4.4.1—Purpose and process of market research

Market research gathers and analyses information about customers, competitors and the market to reduce uncertainty in decisions. A sound process defines the question, chooses evidence, collects it ethically, analyses it and links findings to action.

Research has value only when the question and method fit the decision. Biased wording, weak samples or outdated data can create false confidence.

Start with the decision and information gap, then check source quality, sample fit and how the result will change the plan.

Before launching a meal-delivery service, a business tests which delivery times customers value and what price they would actually pay, rather than asking only whether the idea sounds good.

Research does not eliminate uncertainty; it improves a decision when its limits are explicit.