What is the primary purpose of market research?

The primary purpose of market research is to gather information about consumers' needs and preferences. This understanding is crucial for businesses to tailor their products and services effectively to meet customer demands. By analyzing consumer behavior, businesses can make informed decisions about marketing strategies, product development, and overall business operations.

Market research provides insights into what customers want, how they feel about existing products, and what factors influence their purchasing decisions. This information enables companies to enhance customer satisfaction and loyalty by aligning their offerings with consumer expectations.

While other options may represent important aspects of business strategy, they do not encapsulate the fundamental objective of market research, which is to prioritize understanding the target audience. Calculating total revenue, analyzing competitors, and predicting trends based on past sales, while valuable, are secondary activities that rely on the foundational knowledge gained from effective market research.