Explain the term ‘market research’ in the context of LCVP.

Market research in the context of the Leaving Certificate Vocational Programme (LCVP) refers to the process of gathering and analyzing information about potential customers. This is crucial for businesses as it helps them understand consumer needs, preferences, and behaviors. By collecting data through various methods, such as surveys, interviews, or observations, businesses can identify target audiences and tailor their products or services to meet market demands effectively.

Gathering and analyzing information about customers allows businesses not only to create targeted marketing strategies but also to enhance customer satisfaction and increase sales. This understanding of the market landscape is foundational for entrepreneurs and can help in making informed decisions related to product development, pricing, and promotional strategies.

In this context, focusing solely on competitor businesses, measuring past project success, or identifying profitable products represents a narrower view of market research, which emphasizes broader consumer insights essential for driving business success.