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Maketing Research Tools

In: Business and Management

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Marketing Research Tools Paper
September 10, 2012

Marketing Research Tools Paper Companies utilize various tools when performing market research whether doing primary or secondary research. For the purpose of this paper, different research tools will be discussed as well as the differences between primary and secondary research when applying qualitative or quantitative methods. It is vital for companies to research whether a new product or an existing one will make a hit on the market. Company’s may even want to grow geographically and need to know whether the investment is a prudent one. The dynamics of a business and their target markets can be impacted by change whether it is a new organization or an existing one.
Primary and Secondary Market Research There are two different types of market research, primary and secondary. Primary research or field research is the most frequently used method. Primary market research is customized to meet specific needs of the business can be handled within the company or outsourced to a marketing firm. Focus groups, surveys, interviews and observations are good examples of primary market research methods. These particular tools are utilized to evaluate distinct issues that are of key interest to the organization and where feedback is required to carry out a strategic action plan. On the other hand secondary market research is founded on information gathered from reports that existed before the original evaluation of the business. Secondary research is readily attainable and available online from government or industry websites, libraries, and publications. Market research documents or data are usually published by government organizations, trade associations, and similar agencies. The census results conducted by the United States Census Bureau are a good example of secondary research. The purpose of…...

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