Market research is a process of collecting data and analyzing them to determine the current market conditions. A good market research report is an essential tool for any business that wants to grow its business in the competitive environment. It will help you to understand your competitors better, find out new markets and get a better understanding about your customers. The major benefit of a market research report is that it helps you understand how your competitors are doing and how they are responding to your products or services. It will also give you insight into the current state of the industry, so that you can plan for the future. The other benefit is that it will help you identify trends in the industry and what needs to be done in order to improve your business performance in future years.