Business research is a process of obtaining a detailed study of all the business areas including the market and the customers and using that information to maximize the sales & profit of the business.
When you run a business, there are several things you can research. You research everything from market shares to sales. Business research helps you make intelligent and informed decisions and identify the key areas to invest your money in.
For example, an automobile company plans to unveil the latest car model in the market. For that, they need to develop strategies to explore and monitor customer demand. So, the company will conduct research to collect information and analyze market trends. This will help them draw better conclusions and come up with a fine quality car at the right price resulting in a larger market share.