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:: ARTICLES ::
Types of Market Research
 
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  Market research is the process of gathering information about your customers, competitors, market trends, etc.

What Is Market Research?

  • Market research is the process of gathering information about your customers, competitors, market trends, etc.
  • Conducting market research is important if:
    • you are looking for business opportunities in new markets
    • you have invented something new or improved on an existing product, and want to find out if there is demand for it
    • you plan to introduce your products in a new market
  • You may conduct either primary or secondary research.

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Primary Research

  • When you collect information directly from the source, it is called primary research. This includes information collected through:
    • surveys
    • interviews
    • focus group sessions
  • Talking to customers to garner feedback is often the simplest method. Alternatively, you may wish to engage a marketing research company to conduct primary research.
  • Primary research is usually:
    • time consuming
    • costly
    • tailored to suit your specific needs
    • valuable especially if you need to know something specific

Secondary Research

  • Secondary research is conducted by looking at sources such as magazines, Government publications, industry surveys, economic environment, trade associations, chambers of commerce, libraries, etc.
  • Secondary research :
    • is usually less time consuming
    • is usually less costly
    • may not be updated
    • is usually not customised to suit your needs
    • may be sufficient if you require just general information such as industry profile, trends and demographics










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