Market research can provide the insight that any business requires to better understand its position in the market/industry.
It is a valuable source of Quantifiable information or Qualitative in-depth analysis identifying market trends.
One of the key strengths of market research is that it is customizable, making it suitable for any business, any need, in any situation.
More precisely, market research is categorized as either primary or secondary. Secondary research uses information collected as part of another research project. When using such data it is vital to know and understand emerging limitations. Statistics gathered from various government agencies, previous, recent studies carried out for the same purpose, data collected from various organizational departments e.g. sales department, accounting/ finance department, constitute examples of secondary data sources.
Primary market research is used for gathering information for a specific purpose, at a specific point in time.
Both Primary and Secondary research is about understanding people wants, needs & perceptions.
There are several types of market research studies, used for specific purposes. Note that depending on the type of research, many of the following types of research can be combined.