Market Research is the Process of gathering data, providing fact base analysis as to whether the product or service satisfies the needs of consumers. It reduces business risk and eliminates the intuition and emotion from the business decisions. It involves asking the right questions, to the right people and in the right way.
Fig1. Market Research Process
In the figure above we can see the 6 steps of Market Research Process, which help the company to run a successful business, by learning about the target customers, competitors and the specific industry. This process research helps the company to stay on the top of what customers want.
In my opinion defining the problem is the most important step, is like solving half of the problem. By identifying the problem you will be able to have effective and focused research.