Decision-making is a crucial aspect of any business venture. A business owner can make firmdecisions and stand by them, only when he is well aware of the surroundings of his marketplace.Along with the internal factors about your business, you also need to have completeunderstanding about the external factors affecting your products, services and overall business.Business research comes forward as the best solution to this dilemma. Business or industryanalysis is the systematic process of gathering all the relevant market data, which is thenorganized and analyzed to draw conclusions that are relevant to your industry. These reportscontain essential information about the market trends, segments, customer groups, demands,competitors and all the key players in the marketplace.