Market research involves the systematic collection and analysis of information about customers, competitors, and the overall market to gain insights into consumer needs, preferences, and emerging trends.
For example, before launching a new protein bar, a food company conducts market research by surveying 500 target consumers, reviewing competitor pricing and ingredient trends, and analyzing retail scanner data — insights that shape the product formulation, packaging, and launch price point.
Why it matters: It prevents catastrophic product failures by verifying customer demand and willingness to pay before capital is spent.
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