Market research - Primary and Secondary

Primary and secondary market research provides valuable information about market segments, demand and customer preferences.  

 

Secondary research- This research is preferable when an organization is expanding its business or introducing new products or services. This kind of information can be gathered from previous business studies, trading structures, reports and census information. 

Advantages:

• Information can be gathered very quickly and easily
• Less expensive when compared with primary research and can easily examine large sectors.

Disadvantages:

• Already available data may not suit to the required criteria of an organization.
• Inaccurate information- as the collected data may be old and out of date.

Primary Research: This research is preferred to examine particular needs of a business. Surveys, opinions, interviews, focus groups and field examinations are some of the ways of primary research. 

Advantages:

• Accurate as it offers complete information
• Provides targeted information to organization
• Proprietary information- Information will not be shared to any other firm or source.

Disadvantage:

• Time consuming process- as the information has to be gathered by approaching sources personally.
• Very expensive