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07 JANUARY 2019

Market Research Techniques

What is Market Research?

Market Research is a term that is utilized to refer to a process of social event or gathering data about the target group of the audience or target market. The primary role of the idea of market research is to provide an organization or a business organization with an in-depth perspective of the clients or customers so as to have the capacity to fulfill their necessities better. The procedure of market research is fundamental to have the capacity to compete with different players in a similar industry and analyzes things like market size, and market needs.

Market research makes utilization of analytical and statistical strategies and techniques to assemble and decipher data in a sorted out manner. Opinion and social research are involved in this process. This feature is important for the complex business environment.

Through market research, some of the factors investigated. Such as

  • Market trends
  • Segmentation of the market
  • Market information
  • SWOT analysis
  • Marketing effectiveness

Types of Market Research Techniques

  • Primary Market Research
  • Secondary market research
  • Qualitative research
  • Quantitative research

Primary Market Research

Primary market research is type of market research technique used by the company itself. Through this technique, the company will collect information to enhance the products, services and functions. Primary market research is also called Field research which is done without using any information which is available in other resources for market research.

Information is gathered through qualitative research methods as well as quantitative research methods. Primary market research is the most common type of market research method and is also the most valuable type. It is a method that only answers specific inquiries.

Secondary Market Research

Secondary market research is a contrast to primary market research. It does not aim to collect the information from the scratch but depends on the available information through the other resources. That information will be gathered by other individuals and is accessible for either free or paid use. Such information is government data, office data, newspapers, magazines, the internet, etc. Secondary market research consumes less time and free to collect the data.

Qualitative Market Research

Qualitative Market research is other types of market research technique which focus on opinions, feelings of customers, business products and services. Through the face to face interviews, clients’ thoughts will understand whether they like the product and services.

Quantitative Market Research

Quantitative market research work depends on the hard facts and statistical information such as opinion and feelings of customers. Quantitative market research is useful in primary market research and secondary market research. This research includes exit surveys, questionnaires, on-site fieldwork, research of the existing financial reports, research papers etc. This type of research turns out with a wide range of statistics and helps to discovers the size of the market as well.

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