There are two types of data:
- Primary Data – Data that is collected first hand by the researcher. This data is specifically collected for the purpose of the study and addresses the current problem. This is original data that is collected by the researcher first hand.
- Secondary Data – Data from other sources that has been already collected and is readily available. This data is less expensive and more quickly attainable from various published sources. Secondary data is extremely useful when primary data cannot be obtained at all.
The challenge lies in the case of method selection for collecting primary data. The method has to be relevant and appropriate. This will be the most important decision prior to beginning market research.
Here are methods of data collection that are often used in market research:
- Street Intercept
- Phone Interview
- In-depth Interview
- Home Visit Interview
- Focus Group Discussion
- Online Survey
- Central Location Testing
- Trade Visit
The success of market research project is contingent on the integrity and relevance of the data. And to a high degree, the quality of the data depends on the methods of data collection used. The selection and use of methods for conducting market research require a great deal of experience and expertise in order to correctly gage suitability.
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