Market research is an essential part of any business that wants to offer products or services that are focused and well-targeted. Business decisions that are based on good market research can minimize risk and pay dividends. Making market research part and parcel of the business process and conducting it throughout the lifecycle of a product or service brings the following benefits; market research helps you communicate better. Your current customers' experiences are a valuable information source, not only does it help you gauge how well you currently meet their expectations, they can also tell you what you are getting right and what wrong. By asking the customer you not only show them that you care but you also take the guesswork out of the customer services. Market research also helps you identify opportunities; if you are planning to operate a new service and want to know the various preconceived notions of the people about your service, the market research can help. It not only helps in evaluating the potential of a new idea but also in identifying the areas where your marketing message needs to reach. Market research minimizes risk by helping shape a new product or service that is focused on demand. Market research creates benchmarks and helps you measure your progress. -UMAIR FAYYAZ BALOCH, Multan, December 31.