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BUS477: Management Strategy & Policy--Shaikh: Primary Research

What is Market Research?

"The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face" Entrepreneur

Market research is broken down into 2 types: Primary and Secondary Research

Primary Market Research has you directly interacting with potential customers. This interaction is essential in identifying the problems they face, and how your product or service could help solve their problem. And, whether or not they would pay for it.

You can gather these insights from customers by using a variety of methods. Some of them include:

  • Surveys
  • Focus groups
  • Customer interviews
  • Observation

Keep in mind that primary market research can be time-consuming, expensive, and analysis of your results can be complicated. However, the results will be extremely valuable and contribute to the success of your business.

Secondary Market Research uses existing data from a variety of formats, such as industry reports, newspapers, and government agencies to keep you informed on new trends in the market. See the Secondary Research Tab for resources to help with this. 

Market research can help you find answers to just some of the following questions:

  • What is the size of my market?
  • Who are my competitors?
  • Which market is best suited for my product or service?
  • How much will customers pay for my product or service?
  • What are the emerging trends in an industry?

Artificial Intelligence Example

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