Market Research Tools Before launching or expanding a business venture, you need to understand the industry, its competitors, and its customers. Market research is critical to assist companies in their decision making and marketing direction. Data from market research is important because it provides businesses with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool. available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and secondary research and provides an examination of the differences between primary and secondary research when using qualitative and quantitative approaches.Primary and Secondary Market ResearchPrimary Market ResearchThe objective of research a company's market could be to establish the market level of a product or service; establish the strategies of competitors in the sector; establish the level of consumer awareness and establish what the four Ps (product, price, place and promotion) should be. Market research is classified into two types; primary and secondary market research. Primary market research, also called field research, is tailored to a company's specific needs. Primary market research allows companies to investigate specific areas of interest, which are conducted directly by the company or contracted to a third-party research company. The primary data collection methods aim to obtain first-hand the right information on market trends; with this approach a company gets information... halfway through the paper... the company already knows what it wants to study or not. Works CitedBrockfield Solutions. (2012). Secondary and primary research. Retrieved from http://www.brockfieldsolutions.co.uk/secondary-and-primary-research.aspxDeVault, G. (n.d.). Choice between qualitative and quantitative methods. What are you trying to prove? Retrieved from http://marketresearch.about.com/od/market.research.techniques/a/Choosing-Between-Qualitative-And-Quantitative-Methods.htmEntrepreneur Media, Inc. (2012). Market research. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82400 (e 82616).htmlKumar, D. A., & Day, G. S. (2007). Market Research (9th ed.). Hoboken, NJ: John Wiley & Sons.SFGate. (2012). The difference between secondary and primary market research. Retrieved from http://allbusiness.sfgate.com/marketing/market-research/1310-2.html