Market research is the systematic planning, monitoring, data collection, analysis and reporting of data and findings relevant to a specific situation (problem) on the market with which the organization faces in its environment.

Market research is a function of management decision support, and provides information aimed to reduce uncertainty in the decision-making process.

Making decisions without relying on data generated by market research is considered a high-risk way of managing and contemporary practice is almost deserted. It's hard to find companies in which decisions are made without previous knowledge of the market, especially when it comes to strategic decisions.

When changes in the company are hapening slower than the changes in the environment, know that the end is approaching.
Jack Weich