What is marketing research? Why is it important?

Marketing research is a process for gathering information. Its purpose is to inform a firm about customers' needs and desires, marketing opportunities for products, and changing customer attitudes and purchase patterns.

Market research is important in many ways:

• It includes carefully analysing the data from the consumers about a particular need or product. So if the organization is somewhat going wrong it can easily be rectified to reduce the loss and gain profit.
• Market research carefully analyses the competition and thus helps to differentiate the offerings of the company.