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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.
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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