Market Research can gather, analyze and interpret information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service. For past it can be done to know the satisfaction level of the customers, at present it can be done to identify competitors, to know about the target market & potential customers & for Future it can be done to know the growth prospects of the Business or Upcoming Business Trends.
Market Research is a process of Identifying the problem, Collecting Valuable data & Interpreting the Data to reach to the solution to Problem. The Solution or the Information gathered helps the Company to solve marketing problems that a business is most likely to face. Market Research allows business owners to make more effective & efficient decisions which are profitable for the Business.