A systematic, objective process of gathering information about potential customers to guide marketing decisions is the definition of marketing research.
Marketing research is based on gathering information by researching the need of customers and the trends in the market. It plays an important role in developing competitive strategies. Marketing research provides information about market size and the competition present in the market.
To conduct market research, data is gathered from consumers and the market from methods such as in-depth interviews, focus group discussions, surveys, questionnaires, and ethnography.
Marketing research uses various statistical analyses and qualitative analyses after gathering data from market trends and consumers. After the analysis of data, the company makes the marketing decisions.
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