Define market research: - Leaving Cert Business - Question 5 - 2001

Market research is the systematic process of collecting, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry. It involves various methodologies such as surveys, interviews, focus groups, and observations to gather insights. This information helps businesses make informed decisions regarding product development, marketing strategies, and identifying potential gaps in the market.

Market research serves multiple purposes, including:

1. Understanding Consumer Needs: It provides insights into what consumers want, their preferences, and behaviors.
2. Identifying Market Trends: Helps in recognizing current trends within a specific market, allowing businesses to adapt accordingly.
3. Competitive Analysis: Offers analysis of competitors, their strengths and weaknesses, and potential market positioning.
4. Risk Mitigation: Reduces uncertainty in strategic decision-making by providing reliable data.

In summary, market research is essential for effective decision-making and can significantly enhance a company's ability to compete and succeed.