Market research can be defined as:

"The systematic gathering, recording, and analysing of data about issues surrounding the marketing of goods and services"

It may concern a certain target market, your competition, or the market environment, but it always involves data collection, whether it be collected directly with a respondent or simply from a secondary source e.g. desk research.

Ultimately though, market research is simply about gaining an increased understanding of the subject.

With the market place becoming more globalised (not to mention competitive), market research has never been more important for both small and large organisations.