Introduction to Market Research

>Primary research involves collecting original data about the preferences, buying habits, opinions, and attitudes of current or prospective customers. This data can be gathered in focus groups, surveys, and field tests. Secondary research is based on existing data from reference books, magazines and newspapers, industry publications, chambers of commerce, government agencies, or trade associations. It yields information about industry sales trends and growth rates, demographic profiles, and regional business statistics.

Using Market Research
Market research allows you to pinpoint a host of key business factors about your market. It can help you identify:

• Growth trends in your business sector
• Size of your target market
• Best location for your business
• How your business stacks up against the competition
• Factors that influence buying decisions
• Degree of demand for your product or service