Define market research.

Market research is fundamentally about the process of gathering and analyzing market information to inform business decisions. It involves understanding consumer needs, market trends, and competitive dynamics to identify opportunities and threats in the marketplace. By collecting data through surveys, interviews, focus groups, and other methods, businesses can gain insights into customer preferences, behavior, and demographic information. This foundational understanding enables companies to tailor their products, marketing strategies, and pricing to meet the actual demands of the market effectively.

While the other options mention aspects that could relate to a business environment, they do not encapsulate the full scope of market research. Analyzing seasonal trends in sales may provide useful data for specific strategies but does not represent the overreaching goal of understanding the market landscape. Evaluating employee performance and analyzing production efficiency pertain more to internal business processes rather than external market insights. Therefore, the comprehensive definition of market research as the process of gathering and analyzing market information captures its essence and significance in strategic planning.