Market Research is the process of gathering, analysing and presenting data relevant to marketing. It is important to a business when starting up because it tells them what type of product or service they should make. Market Research is measured by the volume of sales, (number of items sold) or the value of sales.
Primary Research- primary research is also known as "Field" research. The data is new and has not been collected before. It can be done by someone in the business or pay another business to carry it out for them. Advantages of Field research is that you research what you want, it is also new. Disadvantages of Field research is that it is very time consuming, and it costs a great deal of money.
Secondary Research- Secondary research is also known as "Desk" research. The data is collected from sources such as the internet. The data has been gathered before. Advantages of Desk research is that you don't have to find it yourself because it has already been collected. Disadvantages of Desk research is that it can be outdated and it is not always relevant to what your looking for, also it has to many sources and they could be incorrect.
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