Market Research is the process of gathering and analyzing information about a market, product, or service in order to gain insight into customers, competitors, and the market itself.
Primary Market Research
Primary Market Research
Research you conduct yourself (or hire someone to do for you)
It involves gathering information from customers / prospective customers in the target market
Examples:
Interviews (telephone or face-to-face)
Surveys (online or mail)
Questionnaires (online or mail)
Focus groups
Visits to competitors' locations
Time-consuming and/or expensive
Primary Research Examples
Brand Research
Campaign Effectiveness
Competitive Analysis
Consumer Insights
Customer Satisfaction
Customer Segmentation
Product Development
Usability Testing
Secondary Market Research
Secondary Market Research
Research that has already been compiled, gathered, organized and published by others
Looking up free, relevant info. on the web is considered a form of this - only cost is time
Usually the most affordable option for small businesses / entrepreneurs
Examples:
Reports and studies by government agencies (free)
Reports and studies by trade associations
Reports and studies by other businesses (not necessarily free)
There's an industry comprised of companies selling market reports, such as intelligence about emerging markets
They did the leg-work, you pay the money (as in, thousands)
Articles in business magazines, trade journals and other industry publications
Certain types of reference sources (can be online or print)
Directories, indexes, etc., of industries or companies
Info. from trade associations or trade organizations
