MARKET RESEARCH BASICS
Market research is simply asking the right people the right questions before you spend money.
The short version
It tells you who will buy, how much they will pay and who you compete with. Here are the four building blocks.
Primary research
You collect fresh answers yourself: surveys, interviews, observation.
Secondary research
You use data others already published: reports, government data, news.
Qualitative
The ‘why’ behind choices, from conversations and groups.
Quantitative
The ‘how many’ in numbers, from larger surveys.
A quick example
A tea shop owner thinking of a second outlet asks 50 nearby residents where they buy tea and what they pay. A weekend of answers can save lakhs.
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Also read: How to Do Market Research Before Starting a Business · Our books · ARS Marketplace