The Main Aim of the Primary Research Methods - Essay Example

Market Research Market Research Market research is essential for any business activity to kick off successfully or remain relevant.Acquiring the best information, that lead to a sound decision making regarding a business prospect is critical (Nargundkar, 2008, p. 12). This means that a thorough market research is vital. Notably, research strategies also play a great role in acquisition of information. Using non-viable channels to collect data may not bring the desired results yet time and money have been invested. Businesspersons should ensure that proper planning and analysis of prior situations as well as the approaches utilized by excelling organizations play a center role. Significantly, each business venture at least has an organization it looks up to in terms of strategies; it also has a vision that acts as a guiding principle. Entrepreneurs conduct market research so that they can reduce the risks associated with their business, indentify more opportunities and predict current and potentially future problems. Such information will aid in making decision on whether to execute the new product or shelve for another time. The research also enables individuals to establish benchmarks that will assist the business not to collapse when they encounter uncertainties along the way. Methods of data collection when carrying out market research influence the end result. While both primary and secondary methods hugely contribute to informed data, one overrides the other one. This paper will focus on establishing the comparison and contrast of primary and secondary methods of market research. It will also determine whether secondary methods are more advantageous when analysis the market situation of a new product. Primary research methods refer to the original research carried out by the owner of the business or by a contracted company (Sumathi & Saravanavel, 2003, p. 154). The main aim of this research is to answer a specific objective. Before going into the field, a set of objectives and research questions are outlined. In addition, a clear hypothesis may be set so that at least the data obtained will measure it. With primary method, information compilation is done from scratch since it bases on what the respondents give. Despite the fact that the information provided by the respondents play a critical role, the researcher must have a set of expectation. In essence, the desired goal and the vision of the business inform the whole idea of market research. Primary research could lead to quantitative or qualitative data. This depends on the format of research questions. If the questions do not request form figurative answer then the result will be qualitative (Carson, 2001, p. 189). This means that qualitative research cannot be measured. Various forms of data collection are employed when handling primary research. Interviews, surveys, questionnaire administration, observation, experiments and focus group discussions are the common methods of primary data collections (Blythe, 2005, p. 220). Interviews are vital especially when key informants are targeted since they offer the best data. Key informants are individuals with expertise in a specific field or hold high positions in a certain area. Therefore, asking questions from a business developer who has been in the position for about twenty years will provide the best information since the individual can use past scenarios to support their answers. Such persons can go ahead to caution the research of possible challenges associated with the kind of venture. Surveys in form of questionnaires are essential when seeking information from the potential customers and competitors. Obtaining their views enlightens the possibility of a new product doing well in the market. Those individuals and companies that are already operating a similar product and service may illustrate their satisfaction or dissatisfaction. Moreover, they are in a position to highlight the challenges they are going through and the kind of strategies they have in place to counter the risks. Nevertheless, it is not easy to obtain information from competitors because they fear the data they supply will be used against them; they are aware that imitators utilize their information to out win them. On the other hand, the potential customers cite their need for the new product. Basing on the observational and demonstrative methods it will be possible to ascertain whether the target clients need the product (Wiid & Diggines, 2009, p. 159). It makes no sense to establish a product because it was doing well in another region. Further, focus group discussions play a major role because the people participating in the groups point out the significance of the product, from their chats, it will be feasible to make an informed decision. Primary market research could be conducted on a face-to face method or by use of online tools. Several companies offer the services of online research. However, online research may be limited since not all people will be willing to spend time on their computers or phones answering questions. They may supply irrelevant information. Again, primary research is costly and requires a lot of time for travels and carrying out the actual research (Sumathi, & Saravanavel, 2003, p. 56). Pilot surveys demand massive energy and resources. However, because the data obtained is tailored towards the specific area of interest, it is doable to gather vast information and make sound inferences. Secondary research entails using existing information to arrive at a conclusion. The target information is obtained from databases, libraries, journals and online sources (Arora & Mahankale, 2013, p. 106). Imperatively, information could be acquired from certified organizational databases like government websites. Nonetheless, before searching for the information, formulation of research questions and problem statement are essential so that the researcher has a specified area to tackle. It may not be easy to focus on a narrow area of interest because certainty of acquiring the relevant information is not clear. The information the research will dwell on neither was nor originally collected by the entrepreneur or the contracted company. Furthermore, the information was not compiled for the purpose of the entrepreneur’s research but for a general use. Therefore, the researcher will not claim of any originality or the genesis of the information. This means that the researcher is not limited to a given set of documents to make their conclusions. Secondary research could lead to qualitative or quantitative research; it depends on the design of research questions. That is to say, the researcher plays a major part so that his or her research objectives are specific to some extent to avoid wasting more time reading all vast data (STROUSE, 44, 2004). Technological advancement influences secondary research. Much of the secondary data is obtainable online especially in government and certified agency websites. For example, census can only be obtained from government websites. Although other sources may document the information, retrieving it from government databases is critical because chances of corruption of the data are close to none. Journals provide credible information since it focuses on evidence-based research. Considering that the compiled information resulted from a study on a given organization or specific sample, they provide excellent data. Before a journal is published, it goes through thorough scrutiny by a group of experienced editors. This means that the information contained is accurate. The beauty of secondary research is that it is less costly and does not demand a lot of time. Much of the information is free for the whole public, for example, the data on stock markets and census. Libraries make it easy for researchers to acquire information given that they offer online services. That means any individual can sign up to be members and gain access to the database from any part of the world. Libraries can organize for supply of a certain book or journal especially when it is difficult for the researcher to access it (Wenzel, 2012, p. 31). A notable disadvantage associated with secondary research is that much of the information could be out of date. That means it will add no value to the desired outcome. In contrast, primary and secondary data illustrate a great disparity. While primary research is specific to a given set of questions, secondary research is broad. Primary research requires that information be acquired from a specific group of people while secondary research utilizes already compiled information. Observation and experimentation are inevitable with primary research hence allows the researcher to connect with the respondents and utilize the non-verbal approach to gauge them. This approach is not possible with secondary research. Secondary research can be carried out from one location especially when everything is attainable through the internet. Libraries, websites and journals as well as books are readable online making work easier (Volkmann, Tokarski & GrüNhagen, 2010, p. 198). On the other hand, primary method is impossible if the researcher does not move from one place to the next. Primary research depends on the schedule of the respondents, because it is not mandatory for the interviewees to respond, they operate on their own terms. That means that the researcher may not set a standard time to cover all the participants at once. Secondary methods are more advantageous in researching the market for a new product. Utilizing the existing information to make decisions regarding a new product is more viable instead of going to the field to inquire from potential customers and competitors. Secondary data puts forwards the strategies of operations, successes and failures encounters by specific business in the same industry as the desired new product. Evidence based research posted in journals are enough to make inferences concerning a new product or service. The availability of the secondary data means that an individual or several groups have ventured in the business; their experiences can illustrate whether it is feasible (Mooi & Sarstedt, 2011, p. 29). Primary data may be a letdown especially if the product is something extremely new in the locality. The target clients may not know what risks are associated with the product. Again, when a product is introduced into the market, take time to analyze the significance of the product, forecast the potential risks and offer their propositions regarding ways to counter the challenges. Analysts also postulate on the various designs and modification strategies the product can follow in order to remain relevant and successful in the market. In conclusion, market research is significant before investing in a new product. The research methods employed depends on the type of product. However, secondary methods are more advantageous because they base on past occurrence about the product in question. Bibliography Arora, R and Mahankale, N 2013, Marketing research. Delhi, PHI Learning. Blythe, J 2005, Principles and practice of marketing. London, Thomson Learning. Carson, D 2001, Qualitative marketing research. 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