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Types Of Market Research

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
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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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Last updated on 01 July 2009
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