What is the main purpose of market research?

The main purpose of market research is to discover and understand customer needs. It involves gathering, analyzing, and interpreting information about a market, including details about the target audience, their preferences, behaviors, and pain points. By understanding these aspects, businesses can make informed decisions about products, services, and marketing strategies that resonate with their customers, ultimately leading to enhanced customer satisfaction and loyalty.

This customer-centric approach is vital for businesses looking to thrive in competitive environments. While increasing production, improving employee morale, and developing new products may be outcomes influenced by market research, they are not the fundamental purpose of conducting such research. The central focus is always on the customer, as understanding their needs fuels various strategic business initiatives.