Final answer:
Market research is defined as the systematic collection and analysis of data related to the merchandising of goods and services, essential for business decision-making and strategy development.
Step-by-step explanation:
Market research is the systematic gathering, recording, and analyzing of data about the merchandising of goods and services. The process is critical for understanding customer demographics, preferences, and buying behaviors. It underpins effective marketing strategies and business plans.
In the context of a marketing manager for an electronics chain store wanting to know customer ages, market research techniques such as surveys and questionnaires are utilized. A librarian at a public library may engage in field research by keeping a tally of books checked out by adults versus children to comprehend the demographic of library users. Survey research could also be employed by a political party to gauge voter reactions after a debate.
All these scenarios underscore the importance of data collection and analysis in making informed decisions that drive business success and customer satisfaction.