competitive landscape, which helps businesses position themselves effectively in the market. This comprehensive understanding is vital for a company's success and sustainability, making it a core function of strategic business operations.