Meaning of the word "consumer research" in English

What does "consumer research" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

consumer research

US /kənˈsuːmər ˈrɪsɜːrtʃ/
UK /kənˈsjuːmə rɪˈsɜːtʃ/

Noun

the process of gathering and analyzing information about consumers' needs, preferences, and buying habits

Example:
Effective consumer research is crucial for developing successful marketing strategies.
The company conducted extensive consumer research before launching its new product.