What does market research involve?

Market research involves gathering and analyzing information related to marketing, making it essential for businesses to understand their target audience, competitors, and market trends. This process includes collecting data through various methods such as surveys, interviews, focus groups, and observations. By analyzing this data, companies can make informed decisions about product development, pricing strategies, promotional campaigns, and overall market positioning.

This understanding helps businesses identify customer needs, preferences, and behaviors, allowing them to tailor their marketing strategies effectively. It also plays a critical role in reducing risks associated with new product launches or entering new markets by providing insights that can lead to more successful outcomes.