Interviews are a common type of primary market research that can be in-depth or as simple as asking a question. The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.
For the past 14 years, Starbucks has used market research to obtain consumer feedback through its My Starbucks Idea platform. Market research allows a company to define its target market and obtain opinions and other feedback from consumers about their interest in a product or service. Many companies use market research to test new products or get information from consumers about the types of products or services they need and don't currently have. Thanks to detailed research, brands can make accurate assumptions about their customers, which translates into better marketing and advertising strategies.
Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. For example, a company considering starting a business could carry out a market study to check the viability of its product or service. Market research is a fundamental component of the research and development (R&D) phase of the introduction of new products or services. If the market study confirms consumer interest, the company can confidently move forward with its business plan.
Secondary research may include demographic information from government censuses, research reports from trade associations, survey results, and research from other companies operating in the same market sector. Online market research uses the same strategies and techniques as traditional primary and secondary market research, but is conducted on the Internet.
