Market research is any organized effort to gather information about markets or customers. Market research is a key factor to get advantage over competitors. Market research provides important information to identify and analyze the market needs, market beliefs, market size and competition. It can also involve discovering how they act and respond to stimuli. Once that research is completed, it can be used to determine how to market your product. Market research can be used to gather market information, to segment the market and to understand market trends.