What are business research and market research?

Business Research is primarily to understand the business goals and key performance indicators, i.e. how the particular industry or business is performing and shaping up.

Market Research is to understand the consumers of that business: this research can be undertaken to understand how the companies in the category are behaving and not earning/growing, how the users/business or end-to-end consumers are perceiving the brand, or how are they reacting towards the brand/category.