Two Types of Market Research

By: Muhammad Arif – Account Manager of Fortune PR

“There are two types of market research, primary and secondary. The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices. Primary research also takes competitors’ plans into account, giving you information about your competition. While the goal of secondary research is to analyze data that has already been published. You can identify competitors, establish benchmarks and identify target segments. Furthermore, there are two categories of data collection, quantitative and qualitative. Quantitative methods employ mathematical analysis and require a large sample size. While qualitative methods, although with small sample size, can help businesses define problems and often use interview methods to learn about customers’ opinions, values and beliefs. Market research provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows businesses to determine the feasibility of a business before joining the market.”