Market research is the process of systematically gathering, analyzing, and interpreting information regarding a particular target market or industry.
The goal is to gain an insight into consumer behaviors, preferences, needs, and market dynamics as well as identify any relevant trends or competitive dynamics that affect it. Businesses conducting market research can use its results for informed decisions regarding product development, pricing strategies and overall business planning decisions as well as tailoring offerings to meet customer demands, gain a competitive advantage and increase customer satisfaction.