Table of Contents
What is Marketing research
Types of Business Research: A market research is a tool used to collect data directly from the source to learn about consumer behaviors, the perception of the brand or company, and the opportunities for a new product or innovation.
Any company that decides to devise a marketing strategy must implement one or more market research, depending on its objectives and business needs.
The different types of market research fold a systematic set of data that serves to prevent and limit risks and minimize uncertainty in decision-making while developing a business plan.
To begin with, it is worth stating that it is common to confuse the concept of market research with market analysis. Although they seem to refer to the same thing, certain subtleties distinguish them, as we will explain below.
Types Of Business Research
Although this classification is not the only one considered in the marketing environment, it serves to guide you in determining which one you should use. So now, let’s break down primary and secondary business research.
Primary Business Research
It is also known as field research. It is necessary to obtain direct data from the competition; for example, information about what products it sells, at what price, how much it produces, or who its buyers are.
Characteristics Of Field Or Primary Business Research
Field research is one of the most comprehensive, combining observation and exploration with individual consumers. Keep these considerations in mind:
Establish The Target Business.
- Set an objective concerning this type of consumer. How will they react to that product? What features do you find most attractive?
- Define how many people you will include.
- Do the research and collect the data.
- Analyze the information and create a
- The final result is a document with which you will know how well directed a campaign will be in your indicated conditions.
- Also Read: What Is A Sales Plan: Basic Few Valuable Points
Subtypes Of Primary Business Research
From this first type of (primary) research, two main categories emerge based on quantity and quality.
Qualitative Or Exploratory Research
It is a model that will associate with the inductive method. You can run surveys or tests to obtain information about consumers, their preferences, and their economic condition, among other analysis factors. It serves to define and explain the nature of a problem.
Quantitative Or Conclusive Research
In this research, based on the deductive method, surveys will carry out on many people. Therefore, the target audience must be significant to increase the accuracy of the data and statistics, resulting in more concrete and easy-to-interpret conclusions. The way of collecting data varies between surveys, observation, and groups.
Provides information about consumer characteristics, product image, strengths and weaknesses, and market segmentation. In addition, it serves as a complement to verifying the results formulated in investigations.
In short, an investigation can be inductive or deductive, depending on your method. The first will use to analyze the observed phenomenon; the second serves to verify it.
Other Types Of Primary Business Research:
Causal business research: it serves to identify the effects and causes of the variables, as well as their relationship. Thanks to it, the positive or negative results can be known when eliminating or modifying any of these variables. Therefore, data collection must be rigid and with a defined structure. For example, we can direct it to the prices or the attributes of the products.
Descriptive and continuous research will describe a population’s characteristics according to its geographical area. In addition, it still periodically detects c
Applied business research: is aimed at detecting the failures of a particular strategy or product that already exists.
Experimental business research: as its name indicates, it goes outside the natural perimeter of the study; It will use to know the reactions of consumers to a product or service to evaluate their responses.
Punctual business research will carry out through an evaluation applied to a social group, on the consumption of a specific product, at a particular time.
Motivational business research is an investigation applied to a small group of people whose evaluation is conducted by a specialist psychologist on the topics addressed. Seek to identify the purchase trigger as the short- or long-term, satisfying element linked to your product.
Secondary Business Research
It is also known as desk research. It obtains information from a public source; therefore, anyone can access it. You will need it when you cannot do direct research due to time and budget constraints or to amplify the scope of primary research.
Characteristics Of Cabinet Or Secondary Business Research
This kind of research uses information previously collected, analyzed, and published. It means that the data used does not belong to the research company. Among its main advantages are:
- It is ideal for entrepreneurs or SMEs with limited budgets.
- The information is easier to obtain since it will already publish in different resources.
- Some companies and institutions can support you in getting information of interest.
- You can use different sources, depending on their availability and the time you can devote to research:
Public: they are freely accessible and are general data that will obtain a government institution, an NGO, or a non-profit association, which shares its findings with interested parties.
Commercial: Information collected through the media, banking institutions, or trade associations.
Educational: they will share from a university, technological institutes, or research centers.
Both kinds of market research are promising. However, the most common recommendation is to use them together to obtain a complete view of your industry or sector.
How To Conduct Business Research For Your Business
Before carrying out market research, you must define a formal process for the projects to be undertaken that allows you to validate and prove that the objectives will meet. In addition, you must designate a work team with different skills; their contributions and work will make market research much more effective.
Once you attend to the starting points, keep in mind the following steps:
Define Your Main Problem When Facing The Market
The research your business needs will depend on the objectives you are pursuing, but especially on the kind of information you need: qualitative or quantitative.
Qualitative data more openly reveals how consumers share their emotions and needs and what motivates them. These data are not measured; they must interpret.
In contrast, quantitative data is tangible information. Therefore, they provide complex data (numbers, statistics, percentages, amounts). The most common collection methods are face-to-face interviews and surveys. The opinions, behaviors, or variables obtained in these instruments can transfer to statistics related to the object of study.
Once you have defined the problem you are interested in tackling, set goals in which profitability and customer satisfaction will take into account. Do not forget to consider your competitors to know what you will face.
Establish A Hypothesis
For example, if you need to know in which region your product has the best chance of being accepted, then the data you need to work with is demographic and qualitative.
Determine What Type Of Research You Should Apply To Obtain The Data Of Your Interest
A descriptive investigation would be helpful in the mentioned case. You could also get data from secondary research. It depends on the time and resources you want to invest.
Keep In Mind That The Research Task Does Not End With The Results Obtained
Research is an activity that must be carried out as many times as necessary since long-term objectives require constant updating. In addition, many factors vary, such as products, customers, competitors, regions, and prices. So once you’ve finished your research, you should continue to monitor your leads and competition.
Your purpose should be to recognize the needs and preferences of your audience, design ways to meet the demands of your customers, and look for the best alternatives to publicize your products or services.
Types of Business Research categories and their subcategories
If the research is applied correctly, introducing a product or service (whether as an entrepreneurial business or in a new market) will be successful because you can anticipate changes in consumer behavior and implement promotion and advertising strategies. Adequate.
As you know, market research will use to get sales. By using an analytical instrument such as surveys, interviews, tests, focus groups, or hall tests, you will be able to make direct contact with those interested in what you offer, and you will publicize the advantages of your brand.
What Time Is Jake Paul Vs Tommy Fury UK – 2023
When is Jake Paul vs Tommy Fury fight? UK start time for ring walks What Time Is Jake Paul Vs…
Bitcoins Vs Altcoins: Comparing The Different Types Of Cryptocurrencies
Cryptocurrencies have become increasingly popular worldwide, with digital currencies like Bitcoin and Ethereum leading the charge. These cryptocurrencies are usually…