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Market research, as defined by the International Code on Market and Social Research is the systematic gathering and interpretation of information about individuals and organizations using statistical and analytical methods of applied social sciences to gain insight into business decision making.

Conducting market research is very important within business strategy.  Knowing factors such as market size and share, competitors and consumer demographics provides pertinent information when building a marketing plan.

There are several ways to conduct market research.  You can do your own research to find answers and solutions.  There is software available to help produce quantitative data as well.  There are companies that specialize in conducting market research for businesses, outsourcing this process is a viable option.

Any business entering a market needs to be aware of the environmental factors in which they are operating.  Knowing details of your specific market can help marketing efforts and increase chances of survival.