Primary Market Research
Definition: Primary market research involves the collection of original data directly from individuals or groups to gain insights and make informed business decisions. Common methods include surveys, which use structured questions to capture opinions and feedback; experiments, which are controlled tests to study market variables; and observations, where consumer behaviour is recorded in natural settings. Additionally, interviews provide in-depth insights through one-on-one conversations, and focus groups involve small group discussions guided by a moderator to explore specific topics in detail.
Advantages of Primary Market Research:
- Tailored to specific objectives.
- Data from original sources.
- Control over the research process.
- Exclusive data not available to competitors.
Disadvantages of Primary Market Research:
- More expensive than secondary research.
- Time-consuming planning and data collection.
- Limited sample size.
- Prone to researcher bias.