Question

What is primary market research? Describe any four primary market research methods. Provide an example of a time where you, as a consumer, participated in at least one of the primary research methods. Describe your personal experience.

Answer 1

Primary Market Research is conducting research on your own or by hiring someone. It is basically collecting the data directly from the source i.e. potential customers from the target market. The research is generally open-ended, and may include lengthy interviews with individuals or small groups. Thus, it is more precise and is used to solve the problems identified in the exploratory research.

Methods:

Interviews

Interviews can be face-to-face, telephonic; allowing quicker feedback than most of the surveys. But sometimes people may be too occupied to give detailed answers. Also, face-to-face interviews can prove to be quite expensive but are worth the money.

Surveys (online or mail)

Collecting surveys is one of the most popular and affordable methods. Online surveys in the form of questionnaires are a really good method for capturing the views and opinions of existing as well as potential customers.

Focus groups

Focus groups are when groups of potential customers are gathered in one place and then open-ended questions are asked so as to explore their feelings about the market and the product. It is the best way to gather information about the consumers’ preferences, tastes and interests.

Observations

There is no direct contact and interaction between the researcher and the consumers who are being observed. The former observes the reactions of the subjects and jot down notes.Cameras and trained observers are used to record reactions in a predetermined situation and the collective data is then evaluated to draw inference.

Personal Experience

Once, I went to a college fest where various stalls were sponsored by different brands. One such stall was of a brand who was venturing into a new range of chips flavour. They gave us free samples and then gave us a questionnaire to record our views on the most likeable flavour and opinions on the preferred price,etc.