What Are the Main Types of Market Research?
The main types of market research are primary research, which includes
focus groups, polls, and surveys, secondary market research, which includes
articles, infographics, and white papers, qualitative research, which gives
insights into how customers feel and think, and quantitative research, which
uses data and statistics, such as website views, social media engagement,
and subscribers.
What Is Online Market Research?
Online market research is market research that is conducted over the
Internet. Online market research can be either qualitative or quantitative and
follow the same format as primary and secondary market research methods.
What Are Paid Market Research Surveys?
Paid market research involves a group of individuals that are paid to partake
in a research study. This can involve filling out surveys, partaking in group
studies, research panels, and more. The individuals are usually pre-selected
and monetarily rewarded for their time and effort.
What Is a Market Study?
A market study is the proactive analysis of market demand for a product or
service. A market study looks at all of the factors involved in the market that
influence the demand for that product or service. This includes price, location,
competition, substitutes, and general economic activity.
The Bottom Line
Market research allows companies to understand the demand and viability of their
product and to see how it might perform in the real world. Market research is
conducted either through primary information or secondary information, both
providing unique insights into a company's offering. Market research is a key
component of a company's research and development (R&D) stage and is a key
aspect of its success and growth.
