Marketing Research T - 1 Marketing Research Tools Paper 2...

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1Marketing Research Tools Paper
2Marketing Research Tools PaperCompanies use different types of research methods to get necessary data that is needed to expand their product or market. There are primary and secondary information that can be collected to obtain this information. Primary data is surveys and observations of customers or clients, secondary data can be media related articles, statistics and personal experiences that are documented. There is also two types of data that can be collected, qualitative and quantitative data both can be used, but in most situations one is sufficient. Quantitative data refers to quantities and qualitative data is information about qualities or information that can’t actually be measured. The purpose of market research is to gather data of customers and potential customers. The data tells a story and helps business owners make adjustments to their product or service if needed. Market research can also determine the products lifecycle, which helps businesses cycle the product out and replace it if needed. Keeping the competitive edge is important in business the world, market research can help assess the current situation. When using the correct tools market research can be very useful in keeping a business successful. Developing a market strategy is also important because the information will be analyzed making decisions easier to make. Primary ResearchPrimary research is generally any data that one collects themselves. This data can be surveys, interviews and observations. Primary research can be integrated with secondary research in a cohesive fashion to prove ones point. Primary data methods tend to aim at getting the information first hand versus second hand. This information is raw and full of emotion and
3can be taken as factual data. One method that the information can be analyzed is interviews with individual and corporate customers. In this method the research team creates a discussion with a

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