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

Market research is the systematic process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the industry as a whole. This process is vital for businesses to understand the demand for their products or services, identify market trends, and inform strategic decision-making.

The goal of market research includes:

• Identifying Market Needs: Understanding what customers are looking for in terms of products or services.
• Assessing Market Size: Estimating the potential size of the market and the business opportunity.
• Analyzing Competition: Evaluating competitors’ strengths and weaknesses to position the business effectively.
• Segmentation: Dividing the market into distinct groups based on various criteria such as demographics, behavior, or preferences.

By employing both qualitative and quantitative research methods, such as surveys, interviews, and focus groups, market research aids businesses in minimizing risks and maximizing opportunities.