Answer the following question: What is the importance of market research in product development?
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Market research is essential for understanding customer needs and preferences which inform product design. It is used to identify trends and potential opportunities, as well as to understand customer pain points that can be addressed with new products and services. Market research is also important for identifying potential competition and understanding existing competitors' strategies. This enables companies to develop more competitive products and pricing strategies. Additionally, market research enables companies to craft more effective marketing campaigns and understand the return on investment of any marketing efforts. Finally, market research provides valuable data about customers which can be used for segmentation and targeting.
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