What is the purpose of market research?

The purpose of market research is to learn about the desires of a target customer base. Market research includes learning about current problems that a customer base has, as well as their preferred solutions.

There is no one right way of performing market research, but the purpose is always the same. Research is conducted into industry spending habits, leading products and popular companies in order to identify profitable areas for a business to enter a market in. By identifying a target customer group, a company can identify where significant problems exist and make a product to solve those problems. Correct market research can improve the chances of a successful product introduction.