What is market research?

Market research is the process of collecting, analyzing and interpreting information about markets, consumers and competitors. The goal is to understand market dynamics and trends and identify opportunities and threats to business. Market research helps companies make better decisions in product development, marketing and sales.

Market research can include different methods, such as surveys, interviews, observation and data analysis. The results can help companies identify the needs and preferences of their target group as well as the strengths and weaknesses of competitors.

Market research is an important part of business, as it helps companies stay competitive and develop products and services according to customer needs. Well-done market research can bring a company a significant competitive advantage in the market.

Sources: Entrepreneur, Marketing Academy