Market research is an essential tool for businesses to gain insights into their target audience, competitors, and market trends. There are two main types of market research: primary research and secondary research.

Primary Market Research

Primary research involves collecting data directly from the source, such as customers, through methods like surveys, interviews, and focus groups. This type of research provides firsthand insights into customer preferences, needs, and opinions.

Secondary Market Research

Secondary research, on the other hand, relies on existing data and information from sources like published reports, articles, and customer feedback. While secondary research is more affordable and accessible, it may not always be tailored to the specific needs of a business.