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Business Research consists of a systematic process of gathering, recording and analyzing data for aid in making business decisions. It includes the gathering and evaluation of data regarding consumers' preferences for products and services. Market research includes collection and analysis of information about consumers, competitors and the effectiveness of marketing programs.
Businesses use market research to determine the feasibility of a new business, to understand the customers' response to new products or services, to improve aspects of their business such as customer service or distribution channels, develop competitive strategies and develop successful marketing plans. In a nutshell, market research allows businesses to make decisions that make them more responsive to customers' needs and increase thereby bring about an increase in the profits.
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