Market Research is defined as the process of gathering data on goods and services to determine whether the product or service will satisfy customers' needs. Market research can identify market trends, demographics, economic shifts, customer's buying habits, and important information on competition.
Knowing this information is essential to the success of your business. It will guide you in making strategic business decisions, uncovering unmet customer needs, and in many cases, help you discover new ideas for products or services.
In short, market research helps you to:
Identify and understand opportunities
Pinpoint obstacles or problems
Benchmark and evaluate you success