What are the two main types of market research?

The correct answer identifies primary research and secondary research as the two main types of market research.

Primary research involves the collection of new data directly from sources, which can include surveys, interviews, focus groups, and observations. This type of research is tailored specifically to the researcher's needs and provides firsthand information that is relevant to a particular set of questions or business problems. It enables businesses to gain insights that are current and directly applicable to their market.

Secondary research, on the other hand, involves analyzing existing data that has already been collected and published by others. This can include reports, studies, articles, and statistics from various sources such as government publications or academic studies. Secondary research is often less expensive and quicker to conduct than primary research, as it utilizes information that is readily available.

While qualitative and quantitative research, the first option, describes the methodologies used within both primary and secondary research, it does not capture the broader categories of market research types. The other options refer to specific methods or types of data collection, like product and promotional research, or survey and observational research, which are more focused subsets rather than primary categories. Understanding the distinction between primary and secondary research is crucial for businesses seeking to gather accurate and relevant data for their strategic decisions.