We research, gather and organize information about the specific target markets and all potential customers of your invention. Market research is a very important component of any new product launch strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research provides important information to identify and analyze the market need, market size and competition. It is the systematic gathering and interpretation of information about individuals and organizations using statistical and analytical methods and techniques to gain insight and support decision-making, and it is key to maintaining competitiveness over industry rivals.