Market Research

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Introduction

When overseeing market research, it would be beneficial for a company to use both primary and secondary market research. This paper will cover the different tools necessary to conduct primary and secondary research. Secondary market research is research that has already been prepared by other companies and is available in various types of forms to be used by others, such as graphs, and charts. Primary research is research performed by a specific company and custom-made to that companies wants and needs.

Tools Used in Secondary Research

In secondary market research a company will analyze data that has been collected for some other purpose. This type of research saves a company the cost of collecting data so it is more cost-effective. Secondary research should be utilized when starting a new business or making changes to an existing one. There are numerous secondary research tools that an organization can utilize. It is important to look at research performed by other local companies in the same area. Local chambers of commerce will maintain resources that can be beneficial to many companies. Also local libraries are a reliable resources to locate data that could be useful. Trade magazines and books are another trustworthy research tool filled with valuable information. Sometimes a company can obtain data straight from their competition. It is not unreasonable to just directly ask for company brochures, menu of products and services, prices, and annual reports (Higley, 2011).

Tools Used in Primary Research

Primary market research is research organized by a specific organization and tailored to that specific organization’s wants and needs. A good example of primary market research would be a focus group ...

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...006).

Conclusion

As this paper has shown there are numerous ways to conduct market research. A successful marketer and organization will understand how to choose the marketing tools that will work the best for their intended desires. However, the most effective way to oversee market research is to utilize both primary and secondary research to attain an organizations research goals and success.

References:

Burns, A., & Bush, R. (2006). Marketing Research. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx#ch08term1

Higley, S. (2011). Research Tools Used in Primary & Secondary Research. Retrieved from http://www.ehow.com/info_8457824_research-used-primary-secondary-research.html

Qualitative Market Research. (2011). Retrieved from http://www.smallbusinessnotes.com/marketing-your-business/qualitative-market-research.html

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