What is meant by market research?

Market research is the process of gathering, analyzing, and interpreting information about a market, target audience, or industry to understand consumer behavior, preferences, and trends. This information is used by businesses to make informed decisions about their products, services, marketing strategies, and overall business operations. Market research can involve various methods such as surveys, focus groups, interviews, and data analysis to gather insights and data that can help businesses identify opportunities, assess competition, and make strategic decisions.

Market research refers to the systematic gathering, recording, and analysis of data about markets and customers. It involves investigating target audiences, competitors, and various other relevant factors to gain insights into market trends, consumer behaviour, and business opportunities. Market research helps businesses make informed decisions regarding product development, marketing strategies, and overall business planning.