Market research helps businesses to identify:

Market research is a vital tool for businesses as it allows them to gather and analyze information about their target audience, industry dynamics, and emerging trends. The correct choice highlights that market research specifically helps in identifying customer preferences and market trends. Understanding what customers want and predicting how market trends are shifting enables businesses to tailor their products, services, and marketing strategies effectively, thereby enhancing their competitive edge.

Customer preferences provide insights into what features, services, or pricing models will appeal most to the target audience. Meanwhile, market trends can indicate broader shifts in behavior, preferences, or technologies that could affect the business landscape. By utilizing market research to gain this knowledge, businesses can make informed decisions that align with their customers’ needs, ultimately fostering growth and profitability.

The other options, while related to aspects of trade and commerce, do not directly capture the primary purpose of market research in the context of understanding customer preferences and market trends.