Why is market research important?

I found a great list of why companies should do market research. And even through budgets are tight with the current state of the economy, market research can provide benefits from a variety of places. The article lists these:
- Find things that satisfy the customer
- Give crucial information about various factors that affect the business
- Help companies formulate plans
- Identify potential in a specific area
- Minimize the chance of loss
- Help keep tabs on what your competitor is doing

What are other benefits that you can identify from keeping up your market research?