What Is Market Research?

• Market research is the process of gathering information about your customers, competitors, market trends, etc.
• Conducting market research is important if:
  • you are looking for business opportunities in new markets
  • you have invented something new or improved on an existing product, and want to find out if there is demand for it
  • you plan to introduce your products in a new market
• You may conduct either primary or secondary research.

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Primary Research

• When you collect information directly from the source, it is called primary research. This includes information collected through:
  • surveys
  • interviews
  • focus group sessions
• Talking to customers to garner feedback is often the simplest method. Alternatively, you may wish to engage a marketing research company to conduct primary research.
• Primary research is usually:
  • time consuming
  • costly
  • tailored to suit your specific needs
  • valuable especially if you need to know something specific

Secondary Research

• Secondary research is conducted by looking at sources such as magazines, Government publications, industry surveys, economic environment, trade associations, chambers of commerce, libraries, etc.
• Secondary research :
  • is usually less time consuming
  • is usually less costly
  • may not be updated
  • is usually not customised to suit your needs
  • may be sufficient if you require just general information such as industry profile, trends and demographics