Understanding Customer Needs

Market Research

To make sure that you are doing the right thing for your business, you must do market research. This is designed to give information about your likely market, such as who your customers might be and what they might be prepared to pay for purchases. There are two main types of market research: Primary research and Secondary research.

Primary Research

Primary (or field) research is the collection of first- hand data, which generally means information that has never been collected before. There are many types of primary research:

• Surveys: usually involves asking questions to respondents. The list of questions asked is called a questionnaire. Surveys can also be done…