What is the primary goal of market research?

The primary goal of market research is to collect, analyze, and report information that guides marketing decisions. This process involves gathering data about consumer preferences, market trends, and competitive dynamics to provide insights that help businesses understand their target audience better. By having accurate and relevant information, businesses can make informed decisions regarding product development, pricing strategies, distribution channels, and promotional activities, ultimately leading to more effective marketing strategies and increased competitiveness in the market.

The other choices highlight activities or outcomes that may be influenced by market research but do not encapsulate its fundamental purpose. For instance, while increasing product prices may be a result of understanding market demand, it is not the primary objective of conducting market research. Similarly, eliminating competition is not an ethical goal of market research, and while advertising effectiveness can be improved through insights gained from research, it is just one aspect of how market research impacts overall marketing strategy.