Market research, also known as industrial research - a very important peripheral of any business strategy, refers to systematic collection and interpretation of information / data about the targeted markets, clients or customer by qualitative techniques as well as quantitative techniques such as focus groups, in-depth interviews, and ethnography and customer surveys, analysis of secondary data etc... Respectively.
Market research, thus, is also one of the most crucial factors helping one to gain an edge over those competing in the competitive market/ industrial arena/ domain. It provides important information to identify and analyze the market need, market size and competition. Also it can help in the assessment of :-
Giving us an ideas of the prices of different commodities in the market, as well as the supply and demand situation.
It caters to the division of the market or population into subgroups with similar motivations, on the grounds of geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use etc...
Market trends give an insight of the market turbulences i.e., the upward or downward movement of a market, during a period of time.
SWOT refers to the written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity competition to understand how to develop the marketing and product mixes.