Market research is the process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry. This practice helps businesses understand consumer needs and preferences, enabling them to make informed decisions regarding product development and marketing strategies. By utilizing various methods such as surveys, focus groups, and data analysis, companies can gain valuable insights that drive their business strategies. Effective market research not only identifies potential opportunities but also helps mitigate risks associated with launching new products or entering new markets.