Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research is a way of getting an overview of consumers wants, needs, and beliefs, and it can also involve discovering how they act. The research can be used to determine how a product could be marketed.

Market research is essential for developing brand loyalty and customer satisfaction. It helps companies understand in advance the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than Twitter, it can then target its advertisements to one platform instead of another.

Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand the viability of a new product or service in advance. Market research is a way that producers and the marketplace study the consumer and gather information about the market.

The market research process collects insights from the target audience about a product or service. It is a step-by-step process that determines customer perception of the product. The steps of the market research process include defining the problem, developing a market research plan, data collection, analyzing the collected data, and presenting the findings.

In summary, marketing research is a systematic process of obtaining, analyzing, and interpreting data for actionable decision-making. It is a way for companies to understand their target audience better, make better products, improve user experience, and design a marketing strategy that attracts quality leads.