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Market Research Techniques: Primary and Secondary Market Research

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To sum things up, obtaining, reviewing, and using external marketing sources, or sources external to your business, can provide company, customer, competitor, or industry data. External marketing sources can include official statistics (such as those offered by local chambers of commerce), as well as competitor intelligence, which involves understanding a competitor's strategy.

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(B) External Sources: In order to study marketing problems in detail the need of external sources of marketing research arises. External sources are of immense importance and utility in case where research needs detailed and thorough investigation. External sources data can be divided with two categories (a) Primary data (b) Secondary data.

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Secondary research is just as important in the data collection process of market research. While market research is definitely not high school English, the same concept applies: external secondary research . External marketing firms have contacts in multiple geographic locations that can localize and conduct effective marketing research targeted at current or potential customers. Advantage: Agility Working with research firms requires somewhat rigid guidelines and research requirements.

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Market research is essentially getting customer feedback on a new market or new product before the actual launch, and effective market research can prevent low sales and dissatisfied clients. The primary methods for doing marketing research are surveys, focus . Written By DJS Research Ltd a leading UK market research company Commissioning In some cases a firm may need to commission an external research company, as resources may need to be supplemented or additional skills are needed to understand the findings of the research.