Market research is the practise of evaluating the viability of a new service or product by interviewing prospective customers firsthand. 

Market research enables a business to identify the target market and obtain consumer comments and other input regarding their interest in the good or service.

This kind of research can be carried out internally, by the business itself, or by an outside market research firm. 

Surveys, product testing, and focus groups are all viable methods. Typically, test subjects receive free product samples or a small stipend in exchange for their time. 

The development of a new product or service requires extensive research and development (R&D).

By speaking with potential customers directly, businesses employ market research to assess the viability of a new good or service.

Through market research, businesses may identify their target market and receive immediate comments and input from customers.

This kind of research can be carried out internally, by the business itself, or by a third party market research firm.

Focus groups, polls, and product testing are all part of the research.

Market research combines primary information, which is information that is directly acquired, with secondary information, which is information that has already been gathered by an outside party.