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primary market research

BREAKING DOWN 'Primary Market'

❶Interviews, unlike focus groups, involve interaction between one moderator and one respondent and several types of modes and methods may be used to conduct them.

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What is a 'Primary Market'
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What is 'Market Research'

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Primary market research tends to take the raw data such as information collected through focus groups or surveys, and interpret the data for a variety of business purposes. Conversely, secondary market research relies on information previously gathered.

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When conducting primary market research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are .

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Once you have narrowed down your target group, you can do lower cost versions of primary market research, such as sending out surveys or questionnaires. Secondary research gives you a foundation to build on, while the primary research helps you identify specific needs. Primary research delivers more specific results than secondary research, which is an especially important consideration when you’re launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market.

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This type of research can prove useful both in terms of primary market research and secondary market research. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey. Primary market research is a process where the market research company directly gets in touch with the end customer and asks the necessary questions to collect relevant data. Thus, where secondary research is data collected from different references, primary data is the original data gathered and analysed by the market research firm themselves.