Types of Market Research Methodologies for Businesses.

There are two popular types of market research business can carryout to evaluate opportunities and threats, entering new markets, building new products, before planning changes in the business processes and setting prices of the products.


1. Primary Market Research.
   Primary market research is a quantitative market research. Research can be done just sitting in the office it is also known as desk research.  It gathers data from existing publications from various sources. It includes news papers, monetary and fiscal policies, statistics on population, employment rate and wages, relevant legislations affecting the business and so on.
   
   
   These are readily available cheap source of information. Integrity of information depends on source from which it is extracted. It can be used initial market research tool and use as screening device. Proposals which are found attractive can be further analyzed for qualitative information.
   
   
2. Secondary Market Research.
   Secondary market research is qualitative market research. Research is performed by doing outdoor surveys, interviewing public, contacting customers through e-mail and visiting customers place. Data is gathered from wide range of sources are often subjective based on individual opinion and in narrative form making comparing and differentiating difficult. Market research tool need to be employed to convert qualitative data into qualitative data, such as ranking scales, rating systems, MCQs and smileys can be provide to capture the emotions etc.
   
   
   This method of market research is relatively costly and time consuming. Its provides fresh information, fills information gap not obtainable from quantitative source and direct from the source for whom market research is carried out.
   
   
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