Market Research helps to identify the target audience of a business. It helps us determine what the customers need, how to satisfy them the most, and how to attract them. It helps figure out the most profitable geographical locations and the advantages associated with it like the distribution channel and the production cost. It also tells us what needs of the customers are fulfilled by the product and services provided by the company. It involves studying the competitors of the business in order to learn from them and improve to stay in the competition. And most importantly, how does the market functions and companies operate.
