As the exercise briefly describes, the process of gathering information in order to determine who will buy the product and what is the most appropriate distribution channel is called marketing research. The information gathered works for determining how to approach a certain audience or public with the product, to evaluate and improve marketing actions, to monitor it's performance; all in all, to know the best approach or distribution channel to sell the product.
Explanation: Market Research in marketing can be defined as the planned, ordered, procedured collection and assessment of data regarding the preference of potential and actual customers for actual and potential products and or services.
This is a very important component of business strategy.
It is useful when starting a business to get information about the market, competitors and customers.
