The process of gathering
information about a market and its target audience is called market
research. The primary objective of undertaking market research is to
help an organization get a clear idea about consumers to cater to all their
needs. In order to gather relevant information in an organized way and for
better analysis of market research information, market research firms
use a variety of technical and analytical research methodologies as well as
opinion and social based research techniques.
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Among the
different market research techniques, secondary research is the most prominent for
preparing market research reports and
typically information is assimilated different agencies such as the libraries,
government, industries and other local bodies. Secondary market research
method comes with a number of challenges. However, despite the challenges,
secondary research is exemplary in helping organizations gather considerable
information about the market. Secondary market research enables an
organization to gain an initial understanding about the market.
Secondary
research is primarily categorized into two types –
Quantitative research - The
research conducted to gather numerical data is defined as quantitative
method of market research and it includes surveys conducted to determine
customer refund frequency, sale figures, sales volume, telephonic or online
questionnaires and identification of financial trends. The quantitative
research typically helps organizations to identify the market size and the
different market segments that are poised for further growth in the foreseeable
future.
Qualitative research - The qualitative
method of market research primarily deals with collecting information about
the attitudes, feelings, and views of the consumers through surveys and focus
groups to understand the views they have about the company’s products and
services. Qualitative market research method is prolific with respect to
providing a significant understanding of consumer needs, habits, and practices,
which in turn help proliferate sales and provide better consumer service.
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