Define 'market analysis'.

The definition of market analysis involves the process of gathering and interpreting market information, which encompasses various aspects such as consumer preferences, market trends, and competitive dynamics. This analysis helps businesses understand the landscape in which they operate, allowing for informed decision-making regarding product development, marketing strategies, and overall business operations.

Gathering and interpreting market information is crucial for identifying opportunities and potential challenges. It involves methods such as surveys, focus groups, and statistical analysis, which provide insights into who the customers are, what they want, and how market forces might influence their buying decisions.

Other concepts presented, such as selling products to consumers, evaluating business competition, or assessing the effectiveness of advertising techniques, do not encompass the full scope of what market analysis represents, as they focus on specific aspects of business operations rather than the comprehensive assessment and interpretation of market data as a whole.