Meaning of the word "market research" in English

What does "market research" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

market research

US /ˈmɑːr.kɪt ˌriː.sɜːrtʃ/
UK /ˈmɑːr.kɪt ˌriː.sɜːrtʃ/
"market research" picture

Noun

1.

the action or activity of gathering information about consumers' needs and preferences

Example:
Before launching the new product, they conducted extensive market research.
Good market research is crucial for business success.
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