One of the most important things that companies do to make informed decisions about their business’s product/service is marketing research. It provides the company with valuable insights about their business growth strategies, audience, competitors, market trends, locations, and budget. A successful marketing research helps to improve product/services, gain competitive advantages, assess the effectiveness of the marketing campaign, and identify opportunities that positively impact the business success. In this article, I will be discussing different types of marketing research that would help you to structure your marketing research.
There are two types of marketing research data, which are primary and secondary.
The primary data is firsthand research that is project-based and is collected directly from the source for a specific purpose. This means that the data is original and has not been previously published or analyzed. Examples of primary marketing research data are surveys, interviews, experiments, etc. The benefits of primary marketing research are that is it I tailored to specific research questions and objectives of the study, where the data is more reliable and accurate. Some of the disadvantages of this marketing research type is that it could be costly and time-consuming.
As for the secondary marketing research data, it is data that has been collected and analyzed by someone else for different purpose. This means that the data is already available in many sources such as reports, journals, company websites, etc. The benefits of this type are that is less expensive and less time-consuming. However, the data might not match the exact need for specific purpose and the quality may vary.