Market Research is when you gather information to get an overview of the customer's wants, needs and beliefs. It is done because it is important to know your audience to create a successful product, and it becomes even more essential when the industry becomes more competitive.
It's very important to carry out market research so that you can develop your product/business and make changes that are beneficial to you and your customers. When you think about starting, building, consolidating, diversifying or reducing business activity, you need to be confident that you are making an informed decision so that it works out best for your customers.
Also when you come across a problem in your business, market research can help you determine the problem and also help you figure out how to fix the problem. For example you might find out that you're losing out on profit because of a new competitor or low awareness of the brand.
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