What is Market Research?

Market research is a strategic business practice aimed at gathering and analyzing information about target markets, customers, and industry trends. It involves the systematic collection and interpretation of data to inform decision-making and enhance business strategies. Common tools employed in market research include surveys, interviews, focus groups, and data analytics. These tools help businesses understand consumer preferences, assess competition, and identify opportunities for growth. By leveraging market research, companies can make informed decisions, optimize product offerings, and stay competitive in dynamic market environments.