ChatGPT Prompt: Market research is an essential tool for any business looking to succeed in today’s competitive landscape. Can you explain the concept of market research and its role in helping companies identify and understand their target market, competitors, industry trends, and customer needs? Can you also elaborate on the different types of market research methods available, such as surveys, focus groups, interviews, observation, and secondary research, and their respective strengths and weaknesses? Finally, can you discuss some of the key benefits of conducting market research, such as increased customer satisfaction, brand awareness, sales, and profitability, as well as some common mistakes to avoid?