Market Research basically means gathered information that tells you about your customers. For example, market research would be used if a company wanted to gain an advantage over another company, they would find out what people liked, how much of it they liked etc, it would also show the competition. Market research finds out what people want and need.
The sun newspaper would do market research so so that they know who their competition is and what people liked etc.;
If you wanted to start up a business you would definitely need to do market research as the research tells you all the different prices that are about and if more of a supply is needed. It woiuld also help you find out what sort of things sell and what dont, so you would have quite a clear idea as to whether it would work out.
Below is a video of examples of what market research does and how to do it and how you find out whether that product will actually sell.
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