Market Research Analysis
Step 1 – Articulate the research problem and objectives
Step 2 – Develop the overall research plan
Step 3 – Collect the data or information
Step 4 – Analyze the data or information
Step 5 – Present or disseminate the findings
Step 6 – Use the findings to make the decision
If you’re starting a new business, launching a new product or opening a new location, market research is
essential for your success. There are two core forms of research:
a. Primary research
b. Secondary research.
What Is Primary Research?
Primary research is conducted to meet the business unique and specific needs. Primary research directs to
answer the business questions relevant solely for the formulated problem and objectives.
Research includes (As requested and agreed)
a. Focus groups
Primary research shares specific results. ARS Research services exploits the right statistical models to derive a
sample group that would represent the appropriate target audiences, making it pertinentto your business
demands. Based on the needs, (Say if you are launching a new product and want feedback on its design and
capacity, we would share it with focus groups to understand their responses to the new potential product.
Primary research provides two basic forms:
• Exploratory: Exploratory research is open-ended and certainly doesn’t aim for a specific result or
Exploratory primary research helps to identify problems and involves interviews or
focus groups with extensive input from participants. For example, if you noticed your product /
solution was not producing any sales but you do not know why you would interview a focus group
to see what the problem was. They might say they found it hard to use or they found it
overwhelming; without open-ended discussion, you would not get that valuable feedback.
• Specific: Specific research is very targeted in its scope. It is used to solve the problem that you
discovered through exploratory primary research. We have research analysts across India and
perform interviews, specific primary research usually involves interviews and is very precise.
Secondary Market Research
Secondary market research is when you use previously completed studies and apply the results to your own
situation. It’s easy to find using the internet or research journals and is usually free or low cost. The drawback
for businesses is that the results are not specific to your business, and you may not be aware of all of the
variables involved. The results may also be broader than your company’s niche, making to more difficult to help
inform your business decisions.
What Kind of Research Should I Use?
For many business owners, the best approach is to start with secondary research. By looking at regional data,
community surveys and other available information, you can help identify your audience and market. Once you
have narrowed down your target group, you can do lower cost versions of primary market research, such as
sending out surveys or questionnaires. Secondary research gives you a foundation to build on, while the
primary research helps you identify specific needs.