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Market Research Techniques: Primary and Secondary Market Research

Interviews

❶The summary report, as its name implies, summarizes the research process and presents the findings and conclusions as simply as possible. Some common examples of qualitative research work include doing face to face interviews, being part of focus groups, etc.

Stage 2: Method of Inquiry

Stage 1: Formulating the Marketing Research Problem
Getting Started
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Postal surveys are commonly used because they are cost-effective and efficient. Also, questions can be misinterpreted by the individual responding. Telephone surveys are another option. The questions are typically similar to the questionnaires sent in the mail, but the interviewer can guide the participant so that misunderstandings are limited and more information can be drawn out over the phone. Observations are an interesting primary research method because participant behavior can often be very enlightening.

Trained observers or cameras can record how participants behave in a certain situation, providing researchers with real evidence as to how a consumer responds, for example, to an organization's product or service. Focus groups are another primary research method. In a focus group, a moderator leads a discussion about a particular subject. The moderator might show pictures of potential advertisements, or ask the participants to try the product right there and give their opinions. The advantage of focus groups is that participants can build upon each other ideas.

The downside is the moderator can be biased, a dominant participant can take up too much talk time, or some participants may be hesitant to express their true opinion in a public setting. A company might choose to place a new product or service in a select neighborhood or store to test customer response under real-life conditions. Useful information can be obtained to improve the product or service, adjust prices, or improve the packaging or marketing.

In conclusion, some researchers will use one or more of the primary research methods to get the information they need depending upon the purpose of their study, the resources available and their budget limitations.

Market Research Success in a competitive market depends on acquiring and using information wisely. Market Research Survey Developing a long-term strategy in the marketplace involves more than offering a great product.

Focus groups, surveys, field tests, interviews, and observation are examples of primary market research. Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a proposed service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more.

In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market. The downside of professionally conducted primary market research is that it can be expensive — several thousand dollars or more. Fortunately, a growing number of online tools allow you to conduct primary research such as surveys yourself at very little cost.

Savvy entrepreneurs do secondary research first and then conduct primary research. For example, the owner of a cupcake shop would want to know all about a neighborhood before opening a new store there. Using information gleaned from secondary sources, the owner can uncover all kinds of demographic information, including detailed income data and spending patterns.

Secondary research lays the groundwork, while primary research fills in the gaps. By using both types of market research, small business owners get a well-rounded view of their markets.

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Primary resources contain first-hand information, meaning that you are reading the author’s own account on a specific topic or event that s/he participated in. Examples of primary resources include scholarly research articles, books, and diaries.

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Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source —usually customers and prospective customers in your target market — to ask questions and gather information.

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Primary research involves the collection of original data that addresses a specific research question. Distinguishing between primary and secondary research can be . Secondary research is defined as an analysis and interpretation of primary research. The method of writing secondary research is to collect primary research that is relevant to a writing topic and.

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Primary Market Research Methods There are two forms of research: primary research and secondary research. Primary research is proprietary research, which means the data is collected directly from the research subject/area, by the researcher. The primary research process is quite similar to the writing process, and you can draw upon your knowledge of the writing process to un- derstand the steps involved in a primary research project.