To start and run a successful business you need to know all about your potential and existing customers and the marketplace you operate in. There are two main market research methods: The type of research you choose may depend on the type of business and the market you operate in. Taking a good look at your business and where it fits in the market is an important first step.
Home Marketing Market research Types of market research Secondary market research. Secondary market research Last Updated: Thanks for your feedback. Published articles, including peer-reviewed journals, newspapers, magazines, and even blog postings like this count as secondary data sources. Social media data is a new source of secondary data. For example, the New York Times collected Twitter traffic during the Super Bowl and produced this stunning visualization of comments throughout the game.
It is increasingly possible to obtain behavioral data from secondary sources, which can be more powerful and reliable than self-reported data via surveys and focus groups. If you have a moment, check it out. Primary Market Research Primary research is research that is conducted by you, or someone you pay to do original research on your behalf.
You might choose to gather this data by running a survey, interviewing people, observing behavior, or by using some other market research method. I hope this tutorial on the differences between primary and secondary research has been helpful. If I missed something or if you have something to add, please do so with a comment below. The main role of the concept of market research is to provide a company or a business organization with an in-depth view of the customers or consumers in order to be able to satisfy their needs better.
The process of market research is integral to be able to compete with other players in the same industry and helps to analyze things like market size, competition and market needs.
Market research makes use of analytical and statistical techniques and methods to gather and interpret information in an organized fashion. Market research can be considered as a method of getting an idea of the needs of the customers, and some of the factors that can be investigated through this process are given as follows:. Primary market research is a kind of market research which is done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions.
Primary market research is also known as field research since it is research done from scratch, without using any information that is already made available through other sources.
One can gather primary data or information through qualitative research methods as well as quantitative research methods.
Primary market research is the most common type of a market research method and is also the most valuable type. It is a method that only answers specific questions and not irrelevant issues.
Secondary market r esearch. As opposed to primary market research, secondary market research is a research technique that does not aim to gather information from scratch but relies on already available information from multiple sources.
This research focuses on data or information that was collected by other people and is available for either free or paid use for others. Secondary market research takes into account many different sources for collection of information including government data, office data, newspapers, magazines, the internet, etc.
One of the benefits of doing secondary market research is that it is mostly free and takes a lot less time. Some common examples of qualitative research work include doing face to face interviews, being part of focus groups, etc.
Quantitative market research is a kind of market research work that is based on hard facts and statistical data rather than the feelings and opinions of the customers or consumers. This type of research can prove useful both in terms of primary market research and secondary market research. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey.
In fact, another example of quantitative research includes researching of the previously existing financial reports, research papers. This type of research comes out with a wide range of statistics and helps to find out the size of the market as well. The following are the five Primary market research techniques that are most commonly used and applied:. One of the main ways used to conduct primary market research is through focus groups.
This method involves getting a group of people in a room or a place and asking them insightful questions regarding the product, its development, their preferences, and feedback, etc.
These types of focus groups can be run or conducted at any location feasible for the company or business. These days, with advancements in technology and the internet, it is possible to conduct them virtually as well, through the method of video conferencing. But the main thing here is that the group of people brought together have something in common, for example, either they should belong to the same age group, the same gender and so on.
This division of the group or the selection process must depend on the audience targeted or the product of service of the company. Participants in such focus groups are then compensated by either free coupons, vouchers, gifts or money, etc.
Focus groups fall under the qualitative research method and help businesses know a lot about customer or market trends. Another superb and highly effective way to conduct primary market research is through surveys and questionnaires. One of the most common examples of this research method is the feedback form given to customers at the time of billing at a restaurant. Surveys are also conducted in the form of web questionnaires these days that enable businesses to collect a lot of feedback and then analyze it for further administration.
Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.
Secondary market research is usually thought of in terms of two categories: Information from internal sources (held by a particular company or agency), and information from external sources (held outside of a particular business enterprise, organization, or agency).
Secondary Market Research Secondary market research is when you use previously completed studies and apply the results to your own situation. These studies are easy enough to find via an internet search or by researching marketing journals—and, on the upside, are usually free or low cost. Secondary market research is easy to find, and much of it is free or low-cost. For instance, you can find secondary market research online at government or industry websites, at your local library, on business websites, and in magazines and newspapers.
By far the most widely used method for collecting data is through secondary data collection, commonly called secondary research. This process involves collecting data from either the originator or a distributor of primary research (see Primary Research Tutorial). In . Market research can be classified as either primary or secondary research. The difference is quite simple, yet there is often confusion around this topic. The difference is quite simple, yet there is often confusion around this topic.