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Market research often refers to either primary or secondary research. Secondary research
involves a company using information compiled from various sources, which is about a new or
existing product. The advantages of secondary research are that it is relatively cheap and easily
accessible. Disadvantages of secondary research are that it is often not specific to your area of
research and the data used can be biased and difficult to validate. Primary market research
involves both qualitative research (such as focus groups or oneone-on-one interviews) and
quantitative research (such as surveys) as well as field tests or observations conducted for or
tailored specifically to that product. Primary research, which is also called field research or
original research, is useful for finding new information and getting customers' views on products.
Its advantages are that it provides up to date, relevant, and specific information about your
product. The disadvantages are that it is expensive to collect, time consuming, and needs a large
sample size to be accurate.
A list of questions that can be answered through market research:
What is happening in the market? What are the trends? Who are the competitors?
How do consumers talk about the products in the market?
Which needs are important? Are the needs being met by current products?
1 Market research for business/insurance planning
2 See also
4 External links
 Market research for business/insurance planning
Market research is for discovering what people want, need, or believe. It can also involve
discovering how they act. Once that research is completed, it can be used to determine how to
market your product.
Examples of market research would be in the form of questionnaires and surveys.
For starting up a business, there are some important things:
Market information is known as the prices of the different commodities in the market, the supply
and the demand. Information about the markets can be obtained from several different varieties
Examples of market information questions are:
1. Who are the customers?
2. Where are they located and how can they be contacted?
3. What quantity and quality do they want?
4. When is the best time to sell?
Market segmentation is the division of the market or population into subgroups with similar
motivations. it is Widely used bases for segmenting include geographic differences, personality
differences, demographic differences, technographic differences, use of product differences, and
The upward or downward movements of a market, during a period of time. The market size is
more difficult to estimate if you are starting with something completely new. In this case, you
will have to derive the figures from the number of potential customers or customer segments.
But besides information about the target market you also need information about your
competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness.
A few techniques are:
Advertising the research
Marketing mix modeling