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Although market studies are important in determining the success or failure of your product in the market, choosing the right method or approach to research and study is also important, and can affect the results you will get in the end. There are two main types of market studies to gather the information you need, primary and secondary studies. However, it is preferable to conduct both types of market study since each supports and complements the other in the results obtained.
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1. Preliminary studies
Primary studies differ from secondary studies in the way the market study is done and the source of the data. Preliminary studies are carried out based on the data that your company has about the size of the market, sales and customers, to form a clear picture of the market and the size of customers within it.

As an example of a preliminary study, you would do a survey about your customers' experience with one of your services or products. The survey includes a set of questions about what they like and dislike about your product, and whether they are willing to use it again.

2. Secondary studies
Secondary studies use public data and records compiled by external sources, including competitors, government agencies, and others.

This data includes; Other company reports, government agency studies, market statistics and competitor sales and trends reports. This data can be obtained from newspapers, magazines, books, websites, etc.
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