what is market research 
market research examines consumer behavior and trends in the economy to help a business develop and fine tune its business idea and strategy it helps a business understand its target market by gathering and analyzing data market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers it allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service research may be conducted in house or by a third party that specializes in market research it can be done through surveys and focus groups among other ways test subjects are usually compensated with product samples or a small stipend for their time 