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Market Research Techniques: Primary and Secondary Market Research

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When conducting primary market research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are .

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Primary research usually costs more and often takes longer to conduct than secondary research, but it gives conclusive results. Secondary research is a type of research that has already been compiled, gathered, organized and published by others.

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Primary research delivers more specific results than secondary research, which is an especially important consideration when you’re launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. Primary research is the process of gathering data directly from original sources as opposed to collecting information from research that others have done. Information can be obtained by.

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If you're starting a new business, launching a new product, or opening a new location for your large or small business, market research is essential for your success. There are two core forms of research: primary research and secondary research. Primary Market Research. Primary market research is a kind of market research which is done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions.