Market Research:

Market research is when a company gathers the information it needs to know about its market. In primary research, customers are asked directly for their opinions and in secondary research, information from 'second-hand' sources is taken. 

Types of primary research:

• Questionnaire- A questionnaire is assessing potential demand for a product/service. The advantages of doing this is a firm can identify its target customers, helping with promotion and establishing the likely selling price and sale level. The disadvantages of this are it can be very time consuming. 
• Product testing- Product testing s products being tested before being launched. An advantage of this is that you get good customer feedback. A disadvantage is people will often say what the tester wants to hear to not seem rude. 
• Focus group- A focus group allows for more in-depth answers than a questionnaire. The advantages of this s you get an insight into customers perception although a disadvantage is its time consuming and expensive. 

Types of secondary research: 

• Mintel report- The Mintel report is when marketing intelligence reports are put together on more than 600 subjects, ranging from fast-food restaurants to fashion footwear. An advantage is the research has already been carried out so it is far quicker to gain market information without having to collect the date yourself. Its also much cheaper than primary research. A disadvantage however is that the research is very vague and won't have local information or have data relating to the new product that you want to launch. 
• Web research- Web research is when searches on the web help us to identify competitors and allow a business and allow a business to check on their prices and products range. Web researches will also be useful to source secondary data. An advantage is it's very cheap and costs only the time it takes. Its very easy to carry out and quicker than street interviewing. A disadvantage is that there is a lot of unreliable information on the web and you need to ensure the validity of the content you are using. 
• Market research companies- Market research companies is an external company which does your research for you. An advantage is they do everything for you although a disadvantage is that it might not be tailored to your specific product.