Market research is a systematic and essential process that businesses employ to gather, analyze, and interpret information crucial for strategic decision-making. It involves a series of steps aimed at understanding the dynamics of a market, identifying opportunities, and mitigating risks.

The process begins with clearly defining research objectives, which could range from understanding customer preferences to evaluating market demand or assessing competitors. Data collection methods vary and can include surveys, interviews, focus groups, observations, and the analysis of existing data sources. Primary data, obtained directly from original sources, and secondary data, collected for other purposes, are both integral components.

The collected data undergoes analysis and interpretation, employing methods such as statistical analysis and qualitative coding to derive meaningful insights. The final step involves reporting and presenting the findings in a clear manner, allowing decision-makers to understand the implications and make informed choices.

Effective market research empowers businesses with a deeper understanding of their target market, enabling them to make informed decisions, reduce risks, and capitalise on opportunities. It is an indispensable tool for staying competitive and responsive to the dynamic nature of markets.