Marketing Research ToolsBefore starting or expanding a business venture, one must understand the industry, its competitors and its customers. Market research is essential to help businesses in the decision-making process and their marketing direction. Data from marketing research is important because it provides businesses with ways to identify opportunities, identify market potential, minimize risk of loss, design effective marketing strategies, assess customer satisfaction, clients and serve as an evaluation tool. A wide range of marketing research tools are available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting 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 Research Primary Market Research A company's marketing research objective could be to establish the market level of a product or service; establish industry competitor strategies; establish the level of consumer awareness and determine 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 the specific needs of a business. Primary market research allows companies to study specific areas of interest, which is conducted directly by the company or outsourced to a third-party research company. Primary data collection methods aim to obtain the right information about market trends first-hand; under this approach, a company obtains information...... middle of paper...... the company already knows what it wants to study or not. Works Cited Brockfield Solutions. (2012). Secondary and primary research. Retrieved from http://www.brockfieldsolutions.co.uk/secondary-and-primary-research.aspxDeVault, G. (nd). Choosing 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). Marketing research. Retrieved from http://www.entrepreneur.com/encyclopedia/term/82400 (and 82616).htmlKumar, DA and Day, GS (2007). Marketing 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