- Market research is a key component in any organization's success. The ability to understand and address your industry and target market is an important component of any business strategy.

- Market research provides important information to identify and analyze the market need, market size and competition. Market research is a key factor to get advantage over competitors.

- Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Source - Wikipedia