Types of Market Research

Primary Market Research

Primary market research is the process of collecting original data directly from customers or potential consumers. This type of research is conducted specifically to solve a particular problem or to support a specific decision, making the data accurate and relevant.

Qualitative Market Research

Qualitative market research focuses on understanding customer opinions, feelings, attitudes, and motivations. It uses non-numerical data and helps businesses understand why customers behave in a certain way toward a product or service.

Common qualitative methods include:

Focus Groups

A focus group is a qualitative research method that involves a small group of people discussing a product, service, or idea. It helps collect detailed opinions and insights, but it can be costly and time-consuming.

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One-to-One Interviews

One-to-one interviews involve personal interaction between the researcher and the respondent. Open-ended questions are asked to gather in-depth information, and the quality of results depends on the interviewer’s skills.

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Ethnographic Research

Ethnographic research is conducted in the natural environment of the customers. The researcher observes customer behavior in real-life situations, which helps gain deep insights but requires more time and effort.

Quantitative Market Research

Quantitative market research deals with numerical data and statistical analysis. It is used to measure customer behavior, satisfaction levels, market size, and demand through surveys, questionnaires, and experiments.

Secondary Market Research

Secondary market research uses data that has already been collected and published by other sources. It is cost-effective, quick, and useful for studying market trends, competitors, and industry performance.

Secondary source makes use of the following:

Public Sources (Secondary Research)

Public sources include government publications, libraries, and public records. These sources provide free and reliable information for market research.

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Commercial Sources (Secondary Research)

Commercial sources include newspapers, magazines, journals, and television media. Although reliable, these sources are often expensive.

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Educational Institutions (Secondary Research)

Educational institutions such as universities and colleges provide valuable research data through academic studies and research projects, making them a rich source of information.