Define Purpose of market research.

The purpose of market research is to systematically gather, analyze, and interpret information about a market, including its consumers, competitors, and overall business environment. This process serves multiple essential functions for businesses and organizations. Market research enables a deep understanding of customer needs, preferences, and behaviors, helping businesses tailor their products, services, and marketing strategies to meet market demands effectively. It also provides insights into industry trends, competitive landscapes, and emerging opportunities, aiding in strategic decision-making and risk management. Ultimately, the purpose of market research is to empower businesses with valuable data, facilitating informed decision-making, enhancing competitiveness, and maximizing their potential for success in the marketplace.