Primary Market Research

Primary research consists of the collection of original primary data. It is often undertaken after the researcher has gained some insight into the issue by reviewing secondary research or by analyzing previously collected primary data. Updated product and company information can be best received by undertaking primary market research. The techniques of primary market research are instrumental in making available required information.Primary market research can be done on an individual basis, or the services of a research agency can be availed of Primary market research can be quite a time consuming affair.
The marketing decisions of a company are heavily dependent on primary market research. The attitude and behavior of customers with respect the present and potential products of a company can be assessed by undertaking primary market research.

Also Explore: Primary Market

The types of primary market research are as follows:

  • Surveys
  • Observation
  • Focus Groups

The reason for which the research would be undertaken should be ascertained in the beginning in order to avoid confusions later. The techniques mentioned above produce different results.
The required information about customers and the extent to which the information would be used to align the products with the targeted clients should be well chalked out.

Primary market research should be conducted only when the sources of secondary market research have been exhausted because it can be both expensive and time consuming. The incentives for the research participants include sweepstakes entries, gifts and cash among others.

Observation involves observation of product shopping and usage by customers and interacting with the company’s customer service organization. Structured observation involves carrying out research in a controlled environment. The participants involved in the research project are informed about their being a part of the project. In the blind observation, the customers are watched without their knowing about it.

Surveys are another technique of primary market research. Here, a number of predetermined questions are asked to customers individually. The attitudes and reactions of customers to the products and services of the concerned company can be known from this. The types of surveys are as follows:
Mailed questions
Questions distributed at shops or other places
Online or E-mailed questions
Interviews over the telephone
In-person interviews

By focus groups are meant the meetings that are structured with potential and existing customers of a company where a collective response to questions asked to them is sought. Such focus groups normally are held for one to three hours and involve five to twenty people. The extent to which a new product will go down with the customers can be measured by conducting focus groups.

Primary market research must be carried out with a lot of prudence. Time should be dedicated to planning for such researches. The priorities and need for carrying out such researches should always be clearly prioritized and chalked out.

More Information About Capital Market
Primary Market Secondary Market Primary Vs Secondary Market
Global Capital Market Capital Market Companies Capital Market Reform
Venture Capital Market Capital Market Transactions Capital Market Line
Capital Market Services Capital Market Securities Capital Market Liberalization
Secondary Infrastructure Fund Capital Market Risk Capital Market Integration
Capital Market Instruments Equity Capital Market Efficient Capital Market
Debt Capital Market Capital Market Consultants Capital Market Conditions
Market Regulation Committee Capital Market Assumptions Capital Market Trends
Capital Market Theory Role Of Capital Market Risk Advisor
Capital Market Regulations Capital Market Investment Capital Market Research

Last Updated on : 22nd July 2016

This website is up for sale at $20,000.00. Please contact 9811053538 for further details.