Market research is one of the important pieces information in many product decisions. For example if a company is looking at building cars they will want to do market research to determine what features are popular and what their value is to the consumer to determine if they can produce those features and make money doing it as well. They will also want to know what colors they should paint the car. Other decisions such as how to route the fuel lines will not require market research.
What is the role of marketing research in decision making?
Quite a huge role, actually. From conception to execution, market research tells you what will work and what won't. You need market research for your feasibility study, you need it to determine who your target market is, what they need, what they want in a product, etc. I'd say 70% of the time in business (which involves a huge deal of decision making), you use market research to back your decision up, the rest may be from gut feel or from experience.
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