This lecture note emphasizes the value of market research and how to use it to create profitable business ideas. It specifically covers the value of comprehending customers and the measures required to achieve so. Additionally, the various approaches of market research, both quantitative and qualitative, are discussed along with their benefits and drawbacks. It also highlights the various market segmentation techniques, such as regional and demographic segmentation, and how competition analysis and market demand may aid a business in creating a successful marketing plan.