Which of the following is a key benefit of using market research in business?

Using market research in business significantly reduces the risk associated with product launches. This is because market research provides valuable insights into consumer preferences, market trends, competitive landscape, and potential barriers to entry. By understanding these factors, businesses can make informed decisions regarding product development, pricing strategies, and target demographics.

For instance, through market research, a company can identify unmet consumer needs and ensure that their product aligns with those needs before launching it. This preparatory work helps businesses avoid costly mistakes that could arise from misjudging the market or consumer interest. Consequently, organizations are better equipped to position their products successfully, ultimately leading to a higher chance of achieving favorable outcomes upon launch.

Other choices, such as increasing production costs or eliminating competition, do not reflect the goals of effective market research. Additionally, while market research can significantly enhance the probability of success, it cannot guarantee market success, as many unpredictable factors can still influence a product's performance after its release.