Which of the following best describes market research?

Market research is best described as the gathering of information about consumer needs and preferences because it focuses on collecting and analyzing data to understand what consumers want, how they behave, and what factors influence their purchasing decisions. This process often involves surveys, focus groups, interviews, and observational studies that provide insights into consumer attitudes and behaviors.

Understanding consumer needs and preferences is essential for businesses to tailor their products and marketing strategies effectively. By conducting thorough market research, companies can identify potential market gaps, assess demand, and develop products or services that meet the specific wants of their target audience. This information is crucial for making informed business decisions and driving overall success.

The other options, while related to aspects of marketing and sales, do not accurately define market research. Promoting products refers to marketing efforts rather than the research process itself. Analyzing sales data is more about assessing past performance than understanding future customer needs. Implementing pricing strategies is a tactical approach tied to market conditions but does not encompass the broader scope of consumer insights that market research intends to capture.