Any business looking to market a product or service first needs to understand its target market. This can be accomplished through market research, which is the process of gathering information about consumers and the market. There are a number of ways to conduct market research, and the most effective approach depends on the type of product or service being offered. For example, luxury brands typically rely on market research insights to understand how to better appeal to their target market. Conversely, more mass-market brands may use focus groups or surveys to gather information about consumer preferences in general. Ultimately, the goal of market research is to gain a better understanding of the market in order to make more informed marketing decisions.