The goal behind undertaking market research is to enable an organization to have a clear idea about consumers for satisfying all their needs. Another primary reason for undertaking market research services by a company is to equip itself to be able to compete with other organization in the industry through a proper analysis of the needs of the market, the market size, and the prevailing competition.
For the purpose of gathering in an organized way and for better interpretation of market research information, market research uses various technical and analytical research methods along with opinion and social based research techniques, whose importance is increasing in today’s competitive business environment. The days of relying on gut instincts to run a business are over.
The broad classification of market research services involves primary or secondary.
Primary market research involves conduct of research by an organization or company to collect data for meetings its current goal. It involves:
Focus groups organized for carrying on research
In the secondary method of market research, data assimilation takes place from varied sources. Examples of secondary market research include the following:
Information that is available on the internet
The prevailing or existing results of market research
Data available on stock lists and from consumer databases
Information obtained from varied agencies such as the libraries, government, industries and other local bodies. Though secondary market research method involves plenty of challenges, it assists and organization in obtaining the most information about the market. Secondary market research enables an organization to gain an initial understanding about the market. An organization, when interpreting secondary market research should exercise extremely cautious approach as the chances of the information collected for another purpose or market segment cannot be ruled out. Being a comparatively faster market research technique as compared to primary market research method, the chances of others having already analyzed the secondary market research information is high.
With the markets being constantly evolving, cautious approach need be exercised to see that the secondary market research information does not become obsolete as this can end up affecting your results by making them outdated.