Primary and Secondary Market Research: A Bird’s Eye Viewby Walter Saliot Get business development services from experts
No matter whether you are planning to expand your existing business, starting a new one, launching a new product line, or making an entry into a new geographical market, well-maintained Customized Research Reports will undoubtedly help you make better decisions and enhance your chances of success. There are two main types of market research: Secondary Research and Primary Market Research.
Let us have a close look at these two different concepts!
Secondary Market Research
Secondary research is always based on information from studies conducted by chambers of commerce, government bodies, trade associations, and other organizations. For instance, Nielsen ratings and U.S. Census Bureau information are the types of secondary market research.
Secondary market research is often free or low-cost, and easy to find out. You can find the research online on industry or government websites, at a local library, and in magazines and newspapers.
The downside of this type of research is that it’s not customized according to your needs, and hence is not as useful as primary research. Secondary research can tell you how much money teenagers in India spent last year on t-shirts, it won’t tell you how much they can pay for the particular t-shirt design your company has in mind. However, businesspeople still rely on both Customized Secondary and Primary Research Reports.
Primary Market Research
Primary market research is tailored to keep in mind a company’s specific needs. It is conducted by your marketing team or a professional company that you pay to conduct the research for. Surveys, interviews, field tests, and observations are top examples of primary research.
Primary research enables you to investigate an issue that matters to your brand, to receive feedback about your website, to gauge response to different packaging options, to assess demand for proposed services, and to find how much costumers will pay for a new product.
The research delivers specific results than secondary research, which is an important consideration when it comes to introducing a new product or service. In addition to that, primary research is generally based on statistical methodologies that encompass sampling as small as one percent of a target market. This little sample can offer an accurate representation of a particular market.
The downside of this research is that it can be expensive. Fortunately, various companies and many different online tools have come into being that help you conduct primary research at low cost.
Penterra Analytics is a renowned company which provides you with market research and analytics, Procurement Research Services, data services, and more at very competitive rates. The company ensures that it delivers the best in class services and meets the needs of its valuable clients.
Created on Sep 8th 2018 02:39. Viewed 171 times.