Market research is a carefully planned investigation and statistical interpretation method of finding current and potential market sizes, assessing consumer behavior, buying tastes and influences by carrying out different types of research from which extensive individualized programs are written and presented.
Failure to do it results in wasting time and money as well as missing a great deal of business whereas knowledge and scrupulosity are the foundation of success.
It is like missing a vein of gold when you dig a few feet away and find nothing or several hundred dollars instead of thousands and perhaps millions.