Factors such as sales trends, size and growth of a market, product life cycles, market share data, seasonality, profits, and industry capacity can be analyzed to develop marketing strategies. The research process uses both primary and secondary data. Primary research is original data collected for the problem at hand, usually at a significant cost. Typical examples are sampling and focus groups. Most marketing research consists of surveying samples of people either by personal interview, by mail, by telephone, or these days, via computer.
Secondary research makes use of existing, publicly available data.
Although the match between the problem and the data is not likely to be exact with secondary research, there are some significant benefits. You can save time and money by utilizing existing information, and often the secondary research process will clarify the amount and kind of primary research that will be needed. In marketing terms, a market is a group of consumers who share particular characteristics that express their needs and wants and that make them potential buyers of a product or service. The various elements of marketing that together make up a total marketing effort. A contemporary slant on these categories emphasizes the customer orientation of present-day businesses.