Market research types

Primary research:

Primary research is about getting information directly from source. This information can be both quantitative and qualitative.

Ø  Qualitative primary research involves by getting in formation through interviews or focus group. Open ended questions in interview can be asked that cannot be answered in yes or no. Lot of information can be collected through this method and also we can find out the current trend, likes, dislikes and requirements etc. about your primary market. A focus group is a form of qualitative research in which a group of people are asked about their beliefs, opinion, perceptions, and attitudes towards a product, service, idea, concept, advertisement. Different questions are asked in an interactive group setting where participants are free to talk with other group members. It is one of the expensive ways of collecting data because it is types of interview, conducted by a trained expertise among a small group of respondents.

Ø  Quantitative primary research involves by getting some numerical information through surveys. Surveys take less time and can get lot of information through meaningful questions. You can conduct survey through telephone or on the spot as more people will be willing to participate because it takes less time to complete.

Secondary research:

 Secondary market research involves by getting information that already has been gathered for some purpose. It is more easy and economical as compared to primary research. You can find the data that you require through multiple sources. Following are the main sources:

Ø  Discussion groups also called Newsgroups. You can get a variety of information from those groups.

Ø  Media representative are the people who work with print or media and collect information   about market. You can access to those representatives to get information.

Ø  Searching Government databases

Ø  Reading trade journals

Ø  Marketing department of any college/universities can give you access to projects prepared by students.

Ø  Local chamber of commerce can provide you information about local business and local community

Ø  You can get information about costs, prices, problem faced by customers etc. from wholesaler and manufacturer

Ø   You can get lot of information from magazines and newspapers about the market conditions and about different company.