"This kind of research involves the collection of new information by conducting market surveys, telephonic interviews, questionnaires and focus group interviews. This information is gathered by directly contacting the customers. This research is customised according to the research requirements of the company. Firms can gain insights about the target markets by means of focus groups, surveys, interviews or observation. Primary research is generally based on sampling techniques and requires statistical methodologies. The sample size could be as small as 1 percent of the market and thus the information and results gathered are highly accurate."
Secondary Research:
"Secondary research involves processing data that has already been collected by previous researchers. It refers to consultation of previous studies and findings such as reports, press articles and previous market research projects in order to come to a conclusion. This type of research is based on information gathered from studies previously performed by government agencies, trade associations, and other organizations. This type of research is less expensive as opposed to the primary research as it does not require new research methods. However, its main disadvantage is that the information gathered may be old and obsolete and therefore results of analysis may be inaccurate. Further, it is not necessary that the earlier studies were conducted with the same objectives as required in the current situation"
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