Consumer demand is a driving force in the marketplace. A business must take a close look at the market through the eyes of the consumer. Consumer preferences are learned through marketing research.
There are two common methods of marketing research: primary research and secondary research. Primary research is conducted first-hand by the organization. Much of the data collected comes directly from the consumer. Examples of primary research include observation, interviews, surveys, diaries, and experiments.
Secondary research involves searching data that has already been assembled and recorded by someone else. Government statistics and existing data collected by marketing research firms, academic institutions, and other companies within the same industry are good examples of secondary research.
By understanding consumer behavior and buying habits, marketers can develop the right marketing mix and marketing strategies to reach their target customers. Conducting marketing research is an important part of this process.